The H2 2023 Mortgage Lender Benchmark from Smart Money People has provided insights into the views of UK mortgage brokers on lenders during a period of continued market fluctuations.
This bi-annual independent research study, now in its eleventh edition, suggests that lenders have mostly coped well with the changing landscape.
Drawing on feedback from over 790 mortgage brokers, resulting in 3,666 reviews of 105 lenders, the study found a modest decrease in overall satisfaction with lenders, down 0.5% to 82.9% from H1 2023.
Building societies saw a 1.0% drop in broker satisfaction to 84.7%. Specialist lenders’ ratings declined by 2.4% to 79.6%, while lifetime lenders experienced a 3.4% increase to 83.6%.
The average Net Promoter Score (NPS) for all lenders has marginally decreased by 1.8 points to +32.2, with individual lender scores ranging from -26.7 to +69.1.
Atom Bank was recognized as the best bank by brokers, Coventry Building Society as the top building society lender, Canada Life as the best lifetime provider, Metro Bank as the best in the buy-to-let sector, and Interbay and Landbay as the leading specialist lenders.
Jacqueline Dewey (pictured), CEO of Smart Money People, provided her perspective on the results: “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.”
She further added: “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.”
