The survey, undertaken on behalf of BM Solutions, revealed that 61 per cent of brokers chose a lender based primarily on the speed at which it processed cases from application to offer.
Other considerations including service and support (online or via telephone); reputation and proc fees also made their way onto the survey, options that Catherine Hearnden, director of My Mortgage Direct, believes summarises the difficult decisions faced by brokers when deciding upon a lender.
“After the product has been chosen, by far the most important factor is the speed to complete, closely followed by the contact. Online support is also increasingly important and if two identical products have been recommended then if one of these can be completed online that is the one that will always be chosen.”
However, although Andy Wilgoss, managing director of Square Mile Mortgage Fin-ance, agreed that the speed of processing cases is essential, he said other factors not shown on the survey also need to be considered when deciding on a suitable lender.
He said: “Certainly speed of service is the main priority but clarity and fairness of redemption penalties are serious considerations as is access to senior management and the directorate when required; a policy that some companies promote very well.”
