“As the market gets more complicated and confusing for the average customer, it creates a significant opportunity for brokers. Recent data from the Intermediary Mortgage Lender Association (IMLA) highlighted this with predictions of mortgage intermediaries’ share of lending. They suggested broker share would continue to rise this year to 89% and reach over 90% share in 2025.

“Last year, brokers and their customers faced a challenging set of circumstances – including a slowing property market, inflation, the rising cost-of-living, and five Bank of England rate increases. Today, as it currently stands, we have seen what appears to be an improving situation around inflation, which in March reached the lowest level in almost two-and-a-half years.”

How have mortgage customers’ demographics changed?

In Hall’s view, the events which have beset the UK recently have changed the profile of customers who brokers see.

“Due to the last few years of turbulence; two years of the COVID-19 pandemic, a sharp rise in interest rates and the cost-of-living crisis, we have noticed a change in customer demographics and the rise of the specialist customer, such as newly self-employed customers and those looking to use the latest years trading figures towards affordability,” she noted.

“With these changing demographics it’s a challenge for brokers to keep up with the pace of the market, which hasn’t been made easy given the number of product withdrawals and introductions across the market.”