mortgage lender benchmark h1 2020 summary version
TRANSCRIPT
Foreword
Michael FotisFounder of Smart Money People
Welcome to the summary version of the Mortgage Lender Benchmark H1 2020, our fourth edition.
The role of this research study is to find out what’s working well and what isn’t across the intermediary mortgage market from the broker perspective.
467 brokers shared their feedback about some 90 lenders, helping to highlight and explain which lenders are performing best, and which really need to up their game. This insight helps lenders better understand the strengths and weaknesses of their intermediary proposition and to better assess what improvements should be made.
This report along with access to the full broker verbatim, has proved useful to many lenders and wider stakeholders. Most notably, our SWOT analysis and heatmaps offer in depth and unique insight on some 42 lenders responsible for 94.4% of all mortgage lending in 2018 (UK Finance).
This time around we also delved deeper into the role of technology. How do brokers see technology changing the mortgage market in the next 24 months? And for the first time we asked brokers to share their experience of CRM, affordability, criteria and product sourcing providers.
Set against this background, the results make for encouraging reading. Overall brokers are happier with the lenders they do business with, and satisfaction with speed to offer has never been higher. And yet real challenges remain.
2 I Mortgage Lender Benchmark H1 2020: Summary
The lock icon in this report signifies paid content. Our full report is available to all interested parties for £1,300 and includes the following:
• Full league table data (for all lenders)• SWOT analysis and heatmaps covering 42
lenders• Broker tech heatmaps
It is also possible to acquire all verbatim feedback (for all lenders) to enable further internal analysis and to arrange an in person briefing.
Sample SWOT, heatmap and brand analysis pages
Lender heatmaps
80%
28%
0%
0%
100%
100%
91%
50%
0%
-
100%
8%
32%
34%
25%
0%
21%
13%
0%
11%
0%
28%
57%
59%
0%
0%
78%
92%
79%
86%
67%
100%
100%
64%
83%
77%
75%
0%
7%
82%
89%
38%
67%
100%
100%
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
81%
86%
38%
63%
85%
100%
63%
88%
84%
90%
97%
75%
56%
70%
100%
75%
-
77%
33%
20%
0%
100%
79%
77%
80%
50%
71%
-
28%
64%
67%
26%
76%
10%
46%
77%
0% 30% 0% 30% 0% 30% 0% 30%
This free text question allows brokers to tell us what matters to them, in their own words,
which helps us to understand the strengths and weaknesses of each lender, as perceived by brokers.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender,
and/or what could be better.’
Proportion of feedback
for a given theme
Sentiment for a given theme
(0-100% scale)
11. Mortgage Lender Benchmark H2 2019: Summary
A heatmap for all 44 lenders can be found within our SWOT analysis pages, p. 23
Summary Version
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
HalifaxAll
Banks
People
82.9
+26.3
81.1
74.1
81.2
77.1
79.6
AllLenders
Proportion of feedbackSentimentHalifax’s
DNA
Halifax“I like that Halifax is very easy to use, quick process with the checking case phone line and desktop valuations. Very quick process for my clients. Halifax system could be more slicker
and needs some updating.”Intermediary feedback
Product & Lending Process
H1 2019
H2 2019
A lender heatmap can be found on p. 28 and the
top 10 words to describe this brand on p. 8224. Mortgage Lender Benchmark H2 2019: Summary
Strengths Weaknesses
Opportunities Threats
Summary Version
Brand analysis: 1 of 8
80. Mortgage Lender Benchmark H2 2019: Summary
Accord
H2 2019 H1 2019
1
2
3
4
5
6
7
8
9 Understanding
10
Aldermore
H2 2019 H1 2019
Friendly
Aviva
H2 2019 H1 2019
Traditional
Bank of Ireland
H2 2019 H1 2019
1
2
3
4
5 Slow
6
7
8
9
10
Barclays
H2 2019 H1 2019
Easy
Bluestone
H2 2019 H1 2019
Fine
Summary Version
Summary Version
Contents
Part 1
Part 2
4 Executive summary
7 Lender league tables
16 What matters most to intermediaries?
17 What’s behind the decision to recommend a lender?
21 Who’s winning the technology race?
22 How will technology impact brokers in the next 24 months?
24 Heatmaps for CRM, affordability, criteria & product sourcing solutions
28 Conclusion
29 Lender SWOT analysis and heatmaps
83 Brand analysis (42 lenders as listed above)
91 Methodology
93 About Smart Money People
13 Sector insight: Banks, Building Societies, Specialist & Lifetime lenders
CRM: 360 Dotnet, eKeeper, Intelligent Office, Smartr365, The Key & Xplan Affordability: BrokerSense & MBT AffordabilityCriteria Sourcing: Criteria Hub, Knowledge Bank & SmartrCriteriaProduct Sourcing: Air Sourcing, IRESS, Mortgage Brain & Twenty7Tech
A: Accord, Aldermore, Atom Bank & AvivaB: Bank of Ireland, Barclays, Bluestone & BM SolutionsC: Canada Life, Clydesdale Bank & Coventry Building SocietyF: Fleet Mortgages G: GodivaH: Halifax, Hodge Lifetime & HSBC UKJ: JUSTK: Kensington & Kent RelianceL: Leeds Building Society, Legal & General & LV=M: Metro Bank & more 2 LifeN: Nationwide Building Society, NatWest Newcastle Building Society & Nottingham Building SocietyP: Paragon Bank, Pepper Money, Platform, Precise, Principality Building Society & Pure RetirementS: Santander, Scottish Widows & Skipton Building SocietyT: The Mortgage Lender, The Mortgage Works & TSBV: Virgin MoneyW: West Bromwich Building Society
Summary Version
3 I Mortgage Lender Benchmark H1 2020: Summary
Executive summary
Introduction
The Mortgage Lender Benchmark H1 2020 is an independent research study that analyses what’s working well, and what isn’t, when it comes to broker satisfaction with mortgage lenders.
