Research also reveals the level of broker satisfaction with mortgage lenders for H2 2023
Despite a marginal decrease in overall satisfaction with lenders, brokers who participated in a bi-annual independent research study have named the best mortgage lenders for the second half of 2023.
According to the results of the new Smart Money People Mortgage Lender Benchmark, Atom bank was considered as the best lending bank by brokers, while Coventry Building Society was named as the best mutual lender.
The best lifetime mortgage provider for brokers was Canada Life, the best buy-to-let lender was Metro Bank, while jointly recognised as the top specialist lenders were Interbay and Landbay.
The Mortgage Lender Benchmark report for H2 2023 is now available 🏠
— Smart Money People (@SmartMoneyPPL) November 29, 2023
Our eleventh edition covers broker opinions on UK mortgage lenders for the second half of 2023.
👉 Find out more: https://t.co/9RtT8HMjpj
#MLBH223 #MortgageBrokers #Mortgages pic.twitter.com/1cJ1od0gId
Smart Money People, a financial services review site, has been gathering and reporting mortgage broker opinions on UK mortgage lenders since 2018. Its latest and 11th edition of the report, the H2 2023 Mortgage Lender Benchmark, was released on Wednesday after collecting feedback from over 792 brokers during a 40-day period, from September 15 to October 25, 2023.
The mortgage brokers were asked to leave feedback on the last five lenders they’ve attempted to place a case with recently, as well as other providers they used within their mortgage business, and their comments on the mortgage market in general.
Based on the H2 2023 findings, overall satisfaction with lenders has slightly decreased by 0.5% to 82.9%. Despite the slight dip from the record broker satisfaction levels seen in H1 2023, Smart Money People noted that the latest results have remained fairly stable, adding that lenders appear to have largely coped with the ongoing market turbulence.
Meanwhile, building societies were once again the top-rated sector for broker satisfaction, but were down 1% to 84.7%. Broker ratings for specialist lenders were also down 2.4% to 79.6%. For lifetime mortgage lenders, ratings went up by 3.4% to 83.6%.
The average net promoter score (NPS) for all lenders went down by 1.8 points on the H1 2023 figure at +32.2. Scores ranged from -26.7 and +69.1 for the lenders in the latest report.
“Despite volatility and pressures across all aspects of the mortgage process continuing into the second half of the year, the results in our 11th edition of the Mortgage Lender Benchmark are encouraging,” Jacqueline Dewey (pictured), chief executive at Smart Money People, commented on the findings.
“Amidst a backdrop of challenging market conditions, lenders have continued to deliver a great service and experience to brokers and their customers, with just a small dip in the record overall satisfaction scores seen in H1 2023. With recent market talk of rate rises potentially coming to an end, it’ll be interesting to see how this continues into next year.”
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