Lender satisfaction levels among advisors have risen

December 22, 2021 by Alan

Mortgage Advisors

The latest survey of mortgage advisors to find out how satisfied they are with the services being provided by lenders has found that satisfaction levels have gone up by 3.5% this year.

This takes the overall satisfaction rating to 81.3% at the end of 2021, according to this report by Smart Money People. While this is clearly a positive development, the levels of satisfaction with lenders among advisors have still not returned to where they were before the Covid-19 crisis. At that time, the rating was 82.7%.

Smart Money People surveys advisors on this issue twice each year for its Mortgage Lender Benchmark. More than 750 mortgage advisors across the UK take part in it and provide their views about 49 major lenders.

Those participating in the latest survey were questioned about whether or not they would be prepared to recommend each of the lenders to their clients. This was used to tally the Net Promoter Score for lenders, which hit 27.1 – a rise of 2.4.

By contrast, at the beginning of last year, the Net Promoter Score averaged across the different mortgage lenders was 30.8. This represented a peak score during the time that Smart Money People has been carrying out the survey.

Its CEO, Jacqueline Dewey, said that the rising levels of satisfaction among advisors with mortgage lenders that have been witnessed this year indicated that the sector was getting back to normal.

Having worked to secure the CeMAP mortgage advisor qualification, the majority of advisors expect a high standard of service from major lenders.