Broker research carried out by Principality Building Society found that 46% of respondents said they had used a new provider in the last six months, compared to 27% the same period a year ago.
Principality Building Society also revealed that 25% more respondents would consider placing business with the mutual in the future.
The main reasons brokers gave to consider different lenders included good rates, better affordability, brand reputation and wanting to test a new provider.
The research also looked at what was driving broker satisfaction, with the latest survey suggesting the top three factors were flexible lending criteria, consistency of lending decisions and having a point of contact to respond to questions.
Principality Building Society found that its performance on flexible lending criteria and consistency with lending decisions was leading among brokers.
The changing role of the Bank of Mum and Dad
Sponsored by Aldermore
The mutual has conducted this research with around 350 to 400 brokers twice a year since 2021.
Helen Lewis, national intermediary manager at Principality Intermediaries, said: “Our broker tracker research helps us to shape our products and service to make a real difference for brokers and their clients. Whilst we are delighted with the headlines from the latest round of research, we know that we must continue to evolve to provide a standout service in an increasingly competitive environment.
“The recent strengthening of the regional business development manager (BDM) structure will help us to continue to improve our service and give brokers easy access to those who can help them secure a mortgage offer as quickly as possible.”
