Broker satisfaction with mortgage lenders has fallen to the lowest level recorded outside of the pandemic, according to new research from Smart Money People.
The results form part of its twice-yearly Mortgage Lender Benchmark which dissects the state of the mortgage industry according to the views of brokers and comprises feedback from over 751 mortgage brokers on 114 mortgage lenders.
The research found that overall broker satisfaction with lenders has fallen, down 1.9% to 79.3%, falling below 80% for the first time since H2 2020 (77.8%).
Jacqueline Dewey, CEO of Smart Money People said: “The results we’ve published today shows a sharp drop off in brokers’ opinion following three editions of growth as UK lenders struggle to cope with the impact of the interest rate rises and turbulence caused by the ‘mini-budget’.
“Our analysis shows that broker satisfaction with mortgage lenders is now nearing the lowest recorded levels seen during the height of the pandemic.”
Furthermore, the findings revealed that the top broker rated lenders included: Halifax, The West Brom, Foundation Home Loans and Canada Life.
What’s more, building societies proved to be the top-rated sector for broker satisfaction for the ninth time.
Specialist lenders have broken their streak of improvement, with overall satisfaction down by 5.5% compared to H1 2022, and broker satisfaction with relationship managers decreased by 1.1% and now stands at 77.8%.
Dewey added: “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are frustrated by the situation they find themselves and their clients in, with constant changes and products being withdrawn after applications have been submitted.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.”
