Broker satisfaction with lenders improved in the first half of 2024, to 83.7% among all brokers, new research by Smart Money People has indicated.
This was up by 0.8% compared to H2 2023 and is the highest level ever recorded by the financial services review site.
Smart Money People was publishing its latest edition of the Mortgage Lender Benchmark, which analyses the state of the mortgage industry according to brokers’ views. The latest edition comprises feedback from over 950 mortgage brokers, providing 4,490 reviews on 111 lenders.
The bi-annual independent research study revealed that all sectors – including bank, building societies, lifetime and specialist providers – saw an increase in scores, with building societies again the highest scored sector (85.7%) and lifetime lenders just behind at 85.5%.
The average net promoter score (NPS) for all lenders also improved by 6.5 points on the H2 2023 figure at +38.7, again the highest in the 12 studies so far conducted, with scores ranging from -83.6 and +84.4 for the lenders in the report.
Smart Money People, Jacqueline Dewey, commented: “The increased confidence across the mortgage sector experienced so far in 2024 is very much reflected in our latest Mortgage Lender Benchmark and shows that lenders have met increased demand and volumes positively across the board.
“A significant increase in the overall NPS score from H2 2023 is also a key indicator that the general levels of broker satisfaction with lenders is good. The lifetime sector deserves special mention as their NPS is up 18.7 from the last report.”
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