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Culture stands as the dominant factor for the UK’s mortgage employees, according to Mortgage Introducer’s Top Mortgage Employers data from both 2023 and 2024.
Explaining this revelation, mortgage and financial services sector recruitment expert Rosa Himli, managing director at Stellar Select, has observed that flexible, remote and hybrid working has risen to the top of employees’ wish lists.
“I’m also noticing that people want a lifestyle change,” she says. “Since the pandemic, I’ve seen many businesses targeting themselves as top employers based on the lifestyle they provide.”
Rachel Edwards, senior policy adviser at the Association of Mortgage Intermediaries, says, “Employers need to be authentic and genuine; culture can be showcased through good retention, recognition, staff development and accessible leadership, among other things. Culture encompasses all aspects of an employee’s career; with retirement ages continuously being pushed back, the workforce is more committed to enjoying work now than ever.”
This point is demonstrated in other data points from MI’s survey, as 49% of employees would be willing to change jobs if it offered working options that better suited their preferences, and 47% have been at their workplace for less than five years, indicating they aren’t set on remaining with a single employer long term and will move for improved work cultures.
This year’s winning employers have navigated an increasingly competitive market fraught with persistent challenges, excelling in fostering a healthy workplace culture where employees feel valued, heard and supported.
This is even more impressive, as according to BambooHR data, employee happiness among finance professionals appears to be slowly and gradually eroding, with a trendline declining to 11% in 2023 and 13% from 2020 to June 2023.
BambooHR highlights a decline of eight points over the past three years in US finance workers’ happiness based on its employee Net Promoter Scores database, which measures employee satisfaction.
MI’s Top Mortgage Employers of 2024 impressively bucked this trend by ensuring their employees are satisfied, as what was once optional is now expected.
“Companies need to implement and fully embrace forward-thinking policies and processes that reflect employee expectations and cultivate a positive workplace culture, Edwards says. “Flexible working is no longer a perk; it’s a necessity. Top employers offer various flexible working options, including remote work, flexible hours and hybrid models.”
As part of the report’s methodology, an anonymous employee survey also identified the employers who met the participation threshold and achieved an overall employee satisfaction rating of 75% or higher based on eight key factors: advancement, benefits, compensation, culture, diversity, equity and inclusion (DE&I), innovation, reputation and sustainable programs.
In addition, MI’s 2024 data shows an impressive average employee turnout of 195%, suggesting an engaged and motivated workforce that takes pride in the company’s success.
According to Himli, this high level of engagement can be attributed to several factors that mark out leading workplaces:
transparent career development
flexible working arrangements
purpose-driven work
strong commitment to core business practices such as DE&I, corporate social responsibility, and competitive compensation
Himli says, “Many organisations are recognising the need for additional support for neurodivergent employees and investing in training leaders to better understand and work effectively with this group.”
She adds that top employers who strategically develop their teams’ skills and foster a collaborative work environment enhance retention and keep highly trained employees with valuable skills. She cites a textbook example of a top mortgage company, noting a “beautiful location” in a suburban area and other cultural factors that are attractive to mortgage professionals:
work-life balance
purpose
flexibility
Himli also underscores that the policies are expected to be front and centre at top mortgage employers, notably DE&I.
Edwards echoes this sentiment.
“A fully embedded policy means that DE&I are not just buzzwords or standalone programs but are woven into the fabric of the company’s culture and operations,” she says. “This includes setting measurable goals, ensuring diverse representation at all levels of the company, creating inclusive work environments where all voices are heard and valued and holding leadership accountable for progress.”
According to MI’s data, the whole culture has been employees’ top priority over the past two years, but there has been a sizable shift in other factors:
compensation rose from 81% in 2023 to 89% in 2024, suggesting employees place a higher value on financial rewards
benefits increased from 83% to 88%, indicating a growing emphasis on perks and additional supports beyond compensation
Citing one of the factors driving the trend among MI’s respondents, Edwards says, “Wage inflation has been lagging behind price increases for some time and has reached a critical point. The taboo of talking about your finances has waned in recent years; groups of friends often discuss their wages and additional benefits.”
And Edwards offers an operation strategy for employers who want to react.
She says, “The focus needs to be less on the percentage increase; there needs to be a proper policy to regularly review whether wages are competitive across the market, whether they are increasing in line with inflation, etc.”
Edwards also underlines that two major categories of benefits are game changers for mortgage industry employees.
