Broker satisfaction with UK mortgage lenders has levelled out for H1 2022, as the market prepares to respond to changing customer needs with the cost-of-living crisis.
According to new research published by Smart Money People, building societies remain the top rated sector for broker satisfaction.
The results form part of Smart Money People’s twice-yearly Mortgage Lender Benchmark which analyses the state of the mortgage industry according to the views of brokers. The latest edition comprised feedback from over 650 mortgage brokers on 99 mortgage lenders.
Leek United Building Society came out as the top rated building society, while Halifax was the highest rated bank, the findings showed. Godiva was rated as the top buy-to-let lender, LendInvest as the top specialist lender, while Canada Life was rated as the top lifetime lender.
Other key findings from the research confirmed that overall broker satisfaction with lenders has remained level, down only 0.1% to 81.2%, however, the industry is still a long way off from results seen in H1 2020, with the latest level down 1.5% compared to 82.7%.
Smart Money People CEO, Jacqueline Dewey, said that the results indicate a sense of “calm before the storm” in the eyes of mortgage brokers, with the impact of the cost of living crisis yet to be felt across the UK mortgage market.
“Our analysis shows that broker satisfaction with mortgage lenders has levelled off over the last six months and has not yet fully recovered to the peak we saw at the start of 2020,” commented Dewey.
“Brokers are nervous for their clients – finances need to be prioritised and without more flexibility from the industry, the near future is set to bring rising levels of credit impairment, and the market is going to continue to be suppressed if lenders remain as risk-averse as they are now.
“The comments we received from brokers show the signs of a lack of confidence in the market, if the supply of products and lenders impacts their business model and their ability to support their customers’ needs. Brokers are calling for lenders to offer greater flexibility, support, and a review of affordability calculations and criteria due to the rise in cost of living.”
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