Smart Money People Mortgage Lender Benchmark returns
Smart Money People’s Mortgage Lender Benchmark has returned for its seventh edition and aims to find out which lenders are providing the best service to mortgage brokers and their customers.
Brokers are asked about lenders’ criteria, speed, eligibility, communication and relationship managers. They are also asked to share what they like about each lender and what could be better.
From today until the end of October, mortgage brokers will be able to share their feedback about the last five lenders they have done business with, be it banks, building societies, specialist or lifetime lenders.
This research will also ask brokers to rate the technology they use, including criteria and sourcing systems.
In their last Mortgage Lending Benchmark, released in June 2021, over 590 brokers gave Smart Money People their feedback on 99 lenders.
Alongside league table data, the benchmark contained detailed analysis on over 40 individual lenders, providing a unique broker insight on banks, building societies, specialist and lifetime lenders.
The June 2021 Benchmark found overall satisfaction with lenders was 80.3%, an increase of 2.5% since H2 2020, showing that the industry was recovering from a turbulent 2020, although not back to the levels of satisfaction seen before the pandemic.
This increase was seen across all sectors, except for specialist lenders, which was unexpected as they had been the most resilient sector in H2 2020. Satisfaction with speed to offer saw the biggest increase from brokers of 6.5%, and the Net Promoter Score for lenders increased by 11.9 points in H1 2021.
Jacqueline Dewey, chief executive of Smart Money People, said “Post stamp duty holiday, the much predicted dramatic drop off in activity has not materialised and so lenders continue to compete for business resulting in a very competitive environment.
“It will be fascinating to see the satisfaction levels awarded by brokers in H2 2021 and which lenders have managed such an unprecedented period well.”