Even as the use of AI grows, the role of brokers remains “indispensable” for borrowers buying a house, research from Santander has found.
Santander’s Broker Perception Barometer found 65 per cent of borrowers said they could not go through the homebuying process without the support of a broker.
It also found homeowners continue to place high value on using a broker for their mortgage needs, with 85 per cent stating they would use a broker again if purchasing a new property or changing mortgage provider.
When asked what aspects of the broker service are most important to them, saving money and time came out on top mentioned by 29 per cent and 26 per cent of respondents respectively.
At the same time, 19 per cent placed significant value in their broker helping them navigate taxes and changing mortgage rates.
Santander UK head of intermediary channels, Graham Sellar, said: “Against a backdrop of a changing interest rate environment and shifting lending rules, the housing market can feel like a rollercoaster to navigate.
“It’s unsurprising that brokers remain the backbone of the homebuying journey for the majority of consumers — with many saving money as a direct result.”
Even in a tech enabled world, Santander found the human touch remains “essential” among consumers, with 9 per cent turning to their broker for emotional support and 82 per cent saying their broker made them feel less stressed when things became complicated.
Homeowners also continue to favour a personal touch when choosing a mortgage broker, with 63 per cent relying on recommendations and referrals from real people and just 5 per cent finding their broker using AI.
In fact, 52 per cent of borrowers say they would still choose to use a mortgage broker over AI for every stage of the homebuying or remortgaging process.
Seller added: “It’s clear that borrowers still value the guidance, experience and human judgment that only a broker can provide.
“AI provides support at the initial stages of deal research and exploration – but when it comes to making concrete life decisions, nothing can match the trust that is built through a broker.”
tom.dunstan@ft.com
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