When asked to rate a range of lender features in terms of; high, medium or low importance, an astounding 84 per cent of brokers stated that the ability to secure an instant ‘binding decision’ was of high importance.
‘Speed of offer’, which is again a service driven element, was also highly valued with 63 per cent of brokers considering it to be of high importance‘Simplicity of criteria’ and ‘access to underwriters’ were thought to be highly important by 32 per cent, and 20 per cent respectively. ‘Speed of proc fee payment’ was deemed to be highly important by the least number of brokers.
Paul Ritchie from Bespoke Mortgages, said: “Speed and efficiency are vital to my business, and knowing that I’m able to get a decision I can rely on there and then is worth its weight in gold. As a broker my priority is to provide my client with the best possible financial solution – this doesn’t just mean the most appropriate product, it also means providing the best service with no hold ups, and edeus are one of the few lenders that enable this.”
Whilst product rates and criteria are fundamentals of the advice process, and will always be important to brokers, these findings confirm the growing expectation of service driven solutions from lenders.
Features and processes that provide efficiency and speed are clearly highly valued by brokers and obviously top of mind when it comes to their key requirements.
Nicola Severn, Head of PR at edeus, added: “The added value that an efficient lender service can provide should never be under estimated. Lender's product offerings are now increasingly assessed in relation to service. Ultimately brokers want quick decisions and fast processing. With decisions in seconds, offers available in minutes, and funds available in days, edeus understands the importance of service. Lenders are vital to broker’s productivity and it is no surprise these features are held in such high regard.”
