Smart Money People reported an increase in overall broker satisfaction in its latest Mortgage Lender Benchmark study, as lenders bounced back after the first raft of interest rate rises and turbulence from the September 2022 mini-Budget.
Overall broker satisfaction with mortgage lenders was up by 4.0% to 83.4%, the highest average rating ever recorded by Smart Money People’s Mortgage Lender Benchmark report.
While the industry was already seeing growth pushing towards this level prior to Covid-19 and the cost-of-living crisis, these ratings benefited from brokers seeing noticeable improvements when comparing current performance to previous poorer performance.
Net promoter scores (NPS) saw lenders range between -46.6 and +68.4; the average for all lenders was +34.0, an increase of 12.9 points on the previous report.
The H1 2023 study saw more than 770 brokers provide Smart Money People their feedback on 113 lenders resulting in 3,724 individual reviews.
Alongside league table data, the latest benchmark contained detailed analysis of 53 individual lenders, providing broker insight on banks, building societies, specialist and lifetime lenders.
Jacqueline Dewey (pictured), CEO of Smart Money People, said: “Despite the almost constant volatility and pressures across all aspects of the mortgage process, I find the results in our tenth edition of the Mortgage Lender Benchmark encouraging.
“They show a commitment by lenders, whatever the market conditions, to deliver a great service and experience to brokers and their customers.”
She added: “Since our H1 2023 survey was conducted, we’ve seen yet another state of flux with questions raised about how lenders interact and communicate with brokers around rate changes.
“It will be interesting to see how that’s reflected in our H2 2023 study, with the results announced late Q4 2023.”
