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The UK’s largest financial services review site, Smart Money People, announced that building societies remain the top-rated sector for broker satisfaction.
Leek United Building Society took first place as the top-rated building society and Halifax was the highest-rated bank.
The results are part of Smart Money People’s twice-yearly Mortgage Lender Benchmark which examines the state of the mortgage industry according to the views of brokers.
Key findings from Smart Money People
Overall broker satisfaction with lenders saw a minor 0.1% decline to 81.2%. Compared to H1 2020 results are down 1.5% from 82.7%. (NPS)
The Net Promoter Score (NPS) is a measure that reflects how likely brokers are to recommend a lender. This is down 0.3 points on H2 2021 at +26.8.
Specialist lenders show record levels of broker satisfaction and have improved for a fourth consecutive edition. for H1 in 2022, LendInvest came out as the top specialist lender.
The top lifetime lender for H1 was Canada Life although broker ratings for lifetime lenders have fallen. Results suggest lack of speed is what took a hit on broker satisfaction.
Smart Money People also report that broker satisfaction with relationship managers is at 78.9%. This is the equivalent of a 1.6% increase.
Due to the rising living costs, the impact on clients remains a concern while 31.1% predict challenges with lifestyle changes will occur.
Chief executive officer of Smart Money People, Jacqueline Dewey, explains: “The results we’ve published today give a sense of ‘calm before the storm’ in the eyes of mortgage brokers, with the true impact of the cost of living crisis yet to be seen on the UK mortgage market. Our analysis shows that broker satisfaction with mortgage lenders has levelled off over the last six months and has not yet fully recovered to the peak we saw at the start of 2020.”
“Brokers are nervous for their clients – finances need to be prioritised and without more flexibility from the industry, the near future is set to bring rising levels of credit impairment, and the market is going to continue to be suppressed if lenders remain as risk-averse as they are now. The comments we received from brokers show the signs of a lack of confidence in the market, if the supply of products and lenders impacts their business model and their ability to support their customers’ needs. Brokers are calling for lenders to offer greater flexibility, support, and a review of affordability calculations and criteria due to the rise in cost of living.”
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