Today we’ve opened our Mortgage Lender Benchmark survey for intermediary feedback, which we’ll analyse for our H1 2023 report.
Our bi-annual independent research study highlights which lenders are currently providing the best service levels to mortgage brokers and their customers. We’ll release the results of the H1 survey in June this year.
This will be the tenth edition of our Mortgage Lender Benchmark. The report focuses on helping lenders understand what brokers really think about them and how they compare with other lenders. Through our Benchmark report, we deliver actionable insight and direct feedback that enables lenders to evaluate and develop their proposition.
Within the study, we ask brokers about lenders’ criteria, speed, eligibility, communication and relationship managers. We also ask them to share what they like about each lender and what could be better.
From today – 5 April - until the end of April, mortgage brokers can share their feedback about the last five lenders they’ve done business with, be it banks, building societies, specialist or lifetime lenders. We’ll also ask brokers to rate the technology they use, including criteria, crm, affordability and sourcing systems.
Results from our Mortgage Lender Benchmark H2 2022
In our most recent Mortgage Lender Benchmark, released in December 2022, over 750 brokers gave us their feedback on 114 lenders. Alongside league table data, our benchmark contained detailed analysis on 51 individual lenders, which offered a unique broker insight on banks, building societies, specialist and lifetime lenders.
Within our H2 2022 Benchmark we found overall satisfaction with lenders fell from the H1 2022 figures, down 1.9% to 79.3%. This was the first time satisfaction dropped below 80% since H2 2020 (77.8%). The average Net Promoter Score (NPS) for all lenders within the Benchmark was down 5.8 points compared to H1 2022 at +21.1. Scores ranged from -54.5 to +59.3 for the lenders in the report.
In addition, brokers revealed they were struggling to keep up to date with rapidly changing criteria and rates. 43% told us they were relying on emails to keep updated with changes.
Jacqueline Dewey, CEO of Smart Money People, commented:
“The value of the advice process in the mortgage market has never been higher, but this means the spotlight is on intermediaries to secure the right products for their clients from the lenders who can best facilitate them. Our Benchmark research looks at which lenders are meeting expectations, who are exceeding them and who may not be meeting borrowers’ requirements.
“The market has been tough for all parties over the past year, and especially since the ‘mini budget’ in September 2022. It will be fascinating to see how satisfied brokers have been with lenders during these challenging times.”