A significant majority of mortgage brokers believe their role will remain vital over the next decade as customer need increases, according to research from Accord Mortgages.
This optimism sits against the backdrop of economic uncertainty, affordability challenges and regulatory shifts, with 53% of brokers feeling positive about their role and the ongoing need for their services.
In fact, 62% believe that, in the next 10 years, clients will need them even more.
And 63% said they expect clients to have even more complex needs in the future than they do today, with 31% believing clients will struggle to meet lenders’ current criteria.
This is reflected in the intermediary-only lender’s cases – with around a quarter of applications in 2024 requiring its famous common-sense lending approach, due to their complexity.
However, some of the results raised questions over whether there will be enough brokers in the future to meet this increasing need, with 19% expecting to retire in the next 10 years.
One-in-five also expressed uncertainty over future regulatory, technological and consumer changes – which could place advisors under increasing pressure to keep up.
Jeremy Duncombe, managing director of Accord Mortgages, said: “This research demonstrates that the value of broker advice is more important than ever, especially when many clients may not have the confidence, time or understanding to go to lenders directly.
“However, the nervousness some brokers are expressing about the pace of regulatory and technological change highlights a need for industry support, collaboration and clarity, but also action from them to adapt to stay ahead.
“This means embracing new technology and artificial intelligence (AI) to help them source and retain new customers, and really focus on supporting their needs while using their time as efficiently as possible.
“As lenders, we have a role in helping them to do this.”
