We’ve opened our Mortgage Lender Benchmark survey for intermediary feedback, which we’ll analyse for our H2 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 H2 survey in November this year.
This will be the eleventh 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 so lenders can 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 now until 15 October, 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 H1 2023
In our most recent Mortgage Lender Benchmark, released in June 2023, over 770 brokers gave us their feedback on 113 lenders. Alongside league table data, our benchmark contained detailed analysis on 53 individual lenders.
Within our H1 2023 Benchmark we found overall satisfaction with lenders was up by 4.0% on the H2 2022 report, to 83.4%. This was the highest average rating recorded by our report. The average Net Promoter Score (NPS) for all lenders within the benchmark was up by 12.9 points on the H2 2022 figure at +34.0. Scores ranged from -46.6 and +68.4 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 mortgage market has been in considerable change for over 12 months now and so intermediary advice remains as important as ever. Brokers need to know that lenders will deliver on their promises, which is why our Benchmark research examines which lenders are currently providing the best service levels to mortgage brokers and their customers.
“It’ll be extremely interesting to see if brokers remain as satisfied as they were with lenders six months ago, especially after the introduction of the Consumer Duty regime at the end of July.”