The role of mortgage brokers is increasingly significant in the homebuying journey, particularly for first-time buyers. Recent findings from Santander’s quarterly Broker Perception Barometer underscore this trend, revealing that homeowners heavily rely on brokers for assistance with mortgages.
Santander’s Broker Perception Insights
According to the latest survey, 63% of homeowners reported that they could not navigate the homebuying or remortgaging process without a broker. Furthermore, 89% of property purchases this year occurred through brokers, marking a 3% increase since 2022.
The Importance of Communication
- Two-fifths of first-time buyers communicate with their brokers via WhatsApp at least weekly.
- 83% of homeowners would choose to work with a broker again for future property purchases.
The survey, which involved 500 mortgage holders, highlights that homeowners find great value in the services provided by brokers. Notably, 95% of first-time buyers indicated that brokers helped them understand the critical aspect of affordability in their mortgage decisions.
Generational Differences in Broker Engagement
The survey also identified distinct patterns in how younger borrowers interact with brokers. Among those aged 18 to 34:
- 75% perceive their broker as “responsive.”
- 13% found their broker through social media channels.
- 42% use WhatsApp as a primary communication tool with their broker.
In contrast, only 50% of homeowners aged 35 and above have never used WhatsApp for broker communication.
Economic Concerns of Homebuyers
The research further reveals that economic concerns are top of mind for homebuyers. When envisioning a home purchase in 2026, respondents noted the following worries:
- Cost-of-living crisis: 25%
- Budgeting for upfront costs: 26%
- Rising interest rates: 30%
First-time buyers expressed additional anxiety over the potential of overpaying for properties due to fluctuating market prices.
Financial Benefits of Using a Broker
Additionally, 73% of homeowners who bought, remortgaged, or transferred products in the past year reported saving money directly due to their broker’s assistance. On average, first-time buyers saved £123 per month, compared to an overall average saving of £127.
Graham Sellar, head of intermediary channels at Santander UK, emphasized that during periods of economic uncertainty, borrowers increasingly seek guidance and reassurance. Brokers not only secure favorable mortgage deals but also provide essential emotional support throughout the homebuying process.
