Broker satisfaction with lenders has increases to 82.7% despite COVID-19.
Broker satisfaction with mortgage lenders increased to 82.7% despite COVID-19 with Halifax being the UK’s highest-rated bank and Metro Bank its the lowest rated, according to the fourth edition of the Mortgage Lender Benchmark.
The six-monthly assessment of the service and propositions offered by lenders found that overall broker satisfaction with the lenders they do business with was up from 81.1% in H2 2019 (December).
Across all case types, satisfaction with product transfers has soared to 86.2%, up from 83.2% in H2 2019. And while banks and specialist lenders have seen the greatest increase in overall satisfaction, building societies remain the highest rated sector, and four of the five highest rated buy to let lenders are now building societies.
Broker satisfaction across lifetime lenders is largely flat, although brokers reported finding it harder to determine the maximum loan amount and product eligibility across this group of lenders.
The ease of determining product eligibility for lifetime lenders fell to 77.7%, down from 82.5% in H2 2019.
Michael Fotis, managing director of Smart Money People said, “Overall brokers are more satisfied with the performance of relationship managers, customer service and the speed offered by lenders in particular.
“And while broker satisfaction with mortgage lenders has jumped to the highest levels seen since our tracking commenced in December 2018, COVID-19 had an impact on a number of themes.
“Brokers talked more negatively about product range, communication and the clarity of criteria in this edition.”
Halifax remains the UK’s highest rated bank with ease of application and speed remaining key strengths. Godiva Mortgages, Coventry Building Society’s buy to let brand sees its overall satisfaction increase by 11%, and is now the highest rated lender in its category.
more 2 life remains the UK’s highest rated lifetime lender and is some 9% above its nearest competitor. Metro Bank is the UK’s poorest rated bank with underwriting and a lack of flexibility reported by brokers as the biggest pain points.
The NPS of lenders, a measure of loyalty, ranges from +73.1 to -40.0, with the average across all lenders increasing to +30.8.
This research is carried out by Smart Money People.