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Mortgage broker satisfaction with lenders stays high in H2 – Smart Money People

  • 29/11/2023
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Mortgage broker satisfaction with lenders stays high in H2 – Smart Money People
Mortgage advisers’ satisfaction with lenders decreased slightly to 82.9 per cent in H2 this year but was still close to a record high, a survey has shown.

The Smart Money People’s Mortgage Lender Benchmark suggested that the stable sentiment hinted at lenders coping well with market uncertainty and rising rates. 

Brokers were most satisfied with the performance of building societies, as they were top rated among the 790 advisers polled. Respondents gave mutuals a score of 84.7 per cent, a drop of one per cent on last year. 

Contentment with specialist lenders dropped 2.4 per cent to 79.6 per cent, while this improved by 3.4 per cent for lifetime lenders with a score of 83.6 per cent in H2. 

For the period, Atom Bank was named the best bank by mortgage advisers and Coventry Building Society was cited as the best mutual. 

Canada Life topped the table as the best lifetime mortgage provider while Metro Bank was best rated for buy to let. Interbay and Landbay were joint top for specialist lending. 

Building societies were most commended for their products and lending, receiving a score of 81.6 per cent compared to 74.7 per cent in H1. Specialist lenders were highly rated for their people. 

When it came to the mortgage process, specialist lenders and banks received the least positive scores at 58.1 per cent and 57.7 per cent respectively. 

Jacqueline Dewey, CEO of Smart Money People, said: “Despite volatility and pressures across all aspects of the mortgage process continuing into the second half of the year, the results in our eleventh edition of the Mortgage Lender Benchmark are encouraging.  

“Amidst a backdrop of challenging market conditions, lenders have continued to deliver a great service and experience to brokers and their customers, with just a small dip in the record overall satisfaction scores seen in H1 2023. With recent market talk of rate rises potentially coming to an end, it’ll be interesting to see how this continues into next year.” 

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