“In terms of financial, it’s around childcare, as family planning in the industry is becoming a concern with the cost-of-living crisis, increasing nursery payments and difficulty funding a family on a single wage,” she says. “And non-financial, it’s mental health support, as mental health in the industry has been very rocky since the mini budget/mortgage charter. Many advisers saw their income plummet, but their workload increased thanks to the need to resubmit business due to fluctuating rates.”
The employee respondents shared their feedback with MI on the issue of improved compensation and benefits, with comments such as the following:
“Offer private medical insurance to newer employees as this benefit has stopped recently.”
“Need more transparency around overall compensation to show if they are competitive in the market and, if not, look to bridge any gaps.”
MI’s survey data indicates that employees are motivated beyond compensation and culture as they value career development, effective communication and flexibility.
Himli reinforces these factors, adding that fully remote roles attract the most interest among candidates.
“Candidates placed in these businesses are retained longer as the business makes it work by having good communication, regular meetings with leaders and face-to-face interactions, sometimes in centralised locations for convenience,” she says.
Over 500 survey respondents shared suggestions with MI on how employers could enhance their workplaces and boost employee satisfaction and experience:
Flexible working arrangements
“Allow employees to choose how they’d like to work, either office, home or hybrid.”
“Don’t force people back into the office after a ‘work-from-anywhere’ agreement.”
Enhanced communication and management
“Communicate better as a business regarding changes, updates and important news.”
“Stop using activity management to record every minute, as this reduces our ability to perform at our best.”
Career development opportunities
“Open up opportunities for growth and career progression without restricting it to physical locations due to hybrid working. Quality talent and skills are wasted or lost due to being local to a hub or office.”
Better workplace culture and team building
“While working remotely, it feels like this negatively impacts our culture and opportunity for progression.”
After over 30 years of operating as Mortgages for Business, the top mortgage employer underwent a rebranding early in 2024 to MFB, reflecting its modernised approach and a renewed commitment to industry excellence.
For the third consecutive year, MFB has earned the Top Mortgage Employer title, highlighting their employees’ engagement and 84% overall satisfaction with the family-run company that puts family first.
Employee respondents scored MFB the highest in the following categories, resulting in the company claiming the gold medal overall for its reputation:
reputation: 9.92
DE&I: 9.00
culture: 8.94
Its workplace highlights include:
bonus and incentive programs: tiered commission structure and referral remuneration for non-sales staff
wellness programs: subsidised gym membership and free fruit
workforce diversity: 53% men and 47% women
flexibility: hybrid/flexible work options
benefits: employee benefits scheme, including generous holiday allowance and loyalty leave
perks: dogs permitted to visit the office
Staff are encouraged to challenge the company’s leaders on procedures and processes, leading to an environment of continuous improvement and innovation.
MFB’s mission statement is unique in the financial services environment. It accurately captures the passion underlying its work: “To be the mortgage brokerage that our clients love working with and our staff love working for.”
“We recruit with that mission statement in mind every time,” managing director Gavin Richardson says.
Several key initiatives and practices showcase MFB’s approach to workplace excellence:
training and development: invests in training, rewarding and recognising good people and talent; promotions are merit based, allowing staff to advance when they are ready
recruitment: recruits based on personality and potential, which helps build the right culture from day one
employee satisfaction: ensuring that staff love what they do and fostering empathy among them, particularly in the often high-stress mortgage sector
management culture: leading by example and prioritising the values of integrity, fairness, responsibility, accountability and honesty
client-centric approach: places the client at the heart of everything it does to foster lasting relationships, not singular transactions
“We recognise, very simply, that there’s no reason for a customer to stay with us other than the people we have," Richardson says. “It’s our people who will make customers keep coming back – our integrity, how we deal with our clients and how we look after our people. We live and breathe those values and our mission statement.”
The company eschews prescribed policies around such things as work-life balance, preferring instead strategies that are agile and in tune with employees’ evolving needs. This approach cultivates a high-trust, autonomous workplace in which employees thrive.
“Every person with children has flexibility in their hours; we don’t have a blanket flexible working policy,” says Richardson. “Everybody’s circumstances are different, and we will do what we can to support that and make reasonable adjustments to make it work.”
The multi-award-winning companies are unique legal entities that are part of the same private equity firm. This year marks the third consecutive win for Landmark Mortgages and the second for Capital Home Loans.
Both top mortgage employers are committed to clear, open and transparent communications across all their business areas, which is a key driver of their vibrant cultures. Employees are encouraged and supported to reach their full potential within a psychologically safe work environment.
Capital Home Loans won medals in all eight categories, picking up seven bronzes and one silver. It achieved a 79% overall employee satisfaction rating, with employees awarding top marks for:
DE&I: 8.65
Culture: 8.40
Reputation: 8.19
Landmark Mortgages earned four medals, including two golds and two silvers, and achieved a 76% overall employee satisfaction score.
