With thousands of bank branches gone, intermediaries are becoming the default source of local mortgage advice
The high street is no longer where most mortgage advice happens, and in many parts of the UK, it hasn’t been for some time. As banks continue to withdraw physical branches, the centre of gravity for mortgage conversations is shifting decisively towards brokers, often leaving intermediaries as the only remaining local, face-to-face option for borrowers.
Recent announcements underline the divergence in strategy. Nationwide Building Society has confirmed it will keep all of its branches open until at least the start of 2030, maintaining a combined network of 696 Nationwide and Virgin Money sites. The lender has framed that commitment around customer choice, stressing the importance of branches to communities and the health of high streets.
That position contrasts with Lloyds Banking Group, which is pressing ahead with another round of closures across Lloyds, Halifax and Bank of Scotland branches as part of a wider consolidation programme running through to 2026.
The wider trend is already well established. Research from Which? shows that more than 6,600 bank and building society branches have closed across the UK since 2015, leaving some constituencies without a single physical banking presence.
For mortgage brokers, that withdrawal is reshaping borrower behaviour. Graham Taylor of Hudson Rose said financial services have long been part of the high street fabric and described the pace of closures as deeply disappointing, particularly for branch staff. While most everyday banking has moved online, he said there remains “a real want from clients to be able to access advice face to face”, especially when it comes to “borrowing hundreds of thousands of pounds against a property”.
That demand is not confined to older generations. Taylor said many of those seeking in-person conversations are younger digital natives who nonetheless recognise that some decisions are too significant to be handled “with a push of a button or on a video call”. In that context, he argued, brokers are increasingly stepping into the space left by departing banks, supporting both clients and the communities they serve.
As closures accelerate, the shift is becoming more pronounced. Katherine Stagg of Stagg Mortgages said that as high street banks withdraw “at pace”, borrowers who value face-to-face or personalised guidance are increasingly turning to brokers. While banks often point to digital adoption, she noted that mortgages remain one of the biggest financial commitments people make, and many clients still want human reassurance, tailored explanations and continuity of support - elements harder to access through centralised or app-based journeys.
As a result, Stagg said brokers are now, for many borrowers, “the only accessible local option for in person advice”. First-time buyers often need time, education and reassurance, but with fewer branches and reduced in-person bank staff, many struggle to find a place for early conversations. Older borrowers and complex cases face similar pressures, particularly where clients rely on cash services or fall outside standard lending profiles.
From a lender perspective, the mortgage market’s reliance on intermediaries has softened the immediate impact. Graham McClelland of Gen H said branch openings and closures are discussed regularly with partners, but those conversations tend to focus more on savings, personal loans and everyday banking, where consumers feel the loss of branches most keenly.
Because mortgage distribution is so heavily intermediated, McClelland said many borrowers still have access to in-person support through brokers, even as branches disappear. Those who walk into a lender’s branch are limited to that institution’s products, he added, while a broker’s office offers access to a far broader range of options.
As bank counters continue to vanish from the high street, the shift is less about brokers replacing banks and more about advice migrating to where it can still be delivered locally. In communities where branches have gone altogether, brokers are no longer a secondary route to market, they are increasingly the front door.
