First-time buyers are leaning heavily on brokers for speed, reassurance and help navigating affordability pressures, according to Santander’s latest Broker Perception Barometer.

Two thirds of borrowers said they could not have gone through the homebuying process without broker support, while 83% said they would use a broker again when buying a new property or changing lender, Santander said.

The lender’s quarterly survey of 500 mortgage holders suggests brokers remain central to the advice journey despite continuing economic uncertainty, with first-time buyers in particular placing a premium on responsiveness, clarity and emotional support.

YOUNGER VS OLDER BORROWERS

The research found younger borrowers are engaging with advisers differently from older customers. Among those aged 18 to 34, 42% said they use WhatsApp to communicate with their broker at least once a week, while 13% said they found their broker through social media and 8% via an AI tool.

Santander said this younger cohort was less likely than older borrowers to describe their broker as responsive, with 75% of 18 to 34-year-olds using that term compared with 90% of those aged 35 and above.

For first-time buyers, brokers also appear to be playing a broader role than simply sourcing finance. When asked who they turned to most during the homebuying process, 24% said their mortgage broker, compared with 22% who said friends.

The survey also pointed to the importance of advisers in helping borrowers understand affordability. Nearly all first-time buyers surveyed, 95%, said their broker helped them fully understand what they could afford.

When homeowners were asked to imagine buying again in 2026, the main concerns were rising interest rates, cited by 30%, budgeting for upfront costs, cited by 26%, and cost-of-living pressures, cited by 25%.

Among first-time buyers, 21% said they would be especially concerned about overpaying for a property in a volatile market.

Santander said 85% of consumers believe brokers play a critical role in helping buyers move through the homebuying journey with confidence. That was reflected among recent first-time buyers, 83% of whom said their broker made them feel more secure about the process.

RECOGNISING VALUE

The figures also suggest that value is not measured solely in pounds and pence. While 73% of those who bought, remortgaged or completed a product transfer in the past year said they saved money by using a broker, first-time buyers were less focused on savings than more experienced purchasers.

Just 23% of first-time buyers said saving money was the main benefit of working with a broker, compared with 35% of second-time buyers and 39% of third-time buyers. Instead, 28% said they valued time saved, while 24% pointed to help understanding complex information.

The average first-time buyer said they saved £123 a month on mortgage payments through using a broker, slightly below the overall average of £127.

Emotional support also featured more strongly among younger and less experienced borrowers. Santander said 9% of first-time buyers identified emotional support as one of the most important elements of the broker service, rising to 12% among borrowers aged 18 to 35 and falling to 3% among those aged over 35.

Graham Sellar, head of intermediary channels at Santander UK, said: “During a time of global economic uncertainty, more than ever, borrowers look for guidance and a sense of security that they are getting the best possible outcome for their mortgage needs.

“Brokers play a hugely vital role in this – not only by securing the best deals and saving homeowners money – but providing reassurance and emotional support too.”