Smart Money People’s Mortgage Lender Benchmark H1 2021 returns today to find out which lenders are providing the best service to mortgage brokers and their customers.
This is the sixth edition of the Mortgage Lender Benchmark, a bi-annual independent research study, that helps lenders to understand what brokers really think about them, and how they compare with other lenders. Brokers are asked about lenders’ criteria, speed, eligibility, communication and relationship managers. They are also asked to share what they like about each lender and what could be better. The Benchmark offers lenders actionable insight and feedback from brokers to enable them to understand and develop their proposition.
From today until early May, mortgage brokers will be able to share their feedback about the last five lenders they’ve done business with, be it banks, building societies, specialist or lifetime lenders. This research will also ask brokers to rate the technology they use, including criteria and sourcing systems.
Jacqueline Dewey, CEO of Smart Money People, the leading customer review and insight website, said “Over the last 12 months the UK mortgage market has seen some of the highest levels of activity since pre 2008. A year on from the country entering lockdown we’re interested to see how brokers feel lenders are managing with the high number of applications, particularly as we come up to the end of the stamp duty holiday, and whether lenders have adapted enough to recover from the drop in overall satisfaction we saw at the end of 2020.”
In our last Mortgage Lending Benchmark, released in December 2020, over 490 brokers gave their feedback on over 75 lenders. Alongside league table data, the benchmark contained detailed analysis on over 40 individual lenders, providing a unique broker insight on banks, building societies, specialist and lifetime lenders.
The December 2020 Benchmark found overall satisfaction with lenders was 77.8%, a drop of 4.9% since H1 2020, and was the lowest score reported since tracking began in H2 2018. This drop was seen across all sectors, except for specialist lenders, whose performance remained consistent with H1 2020. However, a third of lenders improved their overall rating, indicating that some were able to build on their relationship with brokers during the pandemic.