Our aim is to provide lenders with actionable insight that can help them deliver better intermediary propositions. This will in turn help to make the mortgage journey better for customers.
Market specific findings
• The overall satisfaction of brokers with the lenders they do business with is 82.7%, up from 81.1% in H2 2019, and the highest score reported since tracking began in H2 2018
• 5 of the 42 lenders appearing in our league table and SWOT analysis pages receive overall satisfaction ratings of 90% or higher, up from just 2 in H2 2019
• The NPS of lenders, a measure of loyalty, ranges from +73.1 to -40.0, with the average across all lenders increasing to +30.8
• Satisfaction with product transfers soars to 86.2%, up from 83.2% in H2 2019
• Speed, relationship managers and customer service all attracted more positive feedback
• Broker sentiment around product range, clarity of criteria and communication has declined, with poor communication playing a key role on the NPS of many lenders
• Building societies remain the highest rated sector, although performance is largely flat, with banks and particularly specialist lenders on the rise
• 4 of the 5 highest rated Buy To Let Lenders are building societies
• When it comes to lifetime lenders, it’s clear that brokers are finding it harder to determine both the max. loan amount and product eligibility when compared to H2 2019
• Half of the highest rated online systems across the industry belong to lifetime lenders
Selected lender specific findings
Performance at more 2 life, consistently the UK’s highest rated lifetime lender, has improved
further.
Online systems remains the most talked about theme and this feedback is now all positive.
Clydesdale Bank emerges as the UK’s slowest lender, across all lender types.
The sentiment around process has declined further, with online systems now accounting for
20% of all broker feedback. 90% of this is negative.
• 38% of brokers believe that technology changes will have a high or very high impact on the mortgage industry over the next 24 months
• Brokers are increasingly using a range of technology solutions to assist them. And while they often view these as helpful, they also acknowledge significant limitations
• 77% of brokers believe that lending will recover to pre lockdown levels within 9 months
While headline scores have all improved, satisfaction with one case type is now the lowest
in the industry.
Summary Version
4 I Mortgage Lender Benchmark H1 2020: Summary
Executive summary
About the Mortgage Lender Benchmark
The Mortgage Lender Benchmark is a six-monthly research study run by Smart Money People, a review and research platform focused on financial services.
As part of this study, 467 intermediaries shared feedback on the last five lenders they’ve dealt with, meaning that 2,335 pieces of feedback form the basis of this report.
Our full report includes SWOT analysis, heatmaps and brand analysis for 42 UK lenders, spanning banks, building societies, specialist and lifetime lenders.
This aim of the Mortgage Lender Benchmark is to help lenders, regulators, investors and other interested parties better understand the service and propositions offered by UK lenders.
This feedback received includes the following:
• Overall satisfaction ratings
• Net Promotor Scores (NPS)
• Free text around what brokers like about lenders and what could be better, which is then mapped to 20 themes
• Ease of determining max. loan amount ratings
• Speed to process applications through to offer ratings
• Ease of determining product eligibility ratings
• Satisfaction with relationship managers ratings
• Lender communication ratings
• Brand personality analysis
Part 1 of the Mortgage Lender Benchmark delivers market insight while Part 2 focuses on lender specific insight via our SWOT analysis and heatmap pages. This edition also includes a dedicated Buy To Let league table and broker technology provider ratings and heatmaps.
467 brokers shared feedback on the last 5 lenders they’ve dealt with.
Press to date includes The Spectator,FT Adviser, Love Money, Mortgage Solutions,
Mortgage Finance Gazette, Mortgage Strategy, Mortgage Introducer, Best Advice &
Property Wire among others.
Feedback about 93 UK lenders, covering some 94.4% of mortgage volume (UK Finance).
2,335 pieces of in depth qualitative and quantitative analysis covering the 20 themes that
matter most to intermediaries.
Comprehensive and easy to digest analysis.
94%
Summary Version
The lock icon in this report signifies paid content. Our full report is available to all interested parties for £1,300 and includes the following:
• Full league table data (for all lenders)• SWOT analysis and heatmaps covering 42
lenders• Broker tech heatmaps
It is also possible to acquire all verbatim feedback (for all lenders) to enable further internal analysis and to arrange an in person briefing.
5 I Mortgage Lender Benchmark H1 2020: Summary
League tables: Banking firmsA key can be found on p.8
Ease ofdetermining
max. loan amount (%)
Ease ofdetermining
producteligibility (%)
Speed to processapplicationsthrough tooffer (%)
RelationshipManagers
(%)
Communication(%)
OverallRating
(%)
18
Net Promoter Score
16
11
14
15
75.017
13
12
10
9
82.48
7
79.06
5
1
2
4
3
Summary Version
This league table alsofeatures the following lenders:7 I Mortgage Lender Benchmark H1 2020: Summary
League tables: Building societies
Lowest ratedHighest rated
Overall rating increased New entrant +/- 1% change vs H2 2019
Key
Decreasing overall rating
Please note, the overall rating does not combine the various ratings left by brokers, it is a standalone rating.
