A nationwide survey has revealed 79% of homeowners are frustrated with the lack of choice in the mortgage market and want their mortgage lender to offer more innovative products.
Over 60% of people claim there is a lack of innovative and creative mortgage products in the market at present, with 46% stating that they would recommend their lender to other people in the event of an innovative product being provided.
Around 37% of homeowners said they would be in favour of potentially reduced mortgage costs via shared equity schemes.
The findings follow the Government's announcement last month that it would be launching the Help to Buy shared equity scheme to boost the supply of low-deposit mortgages from lenders and activity from buyers.
Chief executive officer at Castle Trust, Sean Oldfield, stated that he supported the launch of the Help to Buy scheme. "There is clearly strong demand for more innovation in the mortgage market," he said.
"We are constantly trying to build on our innovative products and we're delighted to see the Government following suit."
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