Brokers remain central to homebuying journey: Santander

Mortgage brokers continue to play a central role in the homebuying process, with 63% of borrowers saying they could not have navigated the journey without one, according to new research from Santander.

The lender’s latest Broker Perception Barometer, which surveyed 500 mortgage holders, shows sustained reliance on intermediaries. It marks the second consecutive quarter in which nearly two-thirds of respondents said broker support was essential.

Homeowners also appear willing to return to brokers for future borrowing needs. The survey found that 83% would use a broker again when purchasing a new property or switching mortgage provider.

A new generation with different expectations

The findings also highlight changing behaviour among younger borrowers.

Earlier research from Santander’s broker barometer, published in December, pointed to the continued value of human interaction even as technology becomes more embedded in the mortgage process. That trend persists in the latest results, with 11% of homeowners saying empathy is an important quality in a broker. Among first-time buyers, that figure rises to 14%.

However, younger borrowers place a stronger emphasis on speed and digital communication.

Just 75% of borrowers aged 18 to 34 describe their broker as “responsive”, compared with 90% of those aged 35 and over. The younger group also shows a greater tendency to discover brokers through digital channels.

For example:

13% of borrowers aged 18 to 34 found their broker through social media

8% located a broker using an AI tool

42% communicate with their broker on WhatsApp at least once a week

By contrast, half of borrowers aged 35 and above say they have never used WhatsApp to contact a broker.

When navigating the homebuying process, first-time buyers appear to lean heavily on professional guidance. The research found that 24% turned to their mortgage broker most often for support, slightly ahead of the 22% who relied primarily on friends.

Providing clarity and reassurance

Respondents broadly view brokers as playing a key role in helping buyers move through the purchase process with confidence.

Overall, 85% of homeowners say brokers help them progress through the homebuying journey with greater assurance. Among those who bought their first home within the past year, 83% say working with a broker made them feel more secure about the process.

Affordability remains a major concern, particularly for first-time buyers. An overwhelming 95% say their broker helped them fully understand how affordability affects their purchase options.

When homeowners were asked to imagine buying their property again in 2026, they identified three main pressures:

Rising interest rates, cited by 30%

Budgeting for upfront costs, highlighted by 26%

The cost-of-living crisis, mentioned by 25%

First-time buyers also worry about property price volatility, with 21% saying they would be concerned about overpaying for a home.

More than just financial savings

Working with a broker also delivers measurable financial benefits for many borrowers.

The research shows that 73% of those who bought a home, remortgaged, or arranged a product transfer in the past year saved money as a direct result of broker support.

On average:

First-time buyers saved £123 per month on mortgage payments

The overall average monthly saving reached £127

However, financial savings are not always the primary motivation for those entering the market for the first time.

Among second-time buyers, 35% say saving money is their main reason for working with a broker, rising to 39% among third-time buyers. For first-time buyers, the figure drops to 23%.

Instead, this group tends to prioritise other forms of support, including:

Saving time during the process, cited by 28%

Help understanding complex information, cited by 24%

Santander also found that emotional support can form part of the broker relationship.

“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," said Graham Sellar, head of intermediary channels. "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.”

Among first-time buyers, 9% say emotional support is one of the most important aspects of the broker service. The figure rises to 12% among borrowers aged 18 to 35, four times higher than the proportion reported among those aged over 35.