Ease ofdetermining
max. loan amount (%)
Ease ofdetermining
producteligibility (%)
Speed to processapplicationsthrough tooffer (%)
RelationshipManagers
(%)
OverallRating
(%)
Communication(%)
Net Promoter Score
80.4 84.76
5
2
3
4
8
82.97
9
69.810
11
1
Summary Version
This league table alsofeatures the following lenders:
8 I Mortgage Lender Benchmark H1 2020: Summary
League tables: Specialist & lifetime lenders
A key can be found on p.8
Specialist Lenders
Lifetime Lenders
Ease ofdetermining
max. loan amount (%)
Ease ofdetermining
producteligibility (%)
Speed to processapplicationsthrough tooffer (%)
RelationshipManagers
(%)
OverallRating
(%)
Communication(%)
Net Promoter Score
1
3
6
7
1
5
4 77.9 64.2 83.8
2
3
2 84.0
4 74.0+20.0
5 82.7
8
Summary Version
This league table alsofeatures the following lenders:
This league table alsofeatures the following lenders:
9 I Mortgage Lender Benchmark H1 2020: Summary
Buy to let league table (new for H1 20)
This below league tables includes BTL feedback (commercial & residential) for lenders with more than 10 pieces of BTL feedback.
Before leaving feedback, each broker is asked to share details about the case they’re leaving feedback for.
Ease ofdetermining
max. loan amount (%)
Ease ofdetermining
producteligibility (%)
Speed to processapplicationsthrough tooffer (%)
RelationshipManagers
(%)
OverallRating
(%)
Communication(%)
Net Promoter Score
83.1 81.5 70.8 84.6 75.4+15.478.55
84.6 75.4 61.5 67.7 60.0-30.870.811
83.2 76.0 59.2 84.3 70.4-4.075.27
85.1 82.4 84.8 81.9 78.7+42.785.63
90.2 85.9 79.3 78.5 80.7+50.087.82
75.5 71.8 63.6 79.0 73.6+4.578.26
75.310
71.4 71.4 51.4 78.5 70.0-21.474.39
80.0 75.0 73.3 89.0 75.0+25.083.34
70.9 70.9 58.2 72.7 70.9+18.274.58
1 88.7
A key can be found on p.8
Summary Version
This buy to let league table also features the following lenders:
10 I Mortgage Lender Benchmark H1 2020: Summary
Broker rated: H1 2020
Broker rated badges are available to help brokers identify top-rated firms across key areas, such as lending criteria.
A large amount of brokers participate in this study and our research has been featured widely, including in the following publications:
FT Adviser, The Spectator, Love Money, Mortgage Solutions, Mortgage Strategy, Financial Reporter, Mortgage Introducer, Mortgage Finance Gazette, Best Advice, Property Wire and of course
Smart Money People.
Best Bank
Best Lifetime Mortgage Provider
Great for Communication
If you’d like to access your badges please contact us using the details on p.28.
Best Buy To Let Lender
Great for Relationship Management
Great for Speed to Offer
Great for Lending Criteria
Great for Underwriting
Great for Online Systems
Best Adverse Credit Lender
Best Building Society Lender
Summary Version
11 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%
80%
83%
67%
75%
56%
83%
83%
40%
34%
75%
56%
100%
36%
72%
56%
18%
71%
74%
33%
82%
77%
86%
80%
100%
68%
79%
71%
37%
77%
86%
56%
0%
0%
67%
79%
67%
43%
68%
84%
92%
86%
87%
96%
41%
74%
40%
43%
83%
50%
50%
40%
88%
88%
0%
88%
100%
71%
63%
0%
64%
81%
80%
71%
88%
60%
71%
80%
100%
0%
100%
0% 0%
Heatmaps for 42 lenders can be found
within our SWOT analysis
pages.
0%
% of positive feedback for each theme
Amount of feedback for each theme
12 I Mortgage Lender Benchmark H1 2020: Summary
Ease of determiningmax. loan amount (%)
Ease of determiningproduct eligibility (%)
Speed to process appl.through to offer (%)
Relationship managers (%)
OverallRating (%)
Communication (%)
NetPromoter Score
Banks Building Societies Specialist Lenders Lifetime Lenders
Top level scores: All lenders
81.1 +26.3 82.9 81.2 74.1 79.6 77.1
Sector insight: Top level stats
Ease ofdetermining
max. loan amount (%)
Ease ofdetermining
producteligibility (%)
Speed to processapplicationsthrough tooffer (%)
RelationshipManagers
(%)
Communication(%)
OverallRating
(%)
Net Promoter Score
H2 2019
H1 2020 H2 2019 H1 2020 H2 2019 H1 2020 H2 2019 H1 2020 H2 2019
The overall satisfaction of brokers with the lenders they do business with has increased to 82.7%, the highest score reported since tracking began in H2 2018.
Across all lenders, speed and satisfaction with relationship mangers have seen the greatest increases, and are largely responsible for the higher overall satisfaction levels.
• Building societies remain the most recommended lender type but performance is largely flat
• Satisfaction with banks has increased, with the average NPS up by 5.5 points
• Specialist lenders see the biggest increases overall, including a 7.8% increase in the satisfaction with relationship managers
• It’s a mixed bag for lifetime lenders, with brokers finding it harder to determining max. loan amount and product eligibility
82.7 +30.8 83.0 81.3 75.8 81.5 78.1H1 2020
Summary Version
13 I Mortgage Lender Benchmark H1 2020: Summary
66% 79% 54%
+ Rates+ Criteria- Communication- Accuracy & Consistency
All Lenders
59% 79% 53%
82% 88% 65%
69% 72% 36%
74% 46%
+ Customer Service+ Flexibility- Communication- Fees
+ Flexibility+ Criteria- Communication- Ease of application
66%
Sector insight: How do lender types differ?
