Satisfaction amongst mortgage brokers with the lenders that they deal with has increased to 82.7%, up from 81.1% in the second half of 2019, a new study has revealed.

Smart Money People’s research also found that satisfaction with product transfers has soared to 86.2%, a figure that rose from 83.2% in H2 2019.

The fourth edition of the Mortgage Lender Benchmark, a six monthly assessment of the service and propositions offered by lenders, highlighted the wide disparity of service being offered by lenders – which include banks, building societies, specialist and lifetime lenders.

While banks and specialist lenders have seen the greatest increase in overall satisfaction, the study revealed that building societies remain the highest rated sector, and that four of the five highest rated buy-to-let lenders are now building societies.

The snapshot showed that broker satisfaction across lifetime lenders is largely flat, although brokers reported finding it harder to determine the maximum loan amount and product eligibility across this group of lenders. The ease of determining product eligibility for lifetime lenders fell to 77.7%, down from 82.5% in H2 2019.

The survey responses, collected between 8 April and 3 May, were completed by 467 mortgage brokers who left feedback about the last four lenders with which they dealt, and 2,335 pieces of feedback were received about 93 lenders.

Smart Money People managing director, Michael Fotis, commented: “Overall brokers are more satisfied with the performance of relationship managers, customer service and the speed offered by lenders in particular.

“And while broker satisfaction with mortgage lenders has jumped to the highest levels seen since our tracking commenced in December 2018, COVID-19 had an impact on a number of themes. Brokers talked more negatively about product range, communication and the clarity of criteria in this edition.”

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