Which lenders were voted the best by brokers?
Mortgage brokers gave lenders the highest score ever recorded in Smart Money People’s Mortgage Lender Benchmark.
The financial services review site recently released its H1 2024 Mortgage Lender Benchmark, revealing mortgage broker opinions on UK mortgage lenders for the first half of 2024.
The bi-annual independent research study found that the overall average lender rating hit a record high 83.7%, up 0.8% from the previous half-year period.
All sectors — banks, building societies, lifetime, and specialist lenders — saw an increase in scores. Building societies scored the highest at 85.7%, with lifetime lenders close behind at 85.5%.
The latest edition of the Mortgage Lender Benchmark analysed the mortgage industry based on brokers’ views. The latest report includes feedback from over 950 mortgage brokers, providing 4,490 reviews on 111 lenders.
Meanwhile, the average net promoter score (NPS) for all lenders improved by 6.5 points from H2 2023, reaching +38.7, the highest in the study’s history. Scores ranged from -83.6 to +84.4.
Atom bank was named the best bank by brokers, while Principality Building Society was the best building society lender. Pure Retirement was recognised as the best lifetime provider, InterBay as the best buy-to-let lender, and Pepper Money as the top specialist lender.
“The increased confidence across the mortgage sector experienced so far in 2024 is very much reflected in our latest Mortgage Lender Benchmark and shows that lenders have met increased demand and volumes positively across the board,” said Jacqueline Dewey (pictured), chief executive of Smart Money People.
“A significant increase in the overall NPS score from H2 2023 is also a key indicator that the general level of broker satisfaction with lenders is good. The lifetime sector deserves special mention as their NPS is up 18.7 from the last report.”
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