People Product & Lending Process
H2 2019
Banks
Building Societies
Specialist Lenders
Lifetime Lenders
H2 2019
H2 2019
H2 2019
H2 2019
H1 202090% 81% 69%
H1 2020
H1 2020
73% 78% 55%
78% 60% 46%
H1 2020
72% 74% 41%
78%
H1 2020
77% 57%
Broker sentiment around people themes including customer service and relationship mangers has increased across all lender types. This increase is most marked across banks were it has increased to 73% (up from 59%).
Broker sentiment around product and lending has decreased slightly, with weaker feedback around product range and clarity of criteria largely due to the short term disruption of COVID-19. The sentiment around rates has also softened.
+ Customer Service+ Product Range- Communication- Clarity of Criteria
Amount of feedback for each theme
% of positive feedback for each theme
Summary Version
14 I Mortgage Lender Benchmark H1 2020: Summary
Sector insight: Satisfaction by case type
81.1 82.9 81.2 74.1 79.6 77.1
Ease ofdetermining
max. loan amount (%)
Ease ofdetermining
producteligibility (%)
Speed to processapplicationsthrough tooffer (%)
RelationshipManagers
(%)
Communication(%)
OverallRating
(%)
Net Promoter Score
AllFeedback
First timebuyer
Satisfaction by case type
Satisfaction by key case characteristic
Self-employed
Adverse credit
Home mover
Product transfer
Remort-gage
BTL (residential)
BTL (commercial)
Brokers understand that not all cases are built equal. Complex cases will often require more back and forth with lenders.
And while most brokers expect complex cases to move at a slower pace and be subject to more ‘hand holding’ they’re not cutting lenders much slack, with satisfaction across BTL commercial cases being particularly low.
Home mover, product transfer and adverse credit cases see the greatest increases in broker satisfaction.
Below we’re sharing some of these findings to help lenders better understand what good looks like across the case types they focus on.
H2 19
78.1
H1 20
+26.3 81.5
H2 19H1 20
75.881.383.0+30.882.7
H2 19H1 20H2 19H1 20H2 19H1 20H2 19H1 20H2 19H1 20
Increase of 3% (or 3 points)
KeyDecrease of 3% (or 3 points)
Summary Version
15 I Mortgage Lender Benchmark H1 2020: Summary
What matters most to intermediaries?
BDMs
Customer service
Skills & knowledge
Accountability
People
Product & Lending
Process
H1 20: 2,335 pieces of feedback mentioned 3,698 items which have been mapped to the adjacent 20 themes.
The themes and sentiment behind our intermediary feedback
Key
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
200 10
Speed to completion, online systems and ease of application received the most feedback from brokers in this edition. Less feedback was received about criteria which is now the fourth most commented upon theme, but broker sentiment remains on par with H2 2019.
And while overall broker satisfaction has increased, poor communication is a growing problem for many lenders. Communication is now among the top five most commented on themes and 57% of all communication feedback received in this edition is negative.
% feedback for each theme
Brokers talking about BDMs and customer service are increasingly positive about these areas.
Sentiment around product range has weakened, but only slightly.
Brokers are commenting more positively about lender speed.
The sentiment around communication has deteriorated further, with COVID-19 having an impact.
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
H1 20H2 19
Lowest ratedtheme
Highest rated theme
More brokers reported “unclear criteria.”
Summary Version
16 I Mortgage Lender Benchmark H1 2020: Summary
What’s behind the decision to recommenda lender?
The themes promoters talk about and the impact of each theme
Being recommended by intermediaries matters, particularly in a competitive market. But while brokers often talk a lot about themes like speed and online systems, what really sits behind whether they’re likely to recommend a lender or not?
In the below table, we’ve analysed what brokers that are recommending the lender they’ve left feedback for had to say. Each theme is ranked by both the volume of feedback it has attracted (ranking by volume) as well as how strong an impact it’s having on the overall likelihood of a broker to recommend a lender (NPS).
Speed remains the most commented on theme by brokers recommending a lender, and it’s also having the strongest positive impact on this decision.
In this edition, great communication has risen to second spot in our ranking by impact. With 57% of all brokers commenting on communication leaving negative feedback, lenders deemed to have good communication (e.g. regular case updates, clear and upfront documentation requirements and who make it easy to discuss a case) were particularly likely to be recommended.
Product range is a newcomer to our top ten list, with brokers especially keen to recommend lenders that maintained a BAU approach during COVID-19.
Although not appearing in our top ten most commented on themes in H1 2020, lenders that were seen to have knowledgeable staff, and a good approach to valuations during COVID-19 were also particularly favored by brokers.
Speed to completion
Ease of application
Online systems
Criteria
Customer service
BDMs
Underwriting
Rates
Communication
Product Range
1
2
3
4
5
6
7
8
9
10
1
7
8
2
6
5
3
9
4
10
Rankingby volume
H1 2020
Rankingby impact
Speed to completion
Criteria
Online systems
Ease of application
Customer service
Underwriting
Rates
Communication
Flexibility
BDMs
1
2
3
4
5
6
7
8
9
10
4
6
3
10
1
8
5
9
2
7
Rankingby volume
H2 2019
Rankingby impact
The most talked about theme by brokers leaving an NPS of 9 or 10 for a lender
The theme generating the strongest positive sentiment
Summary Version
17 I Mortgage Lender Benchmark H1 2020: Summary
Feedback from intermediaries recommending the lenders they work with
The following page highlights some of the feedback shared by brokers that are actively recommending (promoting) a lender they’ve shared feedback about. The themes that detractors talk about can be found on p.19.
