Overall satisfaction with mortgage lenders hits highest average rating
Broker satisfaction with mortgage lenders improved in the first half of 2023, Smart Money People has said, as conditions also got better after the first raft of interest rate rises and turbulence from the September 2022 mini budget.
Results of its latest Mortgage Lender Benchmark study showed that overall satisfaction with mortgage lenders went up by 4% to 83.4%, the highest average rating ever recorded by the Smart Money People report.
“Despite the almost constant volatility and pressures across all aspects of the mortgage process, I find the results in our 10th edition of the Mortgage Lender Benchmark encouraging,” commented Jacqueline Dewey (pictured), chief executive at Smart Money People. “They show a commitment by lenders, whatever the market conditions, to deliver a great service and experience to brokers and their customers.
“Since our H1 2023 survey was conducted, we’ve seen yet another state of flux with questions raised about how lenders interact and communicate with brokers around rate changes. It will be interesting to see how that’s reflected in our H2 2023 study, with the results announced late Q4 2023.”
The bi-annual independent research study – the latest of which was conducted in April 2023 before the most recent turmoil surrounding interest rates – is aimed at highlighting which lenders are currently providing the best service levels to mortgage brokers and their customers.
The H1 2023 study saw more than 770 brokers provide Smart Money People with their feedback on 113 lenders, resulting in 3,724 individual reviews. The latest Mortgage Lender Benchmark also contains detailed analysis of 53 individual lenders, providing a unique broker insight on banks, building societies, specialist, and lifetime lenders.
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