Santander survey shows nearly two thirds of mortgage customers say they could not navigate the homebuying process without a broker
Three in five mortgage customers (60%) say they could not complete a home purchase or remortgage without a broker, according to Santander's latest Broker Perception Barometer.
The quarterly survey of 500 mortgage customers, now in its third consecutive quarter showing this result, found that 84% of borrowers say brokers give them a sense of security in the current market, while 71% consider broker support more important than ever. Three quarters (73%) said working with a broker increased their confidence in financial decisions.
The majority of borrowers (79%) reported saving money as a result of using a broker, with average monthly payments reduced by £136 — a figure 8% higher than in the first wave of the Barometer.
When asked who they would turn to first with a mortgage concern, 29% of respondents named their broker. By comparison, 8% said they would consult social media and 5% would use AI tools.
Sentiment towards the profession remains broadly positive: 65% of borrowers said mortgage brokers are supporting their clients well in the current climate, and 70% said they hold brokers in high regard given the market conditions they are operating in.
"The reassurance and expertise that brokers provide remains, which is why we are committed to giving a minimum of 24 hours' notice on product withdrawals, easing some of the pressure on brokers and giving them more time to reach out to their clients," said Graham Sellar (pictured right), head of intermediary channels at Santander UK.
The survey, conducted during a major football tournament, also found that 41% of respondents said they would consider delaying mortgage-related decisions until after the competition ends.
Despite this, 70% said they would expect their broker to contact them during a match if mortgage advice were required, and 27% said they would prioritise financial matters over following the tournament.
On engagement, 42% said they would find football-themed communications from their broker appealing.
"With football fever flooding the nation and many late nights ahead, the demands on brokers continue to be high — late night or otherwise," Sellar said.
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