Two thirds (65%) of homeowners have claimed they couldn’t have gone through the homebuying process without a mortgage broker, demonstrating that they are a "pivotal part" of the mortgage journey, Santander has stated.

The bank’s quarterly Broker Perception Barometer found that 85% of homebuyers said that they would use a broker again if they were purchasing a new property or changing mortgage provider. Santander said that this demonstrates the fundamental role that brokers play in the mortgage market.

The bank’s latest research revealed that the most important part of the broker service was saving money (29%) and time (26%), while 19% placed value in their broker helping them navigate taxes and changing mortgage rates.

It comes as 70% of mortgage holders who had bought, remortgaged or took out a product transfer in the last year had saved money by going through a broker, with the average borrower saving £125 a month on their mortgage payments.

Santander found that more than half (52%) of borrowers would prefer to use a broker over AI for every stage of the homebuying process, despite the rise in digital tools.

This comes after 9% turned to their broker for emotional support and 82% said that their broker made them feel less stress when things became complicated.

Head of intermediary channels at Santander UK, Gavin Sellar, stated: "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.

"It’s clear that borrowers still value the guidance, experience and human judgement 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."

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