Principality Building Society’s latest mortgage broker research has identified that in 2025 brokers are significantly more open to using different providers.
In June 2024, just 27% of the brokers surveyed had used a new provider in the past six months.
In June 2025, this had increased to 46%, with Principality being the second most popular new provider.
Over the last year, Principality has also seen a 25% increase in those who would consider placing business with the society in the future.
Reflecting an increasingly competitive environment, the top reasons brokers gave for trying new providers were good rates, better affordability, testing a new provider and strong brand reputation.
To understand broker priorities and track performance against their strategy, Principality has conducted their Broker Tracker Research with IFF Research since 2021.
It is conducted twice a year with 350 to 400 brokers.
The research also tracks the key drivers of broker satisfaction, with the latest report indicating that the current top three drivers are flexible lending criteria, consistency of lending decisions and providing a contact who can respond to questions.
Helen Lewis (pictured), 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 regional 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.”
