As use of artificial intelligence increases, brokers remain ‘indispensable’: Santander – mortgage strategy
Even as the use of AI continues to expand, the role of brokers remains integral, with two-thirds (65%) of borrowers claiming they would not have been able to complete the home buying process without the support of an agent, Santander data shows.
The lender’s new quarterly Broker Perception Barometer shows homeowners continue to place a high priority on using a broker for their mortgage needs, with nearly 85% saying they would use a broker again if buying a new property or switching mortgage providers.
When asked what aspects of a broker’s service are most important to them, saving both money (29%) and time (26%) topped the list, with others (19%) placing a high priority on brokers helping them deal with taxes and changing mortgage rates.
Meanwhile, one in 10 (9%) consumers say they turn to their agent for emotional support, and eight in 10 (82%) say their agent makes them feel less stressed when things get complicated.
The majority (70%) of people who bought, remortgaged or transferred a product last year said they saved money through a broker.
On average, borrowers can save £125 a month on their mortgage by working with a broker, with borrowers in the South East seeing the biggest financial gains, saving an average of £155 a month.
Despite the rise of AI, homeowners still prefer a personal touch when choosing a mortgage broker, with nearly two-thirds (63%) relying on recommendations and referrals from real people and only 5% using AI to find a broker.
The majority of borrowers (52%) said they would still choose to use a mortgage broker over AI at every stage of the home buying or remortgage process.
Graham Sellar, head of UK intermediary channels at Santander, said: “The property market is on a rollercoaster ride against the backdrop of a changing interest rate environment and changing lending rules.”
“Not surprisingly, agents remain the mainstay of most consumers’ home buying journey – and many directly save money as a result.”
Sellar added: “It’s clear that borrowers still value the guidance, experience and human judgment that only a broker can provide. AI supports the initial stages of transaction research and exploration, but when it comes to making concrete life decisions, nothing can compete with the trust built through a broker.”
Santander said the vast majority of customers continue to turn to brokers for their mortgage needs, with 90% of transactions being carried out through brokers by October 2025, up 7% year-on-year.
Earlier this week, Santander cut residential and buy-to-let (BTL) fixed rates by 0.15% across its new business and product transfers, with rates now starting at 3.51%.
