Low rates increasingly becoming most important factor when taking out a loan

Some 41% of intermediaries believe that low rates are what matter most to customers when taking out a loan, according to the latest research.

Masthaven’s latest Broker Beat survey found that this figure had increased from the 35% recorded in 2018.

The specialist bank’s study questioned 120 individuals working within the mortgage market about their views regarding the industry.

Flexible criteria were cited as the second most important factor when taking out a loan (30%), while speed came third (12%).

Customer service didn’t feature as a top statistic this year, whereas last year 18% of intermediaries cited it as the most important factor.

Meanwhile, 47% of brokers expected to see more business from the specialist finance sector in the next 12 months.

Nearly three-quarters of specialist lending intermediaries (73%) felt confident about the specialist mortgage market’s prospects over the next 12 months.

Jon Hall, managing director at Masthaven (pictured above), said: “Despite the ongoing uncertainty facing the UK economy, nothing, it seems, can compete with the resilience or dampen the confidence of specialist mortgage brokers.

“Instead, Masthaven’s second Broker Beat survey shows brokers’ confidence about the prospects for their own businesses and for the specialist mortgage market as a whole have actually increased over the past year.”

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