Brokers’ overall satisfaction levels with lenders fell slightly over the second half of the year, research from Smart Money People has revealed.
The research, H2 2023 Mortgage Lender Benchmark, found that broker’s satisfaction with lenders decreased by 0.5 per cent to 82.9 per cent.
This was a fall from the “record broker satisfaction levels” seen during the first half of the year.
Speaking on this, Jacqueline Dewey, chief executive officer at Smart People Money, said that despite volatility and pressures across all aspects of the mortgage process continuing into the second half of the year, the results are “encouraging”.
She added that, amidst a backdrop of challenging market conditions, lenders have continued to deliver a great service and experience to brokers and their customers.
This has come with just a “small dip” in the record overall satisfaction scores that was observed 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,” she concluded.
Sector
The research also revealed that building societies were the top-rated sector for broker satisfaction despite experiencing a fall of 1.0 per cent to a satisfaction level of 84.7 per cent.
Falls were also seen for specialist lenders and lifetime lenders, both experiencing falls in satisfaction levels of 2.4 per cent and 3.4 per cent respectively.
As a result, broker ratings for specialist lenders was 79.6 per cent and, for lifetime lenders, it was 83.6 per cent.
It was additionally reported that the net promoter score for all lenders was marginally down 1.8 points on the +32.2 that was reported for the H1 2023 research.
The best
Additionally in the research, Atom bank was named the best bank by brokers, while Coventry Building Society was named the best building society lender.
Meanwhile, the best lifetime provider was Canada Life, the best buy-to-let lender was Metro Bank and Interbay and Landbay were jointly recognised as the top specialist lenders.
tom.dunstan@ft.com
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