Two thirds (66%) of mortgage holders believe that lenders need to be more flexible in the economic climate, research by Butterfield Mortgages has revealed.

The London mortgage provider also found that in a survey of 2,000 UK adults, just short of half (44%) are satisfied with the level of support and communication they have received from their mortgage provider in regard to rising interest rates since the start of 2022.

Furthermore, 50% of customers have said that they are more likely to turn to mortgage brokers for guidance in understanding which mortgage products are available.

The study by Butterfield Mortgages has come following the Bank of England’s consecutive rise in interest rates, with the latest increase taking rates up to 5%.

In light of this, research has also shown that 37% of those surveyed have stated they are more inclined to go beyond big banks and traditional high-street lenders for their mortgage needs in the next 12 months.

Chief executive officer of Butterfield Mortgages, Alpa Bhakta, said: “Over the past year, mortgage customers have had to grapple with a string of consecutive interest rate hikes, which is evidently creating challenges for many. Our timely research provides insight into how their mortgage needs have been impacted with two thirds of mortgage customers in need of greater flexibility from their lenders.

“With interest rates once again on the rise, it is increasingly important that mortgage customers feel supported by their lenders and that we, as an industry, are doing everything we can to provide the right levels of guidance, communication and flexibility amid the ongoing economic challenges.”

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