Smart Money People, the financial services review site, has revealed the results of its tenth and latest Mortgage Lender Benchmark study which shows an increase in overall broker satisfaction since the last study (H2 2022), as lenders bounced back after the first raft of interest rate rises and turbulence from the September 2022 ‘mini-budget’.
Overall satisfaction with mortgage lenders is up by 4.0% to 83.4%, the highest average rating recorded by Smart Money People’s Mortgage Lender Benchmark report. Whilst the industry was already seeing growth pushing towards this level pre-covid and before the cost of living crisis, these ratings benefit from brokers seeing noticeable improvements when comparing current performance to previous poorer performance.
Net Promoter Score (NPS), a key measure of loyalty, saw lenders range between -46.6 and +68.4. The average for all lenders was +34.0, an increase of 12.9 points on the previous report.
The bi-annual independent research study (the latest of which was conducted in April 2023 before the most recent turmoil surrounding interest rates) is aimed at highlighting which lenders are currently providing the best service levels to mortgage brokers and their customers.
The H1 2023 study saw more than 770 brokers provide Smart Money People their feedback on 113 lenders resulting in 3,724 individual reviews. Alongside league table data, the latest benchmark contains detailed analysis of 53 individual lenders, providing a unique broker insight on banks, building societies, specialist and lifetime lenders.
This marks the tenth edition of the Mortgage Lender Benchmark which also focuses on helping lenders understand what brokers really think about them and how they compare with other lenders. The Mortgage Lender Benchmark delivers actionable insight and direct feedback that enable lenders to evaluate and develop their proposition.
Within the study, brokers are asked about lenders’ criteria, speed, eligibility, communication and relationship managers. They’re also asked to share what they like about each lender and what could be better.
Jacqueline Dewey, CEO of Smart Money People, said: “Despite the almost constant volatility and pressures across all aspects of the mortgage process, I find the results in our tenth edition of the Mortgage Lender Benchmark encouraging. They show a commitment by lenders, whatever the market conditions, to deliver a great service and experience to brokers and their customers.
“Since our H1 2023 survey was conducted, we’ve seen yet another state of flux with questions raised about how lenders interact and communicate with brokers around rate changes. It will be interesting to see how that’s reflected in our H2 2023 study, with the results announced late Q4 2023.”
