Advisers debate the importance of considering new lenders
Brokers have become significantly more open to using different providers than they were even a year ago, according to latest research.
In June 2024, just 27% of the brokers surveyed for Principality Building Society had used a new provider in the last six months. In June 2025, this figure had increased to 46%, its report suggests. To understand broker priorities and track performance against their strategy, Principality has conducted its broker tracker research since 2021. 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.
Ben Groves (pictured left), managing director & founder of Yomo Finance, believes going the extra mile for a client sometimes means engaging with lenders that you wouldn’t use every day. “We have used 49 different lenders in the year to date which is typically a lot more than most brokerages,” Groves explained. “I think it’s really important to stay abreast of new lenders. We talk to new lenders all the time and invite them into the office so we know what’s on offer. If you’re a tradesperson, the more tools you have the better equipped you feel to deal with anything and that’s the same for us with mortgage enquiries. The more lenders we have at our disposal the more we feel we are able to help with a variety of enquiries. As a broker, I’m increasingly open to exploring new finance providers - especially in today’s market where flexibility, speed, and niche criteria can be the difference between a deal completing or falling through. But when it works, it’s incredibly rewarding as it can strengthen client trust and expand the options I’m able to offer.”
Mortgage broker Sheena Campbell (pictured second from left), finds it disappointing though that more than half of brokers still aren’t open to exploring new finance providers. “The idea that over 50% are reluctant to even consider new options feels completely out of step with what our clients need,” said Campbell. “I completely understand ruling out a lender based on previous experience. We’ve all had cases where the service just didn’t stack up, but to dismiss a lender purely because it’s new or different? That’s insane to me. Especially here in Northern Ireland, where we’re already working with a more limited pool - the idea of not even trying an option that could help your client just doesn’t sit right.” She added: “I’m always excited to explore new lenders. More choice means more flexibility, more opportunity and ultimately more clients helped. When you find a new lender that delivers on both service and product offering, it’s a win for everyone.”
Kasia Makarewicz (pictured second from right), senior mortgage and protection adviser at Step by Step Financial Solutions believes there is a balance to be struck. “While some new lenders look great on paper, almost too good to be true, you do find yourself double- and triple-checking criteria, navigating new systems, and most importantly, trying to understand how their underwriting team operates,” she said. “Service levels matter hugely and that’s often where the real test lies.”
Makarewicz remains open to using new finance providers, providing the product aligns with her client’s needs and the rate is competitive. “New lenders often bring fresh criteria and cover niche areas, which can be a great addition to our toolbox,” she said. “It’s interesting to see what they offer and, in many cases, they help tick off some long-standing items on the broker ‘wish list’. It can be really rewarding when a new lender delivers, especially on a complex case where others couldn't help, but the unknowns around process and service can be a barrier. That’s why communication is key. I always say, stay in contact with BDMs, because good communication can make all the difference.”
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A broker’s responsibility
Broker David Brown (pictured right), director of Curzon Financial meanwhile commented: “Ultimately, it’s our responsibility to secure our clients the best deal, whether it’s through a well-known lender or a new one,” Brown reasoned. “With newer lenders, you often find they'll have embedded more modern methods of technology into their processes to help streamline the application process. Also, they'll often be bringing something new to the market, whether that's higher income multiples, allowing more applicants, or lending against more obscure property types, so it would be naïve to discount working with new lenders.”
Commercial and home finance specialist, Aatif Fazal (pictured inset, above) summed up: “As a broker, I’m increasingly open to exploring new finance providers—especially in today’s market where flexibility, speed, and niche criteria can be the difference between a deal completing or falling through. But when it works, it’s incredibly rewarding as it can strengthen client trust and expand the options I’m able to offer.”
