Mortgage brokers continue to play a pivotal role in helping borrowers navigate the housing market, with new research from Santander suggesting their importance has remained consistently high despite ongoing economic uncertainty.

The lender’s latest Broker Perception Barometer, based on a survey of 500 mortgage customers, found that 60% of borrowers said they could not go through the homebuying or remortgage process without a broker. The figure has remained unchanged for the third consecutive quarter.

The findings come as borrowers continue to contend with rising household costs and uncertainty around the future direction of interest rates. Against this backdrop, 84% of respondents said brokers provide a sense of security, while 71% believed brokers are now more important than ever.

Nearly three-quarters of those surveyed (73%) said having a mortgage broker gave them greater confidence in their financial decisions, underlining the value borrowers place on professional guidance during what can be a complex process.

Santander’s research also found that 79% of borrowers believe they save money by using a broker. Those respondents reported average monthly mortgage payment reductions of £136, representing an 8% increase compared with the first wave of the lender’s barometer.

HUMAN ADVICE STILL PREFERRED

Despite the growing prominence of artificial intelligence and digital tools, borrowers continue to favour human support when seeking mortgage guidance.

When asked where they would turn first if they had concerns about a mortgage-related issue, 29% said they would contact their broker. In comparison, just 8% said they would look to social media, while 5% would use AI tools.

The survey also highlighted strong levels of appreciation for the intermediary sector. Some 65% of homeowners said brokers are supporting clients well in the current market, while 70% said they have a great deal of respect for brokers working in today’s conditions.

FOOTBALL TOURNAMENT HAS LIMITED IMPACT

With a major international football tournament under way, Santander also examined whether sporting distractions influence attitudes towards mortgage decisions and broker engagement.

The research found that borrowers still expect brokers to remain accessible, with 70% saying they would expect their broker to contact them during a match if mortgage advice was required.

More than a quarter of respondents (27%) said they would prioritise financial matters over football, although 41% admitted they would consider delaying mortgage-related decisions until after the tournament had concluded.

Marketing linked to the tournament also appears to resonate with some consumers, with 42% saying football-themed communications from brokers would be engaging.

Graham Sellar, head of intermediary channels at Santander UK, said: “With football fever flooding the nation and many late nights ahead, the demands on brokers continue to be high – late night or otherwise!

“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.”

The findings suggest that, even as technology evolves and consumer habits change, borrowers continue to place significant value on the expertise, reassurance and personalised support offered by mortgage brokers.