Santander has issued a "more important than ever" announcement for customers, highlighting the growing role of mortgage brokers in today's changing economic landscape. The bank, which operates branches in Birmingham, surveyed 500 mortgage customers to gauge attitudes toward brokers.
Key Findings from Santander's Research
Two in three borrowers stated they could not complete the homebuying or remortgage process without a broker, marking the third consecutive quarter with this result. Brokers provide a sense of security for 84% of current and future homeowners, while 71% believe brokers are more important than ever.
Three in four respondents said having a mortgage broker gives them greater confidence in their financial decisions, underscoring the reassurance and expertise brokers offer. Additionally, 79% of customers save money by using a broker, with average monthly payments reduced by £136—an 8% increase since Santander's first Barometer wave.
Trust in Brokers Over Digital Tools
When asked who they would turn to first for mortgage-related concerns, nearly one in three chose their broker, compared to just 8% who would use social media and 5% who would rely on AI tools. Furthermore, 65% of homeowners believe brokers are supporting clients well, and 70% have great respect for brokers navigating today's market.
Santander's Commitment to Brokers
Graham Sellar, Head of Intermediary Channels for Santander UK, commented: "With football fever flooding the nation and many late nights ahead, the demand on brokers continues to be high—late night or otherwise! The reassurance and expertise that brokers provide remains, and that’s 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."
