Broker satisfaction with building societies averaged 85.9% in the first half of 2020, according to a new report released by Smart Money People.

The figure was 3.4% higher than banks and 10.3% higher than specialist lenders.

For the data in the report, titled Building Societies in 2020: Banking on broker satisfaction?, brokers were asked to share feedback about what they like and what could be better about the building societies they placed cases with.

Smart Money People revealed that 21% of all broker feedback about building societies focused on customer service and underwriting, and that the sentiment behind the two themes was “overwhelmingly positive” as well as “fundamental” to the broker experience of building societies.

The research, which examined a total 2,456 pieces of broker feedback captured over the first six months of 2020, also examined how the feedback for larger building societies compares with that of smaller building societies – concluding that there are significant differences between building societies when asset size is taken into account.

The report suggested that while larger building societies have a “clear advantage” around product and lending themes such as product range and criteria, the smallest building societies are particularly praised for their excellent customer service and underwriting.

Smart Money People co-founder, Nate Harwood, commented: “In the eyes of mortgage brokers, building societies have the upper hand when it comes to delivering a great overall broker experience. In particular, they rave about the manual underwriting and high quality customer service offered by building societies of all shapes and sizes.

“With the mortgage market becoming increasingly cut-throat, maintaining the high levels of broker satisfaction seen across the first half of 2020 will no doubt prove to be critical to ensuring that building societies continue to thrive.”

Share Story: