Broker satisfaction with the time that mortgage lenders are taking to process applications through to offer has increased for a second consecutive time to sit at 74.2%, new research has indicated.

This figure had dropped to an all-time low during the pandemic at 67.2% in H2 2020, before rising to 73.7% in H1 2021.

The findings, published by Smart Money People, used the views of more than 700 brokers to analyse banks, building societies, specialist lenders and lifetime providers.

According to the research, the all-time high for broker satisfaction with speed was recorded at the start of 2020 at 75.8%.

The findings revealed that broker satisfaction for the bank and building society sectors are now at an all-time high since Smart Money People’s Mortgage Lender Benchmark began in 2018. Banks have improved broker satisfaction with speed by 7.1% from H1 2021 to 81.30%, which is an increase of 13.4% from 12 months’ ago. Building societies have also increased by 6.5% from H1 2021 to 81.7%, a figure up 15.7% from 12 months’ ago. 

Commenting on the findings, Smart Money People CEO, Jacqueline Dewey, said: “The continued growth in broker satisfaction with lender speed to process applications through to offer demonstrates that the mortgage industry is returning to normality from the disruption seen since March 2020 and the high demand within the market over the last two years thanks to incentives such as the stamp duty holiday, and a return to the offices for some lenders.”

Lifetime lenders have also improved broker satisfaction with speed over H2 2021, and are now rated at 77.9%, the highest figure recorded by Smart Money People since 2018.

The research also indicated that specialist lenders do not rate so highly for speed to process applications through to offer in the eyes of brokers, at 62.5%, which is an increase of just 0.3% from H1 2021, and has not yet returned to the peak of 63.9% at the end of 2018.

“The fact that banks, building societies and lifetime lenders have now received their highest level of broker satisfaction for speed since our benchmark began in H2 2018 is testament to the hard work put in by these lenders over the last six months as the market calms down,” Dewey added.

“We would naturally expect specialist lenders to rate lower for speed due to their nature of their complex applications, however a difference of almost 20% in broker satisfaction is surprising.”

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