Around 19% of brokers say they expect to retire in the next 10 years, but there is an influx of younger brokers coming into the market, research shows.
According to a survey from Accord Mortgages, carried out by Pegasus Insight, the number of younger brokers aged 18-30 registering between 2021 and 2024 rose by 10%.
Accord Mortgages said this shows that retiring brokers are being succeeded by a new generation, and they could have “distinctly different expectations, skill sets and greater diversity”.
Internal data shows that incoming brokers are more comfortable with technology, with around 51% of brokers with a tenure of five years or fewer agreeing that webchats and chatbots would allow them to get quicker answers from lenders versus traditional channels like the telephone.
This compares to 35% of brokers who have a tenure of 20 years or more who prefer webchats and chatbots.
The lender said the younger generation would shape the industry, as they could be “more comfortable using technology to do the heavy lifting, enabling them to focus on meeting increasing client expectations around speed and efficiency of service”.
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However, a fifth of brokers said they are uncertain about the future of the profession, citing changing regulation, technology and consumer behaviour.
Accord Mortgages is calling on the industry to “take coordinated action to promote mortgage broking as a modern, rewarding career path, but also to ensure that those who enter the profession are equipped with the skills they need to succeed in today’s world”.
The lender pointed to the Working in Mortgages initiative, hosted by Intermediary Mortgage Lenders Association (IMLA) and Association of Mortgage Intermediaries (AMI), as well as its Accord Growth Series, which offers online resources to help brokers grow their business.
Jeremy Duncombe, managing director of Accord Mortgages, said: “To secure the future of mortgage broking, we need to show up-and-coming generations that this is a career with real potential – financially, professionally, and personally.
“This means promoting the flexibility and impact of the role, simplifying entry routes and embracing technology that aligns with how digital natives work.
“We also need to build awareness early, support new entrants with training and mentorship and ensure our industry reflects the diversity of the communities we serve. The opportunity is there – we just need to make it visible and accessible.”
Recent data from a Freedom of Information request by this publication showed that the number of staff advising on mortgages fell by 11% year-on-year in 2024 to 31,524, the first time numbers have fallen since 2020.
Industry figures suggested this could be due to increasing regulatory pressure, a volatile economic environment, struggles with the recruitment and retention of new talent, and an ageing adviser population.
