Mortgage brokers have reported an increase in term extensions as homeowners navigate a busy maturity season.
The latest quarter saw a 31% increase in remortgage applications1 – many of those borrowers last fixed in 2021, so are evaluating options to reduce monthly repayments.
HSBC UK’s Q3 Broker Barometer examines mortgage market trends in the last quarter by gathering insight from more than 400 brokers.
More than three quarters of brokers (77%) said remortgaging clients were choosing shorter fixes in anticipation that rates could fall, while 73% said clients were extending their terms to reduce the monthly cost.
More than a third (36%) said clients were cutting household spending and 30% said they were overpaying on their mortgage whenever possible.
Base Rate rise expected
Looking ahead to upcoming Base Rate decisions, the next of which is on Thursday 5th November, more than four in five brokers (84%) expect the Bank of England to increase the base rate before the end of the year, in line with the latest forecasts. Just 2% anticipate it could fall.
First-Time Buyers increasingly relying on family support
The relaunched barometer also shows that increasing numbers of First-Time Buyers (FTBs) are turning to relatives for help.
Nearly half (48%) of brokers said more FTB clients are using family support to help them onto the ladder compared to a year ago. Just 2% said fewer clients are doing so.
However, asked whether, compared to a year ago, FTBs are finding it easier or harder to obtain a mortgage, opinion among brokers is relatively split.
While 44% said it is harder now, 37% thought it was a similar landscape while 20% thought it was easier.
In terms of the challenges facing FTBs, 56% of brokers cited house prices, 54% said mortgage rates and 49% said obtaining funds for a deposit.
Happiness among brokers remains high
The latest barometer reveals that Broker job satisfaction remains reasonably high, with an overall Happiness Index of 71.
More than half of brokers (51%) scored their happiness at being a broker at 8 or higher (scale 0 – 10.)
In terms of what is concerning brokers about their business over the next six months, the wider economic context and market confidence was referenced by 78% of respondents.
On the other hand, just 5% include recruiting good staff among their top concerns for the industry.
Chris Pearson, Head of Intermediary Mortgages, HSBC UK said:
“Our latest broker barometer sheds light on the types of conversations brokers are having with clients remortgaging this year.
“With many borrowers facing repayment increases, brokers are playing a vital role in helping them understand their options and make informed decisions about the best way forward.
“Brokers were most likely to say the solutions relate to the mortgage product itself, whether that be the length of time over which a rate is fixed, or the overall term of the mortgage.
“Meanwhile it’s encouraging that our Broker Happiness Index — which measures brokers’ contentment with their jobs — has increased from 69 in Q3 2025 to 71 in Q3 2026.
“To me, that reflects the resilience of the intermediary sector as well as the satisfaction which comes with helping homeowners secure the best deal.”
