In 2024, 87% of mortgages arranged in the UK were through mortgage intermediaries, a figure which is only set to increase to 91% in 2026. In this article, we will break down the main factors as to why mortgage intermediaries are responsible for such a large proportion of mortgage lending in the UK.
One of the key reasons mortgage intermediaries now handle the majority of UK mortgage transactions is the speed at which they are able to move. Securing a mortgage appointment with your bank can take up to three weeks due to widespread bank closures and an increase in remote working. With a broker like Hirschle Hughes, the whole process becomes faster and more efficient – typically, we can secure you a mortgage offer within two to three weeks, helping you move toward completion much quicker.
Another reason why people are turning to mortgage brokers is the range of products we’re able to offer. At Hirschle Hughes, we work with over 175 lenders which means more choice – and more chances to find a product perfectly tailored to your unique situation. With lenders constantly changing their criteria and shifting rates, relying on your bank alone could limit your options and cost you more. As people’s circumstances become more complicated, mortgage intermediaries are able to use their in-depth understanding of the mortgage market to source you the most competitive solution based on your circumstances.
Mortgage intermediaries also go the extra mile. With rates constantly shifting there is the possibility that the product you selected initially may have improved before you complete on the property and, as advisers, our role is to ensure you have the most competitive product so if a better product becomes available, we’ll make the switch—ensuring you always benefit from the most competitive option.
