Accord Mortgages was the highest rated building society for the first time in the Mortgage Lender Benchmark survey. Meanwhile, Fleet Mortgages bagged the top spot for specialist lender. Brokers praised Fleet Mortgages for its communication skills
More 2 Life was voted best lifetime mortgage lender. Its business development managers, along with rival lifetime mortgage provider Pure Retirement, were the highest rated across all lenders.
The six-monthly survey of more than 450 brokers, carried out by Smart Money People, asked respondents to rate the service of 44 banks, building societies, specialist and lifetime lenders. Brokers were asked to rate the last five lenders they did business with.
The research delivers ratings on aspects such as lenders’ communication, ease of determining product eligibility, and speed to offer.
They were also asked to describe the personality of each lender, with words including difficult, old and slow all appearing in the top ten words used to describe one big six lender.
Halifax has taken the top bank lender spot in the last three broker surveys. The speed at which the bank processes applications through to offer and the ease of application were cited as its main strengths.
Although mortgage intermediaries said Barclays offered great rates and criteria they remained unsatisfied with its mortgage processing, including its online systems and underwriting.
Atom Bank was voted the most improved lender. Its overall satisfaction rating has increased by 9.5 per cent.
Overall broker satisfaction with lenders they do business with continues to decrease. It now stands at 81.1 per cent. This is a decrease from 81.6 per cent in H1 2019 and from 82.1 per cent in H2 2018
Brokers continue to be most satisfied with the performance of building societies, who outperform banks, specialist and lifetime lenders
Only two lenders received overall ratings over 90 per cent, down from eight lenders in H1 2019.
Speed to completion, online systems and criteria received the most feedback from brokers in H2 2019, with most brokers commenting more negatively about speed this time around.
For the first time, the survey results suggested that BDMs play a very significant role on the likelihood of brokers to recommend a lender.
Brokers were least satisfied with the performance of lenders who offer adverse credit products.
Michael Fotis, founder of Smart Money People, said: “In the last half of 2019, broker satisfaction with mortgage lenders has once again declined. Overall, brokers are satisfied with the interest rates, product range and criteria offered by lenders. But they are increasingly unhappy with customer service, speed to completion and communication in particular.”
Top 5 banking lenders
3. BM Solutions
5. Atom Bank
Top 3 building societies
1. Accord Mortgages
2. Coventry Building Society
3. Nationwide Building Society
Top 3 specialist lenders
1. Fleet Mortgages
3. Pepper Money
Top 3 lifetime lenders
1. more 2 life
3. Pure Retirement