The role of mortgage brokers has become increasingly vital in the homebuying journey, particularly during economically uncertain times. Recent research by Santander reveals that 63% of borrowers believe they could not successfully navigate the mortgage process without a broker’s assistance.
Key Findings from the Broker Perception Barometer
According to Santander’s latest Broker Perception Barometer, which surveyed 500 mortgage holders, nearly two-thirds of respondents indicated that broker support is essential. This marks the second consecutive quarter showing this strong reliance on intermediaries.
- 83% of borrowers would opt for a broker again for future property purchases or mortgage switches.
- 85% of homeowners feel brokers enhance their confidence in progressing through the homebuying process.
Changing Expectations Among Younger Borrowers
The research also highlights evolving behaviors in younger borrowers. Despite the increasing integration of technology in mortgages, the value of human interaction remains significant. Notably:
- 11% of homeowners consider empathy an important trait for brokers, increasing to 14% among first-time buyers.
- Just 75% of borrowers aged 18 to 34 find their broker responsive, compared to 90% of those aged 35 and older.
Younger borrowers are more likely to find brokers through digital channels, with:
- 13% discovering their broker via social media.
- 8% locating brokers using AI tools.
- 42% communicating with brokers on WhatsApp weekly.
Support and Affordability Concerns
First-time buyers tend to rely heavily on brokers, with 24% seeking their support most often, compared to 22% who depend on friends. A significant factor contributing to this reliance is clarity on affordability:
- 95% of respondents reported that brokers helped them understand affordability issues affecting their purchase options.
When considering potential future purchases, homeowners identified key pressures they might face in 2026:
- 30% worry about rising interest rates.
- 26% are concerned about budgeting for upfront costs.
- 25% cite the cost-of-living crisis.
- 21% of first-time buyers fear overpaying for a home.
Financial Benefits of Working with Mortgage Brokers
The research also indicates tangible financial advantages for those utilizing brokers. An impressive 73% of recent homebuyers, remortgagers, or individuals who handled product transfers reported saving money thanks to broker support.
| Buyer Type | Average Monthly Savings |
|---|---|
| First-time Buyers | £123 |
| Overall Average | £127 |
While financial savings are meaningful, they are not the sole motivation for every buyer. Among second-time buyers, 35% cite saving money as their key reason for choosing a broker, while that figure rises to 39% for third-time buyers. In contrast, only 23% of first-time buyers prioritize saving cash; instead, they value:
- Time savings during the process (28%).
- Help with understanding complex information (24%).
The Emotional Aspect of Broker Relationships
Emotional support is also a vital component of the broker-borrower relationship. Graham Sellar, head of intermediary channels at Santander, emphasizes that, in challenging economic times, borrowers increasingly seek guidance and reassurance.
Among first-time buyers, 9% deem emotional support crucial, with that figure rising to 12% for those aged 18 to 35. In contrast, only 3% of borrowers over 35 prioritize emotional aspects of broker service.
In summary, mortgage brokers serve not only as navigators through the complexities of homebuying but also as key sources of financial and emotional support, particularly valued by younger borrowers.
