Santander’s Broker Perception Barometer found that in its quarterly survey of 500 mortgage customers, 60% said they could not go through the buying or remortgage process without the support of a broker.
This was the third quarter in a row that respondents held this sentiment.
The research found that market uncertainty exposed the need for advice, as 84% of respondents said brokers gave them a sense of security.
Some 71% said brokers were more important than ever, and 73% of borrowers felt more confident making financial decisions with the guidance of a broker.
Further, 79% said they saved money by seeking advice from a mortgage broker, with average monthly payments falling by around £136, an 8% reduction since the first Santander survey.
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Preference for human interaction over AI
Santander asked respondents whether they turned to people or technology for support during difficult times, and the largest share – 29% – said they would consult a broker if they had mortgage-related concerns.
Just 8% said they would turn to social media and only 5% would consult artificial intelligence (AI) tools.
The lender said this showed people appreciated brokers where the market was more complex, and 65% said advisers were good at supporting clients, while 70% had respect for brokers navigating any uncertainties.
A broker’s undivided attention
The survey gathered borrowers’ feelings on how much interaction they expected from brokers during major events, such as the men’s World Cup.
Some 70% said they expected brokers to contact them during a game if they needed advice, while 27% preferred that advisers are not distracted by the football.
In contrast, some customers have considered delaying mortgage decisions until the sporting event is over, with 41% saying they had thought about this.
Graham Sellar, head of intermediary channels for 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.”
