Broker satisfaction with building societies averaged 85.9% in the first half of 2020 – some 3.4% higher than banks and 10.3% higher than specialist lenders, research from Smart Money People has revealed.
Brokers were asked to share feedback about what they like and what could be better about the building societies they placed cases with.
Some 21% of all broker feedback about building societies focussed on customer service and underwriting, and the sentiment behind these two themes is overwhelmingly positive.
The research also examined how the feedback for larger building societies compares with that of smaller building societies and concludes that there are significant differences between building societies when asset size is taken into account.
Nate Harwood, co-founder of Smart Money People, said “In the eyes of mortgage brokers, building societies have the upper hand when it comes to delivering a great overall broker experience.
“In particular they rave about the manual underwriting and high quality customer service offered by building societies of all shapes and sizes.
“With the mortgage market becoming increasingly cut-throat, maintaining the high levels of broker satisfaction seen across the first half of 2020 will no doubt prove to be critical to ensuring that building societies continue to thrive.”
While broker satisfaction with building societies is high, slow service and poor online systems emerge as having the biggest downward pull on the likelihood of brokers to recommend a number of building societies.