Recent research from Santander UK reveals significant trends among mortgage holders regarding the use of brokers. The study indicates that over 80% of participants would choose to work with a broker again when buying a new property or switching mortgage providers.
Key Findings from Santander’s Research
The quarterly survey, known as the Broker Perception Barometer, involved 500 mortgage holders. Here are the standout statistics:
- 83% of mortgage holders would reuse brokers.
- 63% indicated they could not have navigated the homebuying process without broker support.
- 24% of first-time buyers consult their mortgage brokers more than friends.
Engagement Differences by Age Group
The research highlights varying levels of engagement with brokers between different age demographics. For those aged 18 to 34:
- 75% find their brokers responsive.
- 13% discovered their brokers via social media.
- 8% used AI tools to find brokers.
- 42% communicate with brokers through WhatsApp weekly.
In contrast, older borrowers (35 years and above) reported a 90% responsiveness rate from their brokers, and 50% admitted to never using WhatsApp for communication.
Borrowers’ Support Systems
First-time buyers consistently turn to their mortgage brokers for guidance. The survey illustrates that they prefer broker support over consultation with friends when faced with the complexities of the homebuying process.
Importance of Brokers in the Current Economic Climate
Graham Sellar, head of intermediary channels at Santander UK, emphasized the vital function brokers play in these uncertain times. He noted that many borrowers are seeking informed guidance to secure optimal mortgage terms, thereby saving money while also receiving emotional support throughout the process.
This survey underscores the critical role that mortgage brokers have in helping consumers navigate the complexities of home financing, particularly during challenging economic times.
