The results found that overall broker satisfaction in the second half of 2022 has dropped to 79.3 per cent, down 1.9 percentage points. It’s the first time the score has fallen below 80 per cent since the second half of 2020.
Halifax was rated as the top bank, while the West Brom topped the scores among building societies. Foundation Home Loans was the top scorer for both buy-to-let and specialist lending, and Canada Life topped the lifetime lender category.
Building societies were the top-rated sector for broker satisfaction for the ninth time, though specialist lenders saw a considerable fall in their metrics. Overall satisfaction dropped to 75 per cent, while their net promoter score dropped 24.6 points to just 1.2.
By contrast, lifetime lenders say the smallest change, with satisfaction down by just 1.1 per cent.
Sharp fall in broker opinion
Jacqueline Dewey, CEO of Smart Money People, said there had been a “sharp drop-off” in brokers’ opinions of lenders, following the “turbulence” of the mini-Budget.
She continued: “Brokers are frustrated by the situation they find themselves and their clients in, with constant changes and products being withdrawn after applications have been submitted.
“Our analysis has found brokers are craving some stability within the market, and that brokers need support from lenders – they need to be able to rely on and have confidence in lenders, and whilst processes adapt, communication remains key.”