Employees awarded it top marks for:
DE&I: 8.71
Culture: 8.41
Benefits: 8.13
From the top down, its leaders prioritise keeping employees up-to-date through regular town halls and involving them in strategies relative to their respective business areas.
“It’s about empowering people to be part of the problem-solving process rather than just dictating to everybody that this is how things need to be,” says HR director Joanne Tripp. “We spend a lot of time inviting colleagues to share their thoughts with us about what we’re doing well and what we can improve on.”
With benefits becoming a bigger concern for employees in 2024, as shown by MI data, the firms are addressing this with a comprehensive package:
25 days holiday per annum
company pension scheme up to 9% company contribution
paid volunteering day
health and private medical insurance
cycle to work scheme
childcare support and enhanced paternity/maternity pay
The top employers’ various employee-led committees across the business are instrumental in ensuring every colleague's physical, mental and financial wellbeing. Its environmental, social, and governance committee integrates input from other committees, strongly emphasising diversity and inclusion.
“From a D&I perspective, our company is very much focused on being inclusive, not just in terms of looking at the data but fostering inclusivity of thought,” Tripp says. “We value people’s diverse backgrounds and encourage them to bring their full selves to work."
Both Landmark Mortgages and Capital Home Loans garnered top marks for their DE&I Champions initiative, featuring a collective of employees who collaborate with HR to foster a diverse and inclusive workplace. The group draws on their lived experience to promote equality, reduce discrimination, and ensure everyone can be their authentic selves at work.
Workforce diversity is 39% M/61%F at CHL, while there is a 50%/50% split at Landmark Mortgages. In further support of its DE&I commitment, the top employer prioritises:
Women in Finance Charter
promoting gender diversity via a senior executive responsible and accountable for gender diversity and inclusion
setting internal targets for gender diversity among senior management
publishing progress annually against these targets in reports on its website
having the intention to ensure the pay of the senior executive team is linked to delivery against these internal targets on gender diversity
Race at Work Charter
committed to appointing an executive sponsor for race
capturing ethnicity data and publicising progress
committing at the board level to zero tolerance of harassment and bullying
take action that supports ethnic minority career progression
The top employers also offer:
annual discretionary bonus scheme for colleagues, with awards based on the company’s overall financial performance and year-end results and payment dependent on both company and individual performance
wellness programs: reach out colleagues who promote good mental health; they are mental health first aid trained to ensure they can support and guide their coworkers and provide wellness education; and free flu vaccinations annually. All colleagues are entitled to a health cash plan that covers health screenings and gym discounts
“Openness, honesty and regular, consistent feedback are the keys to our success, driven from the top down and the bottom up,” Tripp says. “Our managers and leadership team welcome constructive feedback themselves, and I think it helps that we’re all in it together.”
MFB’s Richardson reflects on how their team has dealt with several unexpected and difficult bereavements this year. While the company provides access to counselling and healthcare resources, the true support came from the team’s collective response.
Without any formal policy, team members rallied to cover for their colleagues, allowing them to take the necessary time off.
“It was brilliant to see what we did as a team, and I thought, as a company, you can’t write that into a policy,” he says of the compassionate response, demonstrating that the company has cultivated a caring culture.
Specific to Capital Home Loans, the company underwent a major restructuring in 2023, resulting in 30 colleagues being made redundant. The company’s leaders approached that tumultuous time openly and transparently with all employees and helped 28 of those leaving secure new employment with CVs and interview training.
“The feedback we received afterward was that, while it was hard and we were sorry to see some colleagues leave, the way that we treated people and the transparency we maintained, ensuring that everyone, even those not impacted, knew what was happening, made those who stayed with us feel secure that it was necessary for the business,” says Tripp.
To help recognise and narrow down the nominations for the Top Mortgage Employers 2024 in the UK, Mortgage Introducer invited organisations to fill out an employer form highlighting their various offerings and practices. Employees of the nominated companies were then asked to take an anonymous survey evaluating their workplace based on eight key factors: advancement, benefits, compensation, culture, diversity, equity and inclusion, innovation, reputation and sustainable programs.
To qualify, each nominee had to meet a minimum number of employee responses based on the overall size of the organisation: employers with 10–100 employees must provide a minimum of 10 responses; employers with 101–500 employees must provide a minimum of 20 responses; and employers with more than 500 employees must provide a minimum of 50 responses.
Gold, silver and bronze medals are awarded to the top three companies in each category based on overall employee satisfaction.
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