The choice of comments and the lenders highlighted below and on p.20 has no overall significance.
“Speed of processing is second to none! Ability to call in and
have income verified immediately is a market leader.
This case was received and offered within 24 hours.”
Speed to completion
“Accord have the ability to discuss with underwriters
direct and work with you for solutions.”
Underwriting
“Darlington are very flexible and will take a holistic approach to a clients
circumstances rather than a tick box exercise.”
Flexibility
“They lend to foreign nationals on HMOs. Most other things need work.”
Criteria
“Make use of technology where possible, making application process very
smooth. Streamlined underwriting &
documentation requirements are a plus.”
Ease of application
“Online application system is excellent, both for ease of application and document
upload.”
Online systems
“Straight forward process, know exactly what they want,
great rates and speed.”
Ease of application
“Brilliant local BDM who is always available to assist with
any difficult or tricky case.”
BDMs
“Great for affordability on shared ownership. Offer 95
and 100% LTV on buyers share with SO.”
Criteria
Summary Version
18 I Mortgage Lender Benchmark H1 2020: Summary
What’s behind the decision to not recommend a lender?
The themes detractors talk about vs. the impact of each theme
The top five themes most commented upon by brokers that are not prepared to recommend the lender they’ve left feedback for have not changed. These remain communication, speed, online systems, ease of application and underwriting.
But with the data collection window for this edition of the Mortgage Lender Benchmark taking place during the COVID-19 crisis, two new themes have entered the top ten: Flexibility and clarity of criteria.
Speed to completion
Underwriting
Communication
Ease of application
Online systems
Customer service
Accuracy & consistency
BDMs
Accountability
Rates
1
2
3
4
5
6
7
8
9
10
7
9
6
1
10
5
4
3
8
2
Rankingby volume
Rankingby impact
H2 2019
Communication
Speed to completion
Online systems
Ease of application
Underwriting
Accuracy & consistency
Flexibility
Customer service
Clarity of criteria
BDMs
1
2
3
4
5
6
7
8
9
10
7
8
2
5
3
10
9
6
4
1
Rankingby volume
Rankingby impact
H1 2020The most talked about theme by brokers leaving an NPS of 0-6 for a lender
The theme generating the strongest negative sentiment
Clarity of criteria is only the ninth most talked about theme by detractors (brokers leaving an NPS of 0-6 for a lender), but it’s having a much stronger impact on their decision to not recommend a lender.
With brokers often weighing up multiple themes when deciding which lender to place a case with, lenders can’t afford to ignore themes that don’t generate much feedback but have a strong impact on whether a broker is willing to recommend a lender or not.
Summary Version
19 I Mortgage Lender Benchmark H1 2020: Summary
Feedback from intermediaries not recommending the lenders they work with
“Their processing times can either be way high or really
quick. They don't have consistency.”
Accuracy & consistency
“Made it really difficult to do business with, requested over 18 months of bank statement
to underwrite one case.”
Ease of application
“They could advise that they have declined the case, without me waiting and
waiting, and then calling in to discover they have declined
the case. No communication.”
Communication
“They have closed phone lines currently due to COVID 19
which is incredibly frustrating most other lenders are
offering reduced staffing which is a lot better.”
Communication
“They could do the valuation early in the process rather
than at the end of the process, by which time they needed to request all new
documents from the client.”
Valuations
“Platform are very much working to criteria, no
flexibility towards lending and decision making. They always
in my opinion ask for more documents than needed
based on other high street lenders.”
Flexibility
“Criteria isn't as clear as it should be.”
Clarity of criteria
“Online application system is awful. Absolutely loads of
irrelevant questions, difficult to navigate. Just the worst! Their broker site is likewise appalling to find your way
around.”
Online systems
“Great products but unclear criteria.”
Clarity of criteria
“Calculator isn’t the simplest. Would prefer better
breakdown around income.”
Online tools
“Slow. If there is something quirky with a case it takes an
age.”
Speed
“Very pedantic underwriting at times especially around
remo for home improvement.”
Underwriting
Summary Version
20 I Mortgage Lender Benchmark H1 2020: Summary
Who’s winning the technology race?
Brokers talk a lot about how easy a lender makes it to do business. And while several themes are often at play, technology does of course have an important role.
Themes like online systems and tools, the availability of live chat, and how well lenders source are all commented upon by brokers when discussing the strengths and weaknesses of a lender.
In the grid below, we share the intermediary view on which lenders are leading the technology race, with a specific focus on online systems and tools.
Firm specific observations:
• TSB is the biggest improver, with broker sentiment around online systems and tools increasing to 93% (73% in H2 19)
• 90% of this feedback for Barclays was negative, closely followed by Leeds Building Society at 89%
• Brokers remain deeply frustrated by the lack of online systems at Aviva
• The lack of systems at some lifetime lenders appears to be delivering a halo effect for those that do. Half of the highest rated lenders around online systems and tools are lifetime mortgage providers
Which online systems and tools delight? And which require upgrading?
