Santander Publishes 'Vital' Update on Mortgage Broker Impact
Santander has issued what it describes as a vital update for customers, revealing new research that shows homeowners are benefiting significantly from working with mortgage brokers. The high street banking giant released its Broker Perception Barometer for March, providing fresh insights into how brokers support buyers through the complex property market.
Brokers Central to Homebuying Journey
The comprehensive study found that brokers remain absolutely central to the homebuying journey across the United Kingdom. According to the data, two-fifths of all first-time buyers admit to contacting their broker via WhatsApp at least once every week. This frequent communication highlights the ongoing relationship and reliance buyers place on professional mortgage advisors.
Santander, which competes directly with other major UK banks including HSBC, Barclays, NatWest, Nationwide, and Lloyds, reported that customers are increasingly seeking support from their brokers rather than turning to friends or family. The research indicates that during uncertain economic times, borrowers are prioritizing expert guidance to navigate mortgage options.
Substantial Financial Savings Revealed
The most striking finding from Santander's research concerns the financial benefits brokers provide. Three quarters of homeowners who purchased, remortgaged, or completed a product transfer in the past year saved money directly as a result of working with a broker. The average monthly savings amounted to £127 across all homeowner categories.
For first-time buyers specifically, the average monthly saving was £123 on mortgage payments, just slightly below the overall average. Perhaps surprisingly, only a quarter of first-time buyers cited saving money as their primary motivation for using a broker, compared to 35% of second-time buyers and 39% of third-time buyers.
First-Time Buyers Value Different Broker Benefits
The research uncovered that first-time buyers place greater emphasis on non-financial benefits when working with mortgage brokers. Twenty-eight percent of first-time buyers said their broker's ability to save them time was most important, while 24% valued help understanding complex mortgage information above all else.
Emotional support emerged as a significant factor, particularly for younger borrowers. One in ten first-time buyers listed emotional support as one of the most important aspects of broker service. This figure rises to 12% among younger borrowers aged 18-35, which is four times higher than the percentage of those over 35 who value this aspect.
Industry Perspective on Broker Importance
Graham Sellar, Head of Intermediary Channels at Santander UK, commented on the findings: "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."
The research also revealed that two-thirds of all homeowners believe they could not have successfully navigated the homebuying or remortgaging process without professional broker assistance. This statistic underscores the critical role brokers play in the UK property market, particularly as economic conditions remain challenging for many prospective buyers.
