Lenders praised by mortgage advisors over service standards

September 30, 2023 by Brendan O'Neill

Lenders

Mortgage advisors are stating that lenders have responded to the fall in the amount of property purchase activity over the past few months by dealing with existing cases more quickly and efficiently.

According to research carried out by mortgage brokers Whenthebanksaysno.co.uk, advisors are particularly happy with the standard of service from mortgage lenders in the UK at the moment. The manager director of this brokerage, Emma Jones, said that lenders have upped their game in terms of dealing with current applications in the wake of the overall volume going down.

She then went on to point out that members of the public who want to buy a home or remortgage their existing one could well find the experience more painless than it would have been back in 2021. This was supported by Rachel Marlow from another broker, Marlow Mortgages & Protection. Speaking to FT Adviser, she said:

“The cloud of reduced purchase transactions has a silver lining of improved lender service levels. Gone are the days when you’d be on hold for well over an hour or using a live chat facility.”

She then went on to say that being able to get through to an underwriter at the chosen lender meant that the waiting times for a decision on mortgage applications were now much shorter, and that this had improved the experience for clients.

This is good news, as even with experience and CeMAP mortgage advisor training, advisors are still reliant on the customer service offered by lenders to close applications efficiently.