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Brokers rate service over products as volumes rise

  • 24/02/2003
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Service is more important to brokers than products, according to a poll conducted by packager and co...

Service is more important to brokers than products, according to a poll conducted by packager and correspondent lender, Solent Mortgage Services (SMS).

In a survey of its key introducers, SMS found advisers rated service levels of The Mortgage Business (TMB) higher than any other lender on its 20 strong non-conforming panel.

The advisers subsequently voted TMB as the best overall lender, despite the fact that 45% thought GMAC RFC had the best products (compared with just 34% who voted for TMB).

Paul Robinson, chief executive of SMS, said that in the face of the huge rise in applications last year, and the fact that the crowded lender market often means there is little to choose between products that those who maintain service standards will rise to the top.

Robinson said: ‘Service is key and advisers know which lenders are able to maintain standards. TMB knows its market and puts its resources into servicing. This is a clear message to other lenders.’

Mark Howell, marketing manager of Pink Home Loans, agreed: ‘It has to be done in the context of best advice, but when there is a choice of similar products, nine time out of 10 you would opt for service. Lenders will always put out competitive products to gain market share, but this often puts their service under stress and reflects on the broker dealing with clients.’


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