Online systems and tools are responsible for 14% of all feedback shared by brokers when discussing what they like about a lender and/or what could be better. Above we’ve included the 24 lenders with the most feedback about online systems and tools.
TopQuartile
Upper Middle
LowerMiddle
BottomQuartile
Summary Version
21 I Mortgage Lender Benchmark H1 2020: Summary
With feedback collected during COVID-19, many brokers had to quickly adapt their working practices and become more dependent on technology.
And while 18% of brokers believe that technology will have no or low impact on their business in the next 24 months, 38% told us that they believe it will have a high or very high impact.
What impact do you expect technology changes in the mortgage industry will have in the next 24 months?
How do brokers think technology will impact them in the next 24 months?
NoImpact %
LowImpact %
Medium impact %
HighImpact %
Very HighImpact %
DA
5 13 44All Brokers
Alongside sharing what impact they expect technology to have, we also asked brokers to tell us why they thought this. We’ve analysed the key themes below and shared some verbatim on the next page.
We also asked brokers to rate the technology providers they use across CRM, affordability, criteria and product sourcing. This analysis can be found on p.24-27.
AR
29 9
What’s behind this thinking?
1. Believe face-to-face is still key so can’t see themselves being replaced
2. Think that lenders will prioritise other issues in light of COVID-19
3. See themselves as largely shielded due to their focus on complex cases (low impact)
1) Believe that significant automation is likely to take place. In particular:
• Greater reliance on automated desktop valuations
• Increased use of e-signatures
2) View more system integrations as likely, in particular the ability to apply directly to lenders via sourcing systems
3) Can see more standardisation around underwriting requirements and an onus on lenders to ingest and assess more data, e.g. bank statements
This group of brokers believe technology will make their job quicker and easier. Some believe that this will help them to do more business, but the majority also acknowledge that more customers are likely to apply direct to lenders, and that lenders may be particularly keen to encourage execution-only mortgages in order to cut costs.
No / LowImpact
High / Very High Impact
Summary Version
22 I Mortgage Lender Benchmark H1 2020: Summary
Very High Impact
High Impact
Medium Impact
Low Impact
No Impact
Broker technology impact verbatim
“I have built relationships with clients. Most do not want to buy directly on the internet
especially as there is no differential in price.”
“Covid 19 means not much is happening.”
“It usually takes lenders a long time to implement changes
with technology.”
“Systems are already essential and it's clear those with good
systems get more business done; those without are almost
questioned as to why. User friendly systems are essential
mainly to help keep clients after their initial transaction.”
“I am a re-mortgage specialist. I suspect more direct engagement with clients and less via brokers.”
“Industry is very slow to change and be creative. Compliance would rather
run from a problem than find a solution. Our company is ahead of most in technology already. Most
technology the industry could use is already available, just not
embraced.”
“Open banking will have massive effects on the market, fraud will
be much more difficult but lenders who don't currently ask
for bank statements may not like what they see.”
“Tech is allowing processes to be streamlined, thus allowing brokers
to be more efficient & service more clients. This does have it's
drawbacks as some may abuse this to become prolific business writers
which can see customer service suffer as we've seen with robo
brokers.”
“Greater use of AVM model, and e-signatures becoming more
common in app & conveyancing process.”
“More of a push from lenders to provide borrowing directly to consumers via Execution-Only
channels.”
“A lot more things are moving to automated such as income
checks, valuations, processing offers meaning people aren’t
doing this as much physically and I think this will increase moving
forward.”
“Because AIP and application processes will continue to get faster, I also believe this will bring on more standardised
underwriting, facetime clients means less time out on the road and more time writing business
so all very positive.”
“There are enough people out there who still like the personal service rather than robo-advice.
Too early to see an impact on business!”
“Still need advisers as lending is never straight forward.”
“I don't envisage any significant changes in this respect,
especially as lenders will have other issues to prioritise.”
Summary Version
23 I Mortgage Lender Benchmark H1 2020: Summary
Broker tech: CRM
Brokers were asked to share which provider they used for their CRM. They were also asked to leave an overall rating and to tell us what they like about their provider and/or what could be better.
The following providers received sufficient feedback to be included in our analysis:
• 360 Dotnet• eKeeper• Intelligent Office• Smartr365• The Key (Mortgage Brain)• Xplan (IRESS)
0%
0%
100%
71All Providers 43% 18% 30% 88% 29%
-43% 20% 50% 86%
17% 0% 86% 0%
- -67% 0% 50% 0%
- -43% 11% 0% 50%
- -50% 100% 50% 100%
0% 50% 0% 50% 0% 50% 0% 50% 0% 50% 0% 50%
-50% 0% 50% 100%
Lowest ratedHighest rated
-
“Too many manual tasks and doesn't flow well throughout the process. Not easy to make changes.”
% of positive feedback for each theme
Sample broker verbatim
Provider heatmaps
What do brokers have to say?
Brokers focus on the ease of use of CRM providers and functionality, with only one standing out by delivering a great client experience.
Issues with a lack of support (helpdesk/training) and reliability were particularly prominent among the two providers with the most feedback for functionality.
Alongside the full report, broker verbatim
for all CRMproviders is also
available.
“Good system for registration, tracking and
storing data. Fact find very useful. The front end could be improved for new leads
and follow ups.”
“Diary system is good. Too much repetition, does not fully integrate
with sourcing systems like other CRM's. Lots of bugs that take forever
to fix. Not consistent.”
“It would be helpful to have more options to cut down on criteria searching with each
company.”
“Client facing system is great. Otherwise a little inflexible.”
