Even as the use of AI grows in scale, the role of intermediaries remains indispensable, with two thirds (65%) of borrowers claiming they couldn’t go through the homebuying process without the support of a broker, according to new research from Santander.
As part of the lender’s new quarterly ‘Broker Perception Barometer’, which surveys 500 mortgage holders to measure consumer attitudes and sentiment, the research showed that homeowners continue to place high value on using a broker for their mortgage needs, with nearly nine in 10 (85%) stating that they would use a broker again if purchasing a new property or changing mortgage provider.
When asked what aspects of the broker service are most important to them, while saving money (29%) and time (26%) came out top, others (19%) placed significant value in their broker helping them navigate taxes and changing mortgage rates.
The majority (70%) of those who bought, remortgaged or took out a product transfer in the last year said they saved money by going through a broker. On average, borrowers saved £125 a month on their mortgage payments thanks to working with a broker, and those in the South East saw the biggest financial benefits, saving on average £155 on their monthly payments.
The human touch remains essential among consumers, with one in 10 (9%) turning to their broker for emotional support and eight in ten (82%) saying their broker made them feel less stressed when things became complicated.
Homeowners continue to favour a personal touch when choosing a mortgage broker too, with nearly two-thirds (63%) relying on recommendations and referrals from real people and just 5% finding their broker using AI. In fact, most borrowers (52%) say they would still choose to use a mortgage broker over AI for every stage of the homebuying or remortgaging process.
Graham Sellar, head of intermediary channels at Santander UK, said: “Against a backdrop of a changing interest rate environment and shifting lending rules, the housing market can feel like a rollercoaster to navigate. It’s unsurprising that brokers remain the backbone of the homebuying journey for the majority of consumers – with many saving money as a direct result.
“It’s clear that borrowers still value the guidance, experience and human judgement that only a broker can provide. AI provides support at the initial stages of deal research and exploration – but when it comes to making concrete life decisions, nothing can match the trust that is built through a broker.”
