Smart Money People, the financial services review site, has released its Mortgage Lender Benchmark covering mortgage broker opinions on UK mortgage lenders for the second half of this year.
The bi-annual independent research study has found that the overall average lender rating was 83.4%, which is slightly down by 0.3% on H1 2024, but still the joint second highest ever recorded.
Four sectors (bank, building societies, lifetime and over £4bn lenders) saw lenders with an overall satisfaction at over 90%, with Atom bank scoring the highest across all categories at 94.2%.
This marks the 13th edition of the Mortgage Lender Benchmark which analyses the state of the mortgage industry according to brokers’ views. The bi-annual study is the industry’s largest broker feedback survey, enabling lenders to form valuable insights to help understand the market. The latest edition comprises of 4,755 reviews on 116 lenders.
The average Net Promoter Score (NPS) for all lenders is also slightly down by 2.8 on the H1 2024 figure and stands at +35.9.
NAMING NAMES
Atom Bank was named the best bank by brokers, while Principality Building Society was named the best building society lender, both retaining their status from H1 2024.
The best lifetime provider was Pure Retirement and Pepper Money was recognised as the top specialist lender, both also retaining their H1 2024 positions.
“it’s encouraging to see that overall levels of satisfaction with lenders across all sectors has remained at historically high levels since we started our report over six years ago”
A change to the top spot though was recorded in buy-to-let, as Landbay came out as top lender in this category. Meanwhile, Lloyds Banking Group claimed top spot as best £4bn+ lender.
Jacqueline Dewey, CEO of Smart Money People, said: “Despite a very busy end to 2024 with rates gradually reducing, it’s encouraging to see that overall levels of satisfaction with lenders across all sectors has remained at historically high levels since we started our report over six years ago.
“In addition, special mentions to Atom bank, Pepper Money, Principality and Pure Retirement for their consistent service delivery across the whole year.
“Such high levels of satisfaction take significant investments in both resources and technology. So we should applaud not only their efforts, but that of the whole industry in maintaining service and satisfaction during such a difficult and uncertain period.”