Amount of feedback for each
theme
In alphabetical order
Brokers were asked to share which provider they used for their affordability solution. They were also asked to leave an overall rating and to tell us what they like about their provider and/or what could be better.
The following providers received sufficient feedback to be included in our analysis:
• BrokerSense• MBT Affordability
0% 50%
78All Providers 29% 50%33%50%
25% 100%67%-
40% 0%0%50%
Lowest ratedHighest rated
0% 50% 0% 50% 0% 50%
“More accurate when single applicant. Would like to only see my clients when I
go on rather than everyone else.Can never find old clients on the system.”
“It does what it says and is useful if all information is available. Goes into a lot of detail which can be a bit cumbersome, but
as each lenders affordability model is different I suppose it has to.”
Amount of feedback for each
theme
% of positive feedback for each theme
What do brokers have to say?
Overall brokers agree that the affordability tools are “helpful as a good starting point” and can provide a “basic guide.”
But brokers also report having to “double check” as they are “never 100% accurate” particularly for anything more than vanilla.
Sample broker verbatim
Provider heatmaps
Alongside the full report, broker verbatim
for all affordabilityproviders is also
available.
Broker tech: Affordability solution
In alphabetical order
25 I Mortgage Lender Benchmark H1 2020: Summary
Brokers were asked to share which provider they used for criteria sourcing. They were also asked to leave an overall rating and to tell us what they like about their provider and/or what could be better.
The following providers received sufficient feedback to be included in our analysis:
• Criteria Hub (Mortgage Brain)• Knowledge Bank• SmartrCriteria (L&G)
56% 0% 75% 0% 100%
38% 0% 40% 0% 0%
16% 20% 79% 29% 40%
85All Providers 27% 14% 69% 24% 43%
0% 50% 0% 50% 0% 50% 0% 50% 0% 50%
Lowest ratedHighest rated
“Not one of the most user friendly systems, but once you have navigated your way
around it and lost the first two searches you did it is not that bad!”
“It does what it says and is useful if all information is available. Goes into a lot of detail which can be a bit cumbersome, but
as each lenders affordability model is different I suppose it has to.”
“I like the layout and the multi criteria function but it is not 100% reliable and does not have every scenario available to search.”
What do brokers have to say?
Overall brokers agree that the criteria sourcing solutions are particularly helpful for “complex / challenging” cases but still only a “starting point” as information can often be “out of date.”
Alongside accuracy, brokers reported issues around search functionality making it hard to use for certain cases.
Provider heatmaps
Amount of feedback for each
theme
% of positive feedback for each theme
Alongside the full report, broker verbatim
for all criteria sourcingproviders is also
available.
Broker tech: Criteria sourcing
Sample broker verbatim
In alphabetical order
26 I Mortgage Lender Benchmark H1 2020: Summary
Brokers were asked to share which provider they used for product sourcing. They were also asked to leave an overall rating and to tell us what they like about their provider and/or what could be better.
The following providers received sufficient feedback to be included in our analysis:
• Air Sourcing• IRESS• Mortgage Brain• Twenty7Tech
What do brokers have to say?
Most product sourcing solutions are described as very easy to use but accuracy is the key pain point for brokers.
Search functionality is another area that causes issues for brokers, e.g. not being able to filter out top slicing lenders on BTL cases.
100%
83All Providers 31% 43% 83% 22% 42% 67% 53%
17% 29% 79% 0% 40% 100% 57%
36% 85% 13% 0% 50% 25%
39% 0% 94% 50% 86% 80% 60%
100% 100% 50% 100% 0% 0% 100%
Lowest ratedHighest rated
0% 50% 0% 50% 0% 50% 0% 50% 0% 50% 0% 50% 0% 50%
Sample broker verbatim
“User friendly but not always accurate sourcing as this can be delayed and sometimes sources products which aren't available based on info input e.g. Barclays will source for current DMP / recent defaults.”
“System is very comprehensive, Many providers and plans are sourced. One improvement is the interface. It could be more intuitive, sometimes it can be
overwhelming.”
“Not always accurate, also don't like the fact that you can’t put in
commitments which can change which lenders are best.”
“Sometimes pulls through products that it shouldn’t such as PT etc...when doing a
remortgage.”
Provider heatmaps
Alongside the full report, broker verbatim for all product sourcing
providers is also available.
Broker tech: Product sourcing
In alphabetical order
27 I Mortgage Lender Benchmark H1 2020: Summary
Conclusion
The data collection period for this edition of the Mortgage Lender Benchmark took place during COVID-19, and so it will be particularly encouraging for many to see that the overall satisfaction of brokers with the lenders they do business with has increased to 82.7%, the highest score seen since H2 2018.
Overall, broker sentiment around people themes including customer service and relationship managers has increased as has speed, which remains the most commented on theme by brokers.
Perhaps less surprisingly, the sentiment around product range, clarity of criteria and communication has declined, with communication particularly influencing the NPS of many lenders.
There is of course a wide gap in performance between the highest and lowest rated lenders, with just 5 achieving an overall rating of 90% or higher. 9 lenders receive a negative NPS which suggests that brokers will actively avoid placing business with them.
With satisfaction across all lenders generally increasing, it’s particularly noticeable that brokers reported finding it harder to determine both the maximum loan amount and product eligibility across lifetime lenders.
The aim of the Mortgage Lender Benchmark is to help lenders, regulators, investors, as well as other interested parties to better understand the service and propositions offered by UK lenders.
