Building societies outdo banks

Mortgage Introducer

December 7, 2018

Building societies are outperforming banks in terms of mortgage service – with business development managers and underwriters in particular scoring well, a survey of brokers from review and research company Smart Money People found.

Lifetime lenders have the biggest room for improvement, with valuations, underwriting and ease of application being the three main issues.

Virgin Money and Coventry Building Society were given the highest ratings from brokers.

Mike Fotis, founder of Smart Money People, said: “Brokers told us clearly that frustrations with lenders’ underwriting, customer service, speed to completion and clarity of criteria rankled them most.

“It will be interesting to see if lenders at the bottom of our league table are able to improve when we repeat the survey again in 2019. The customer reviews we already collect will also help us to track this.”

More than four in five (82%) intermediaries are satisfied with lenders on the whole.

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