Our lender SWOT analysis, heatmap pages, and brand analysis will help readers better understand what makes 42 lenders really tick. What are their strengths and weaknesses? And how do they compare with other lenders? With rather big challenges ahead, we believe that better understanding the market will help lenders to gain a competitive advantage.
The next edition of the Mortgage Lender Benchmark will be delivered in December 2020. Which lenders will improve? And which will continue to deliver a poor intermediary experience? To discuss this study further, please contact the research team at Smart Money People using the details below.
@
0203 488 5075
[email protected] [email protected]
Michael Fotis & Nate Harwood
Summary Version
28 I Mortgage Lender Benchmark H1 2020: Summary
SWOT analysis & heatmaps
p. 30: Halifaxp. 31: NatWestp. 32: Santanderp. 33: Nationwide Building Societyp. 34: Heatmap analysis for the above 4 lendersp. 35: Barclaysp. 36: HSBCp. 37: Accordp. 38: The Mortgage Works (TMW)p. 39: Heatmap analysis for the above 4 lendersp. 40: BM Solutions p. 41: Leeds Building Societyp. 42: Virgin Moneyp. 43: Coventry Building Societyp. 44: Heatmap analysis for the above 4 lendersp. 45: Skipton Building Societyp. 46: Bank of Irelandp. 47: TSBp. 48: Platformp. 49: Heatmap analysis for the above 4 lendersp. 50: Precise p. 51: Clydesdalep. 52: Aldermorep. 53: Kensington Mortgages p. 54: Heatmap analysis for the above 4 lendersp. 55: Paragon Bankp. 56: Scottish Widowsp. 57: more 2 lifep. 58: Kent Reliance p. 59: Heatmap analysis for the above 4 lenders
p. 60: Godivap. 61: Avivap. 62: L&Gp. 63: The Mortgage Lenderp. 64: Heatmap analysis for the above 4 lendersp. 65: Atom Bankp. 66: Canada Lifep. 67: Pepper Moneyp. 68: Bluestonep. 69: Heatmap analysis for the above 4 lendersp. 70: West Bromwich Building Societyp. 71: Nottingham Building Societyp. 72: Principality Building Societyp. 73: Hodge Lifetimep. 74: Heatmap analysis for the above 4 lendersp. 75: Newcastle Building Societyp. 76: Fleet Mortgagesp. 77: JUSTp. 78: Pure Retirementp. 79: Heatmap analysis for the above 4 lendersp. 80: LV=p. 81: Metro Bankp. 82: Heatmap analysis for the above 2 lenders
The following section includes detailed SWOT analysis and heatmaps for 42 UK lenders presented in order of feedback volume:
Summary Version
29 I Mortgage Lender Benchmark H1 2020: Summary
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
HalifaxAll
Banks
People
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
AllLenders
Proportion of feedback
SentimentHalifax’s
DNA
“Speed of processing is second to none! Ability to call in and have income verified immediately is a market leader.This case was received and offered within 24 hours.”
Intermediary feedback
Product & Lending Process
H2 2019
A heatmap can be found on p.34 and the top 10 words to describe this lender’s brand are on p.86
Halifax
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
30 I Mortgage Lender Benchmark H1 2020: Summary
NatWest“They are a little unclear sometimes on what they will do and not do. An application doesn't get looked at until documents
uploaded and nothing is chased either.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
NatWest
People
NatWest’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.34 and the top 10 words to describe this lender’s brand are on p.88
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
31 I Mortgage Lender Benchmark H1 2020: Summary
Santander“They are not pro broker. Their retention is aggressive and
they are now back to dual pricing. They change my BDM every 6 months. Their service levels have been terrible the last 6
months.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Santander
People
Santander’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.34 and the top 10 words to describe this lender’s brand are on p.89
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
32 I Mortgage Lender Benchmark H1 2020: Summary
Nationwide Building Society“Good for FTBs, giving cash back on remos
and purchases, free surveys, high LTV,new jobs.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
NationwideAll
Building Societies
AllLenders
People
Nationwide'sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.34 and the top 10 words to describe this lender’s brand are on p.88
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
33 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
Summary Version
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%
80%
83%
67%
75%
56%
83%
83%
40%
34%
75%
56%
100%
36%
72%
56%
18%
71%
74%
33%
82%
77%
86%
80%
100%
68%
79%
71%
37%
77%
86%
56%
0%
0%
67%
79%
67%
43%
68%
84%
92%
86%
87%
96%
41%
74%
40%
43%
83%
50%
50%
40%
88%
88%
0%
88%
100%
71%
63%
0%
64%
81%
80%
71%
88%
60%
71%
80%
100%
0%
100%
0% 0%
0%
% of positive feedback for each theme
Amount of feedback for each theme
34 I Mortgage Lender Benchmark H1 2020: Summary
Barclays“Barclays have very attractive rates. However, their mortgage
application system is horrible to use. And it is very easy to make a mistake. Compared to over lenders this is by far the
hardest system to use.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
BarclaysAll
Banks
People
Barclays’DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.39 and the top 10 words to describe this lender’s brand are on p.84
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
35 I Mortgage Lender Benchmark H1 2020: Summary
HSBC“Really fast at getting applications through to offer, the
underwriters use common sense where needed. Call centres answer the phones very quickly.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
HSBC
People
HSBC'sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.39 and the top 10 words to describe this lender’s brand are on p.86
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
36 I Mortgage Lender Benchmark H1 2020: Summary
Accord“Quick decision in principle process - allow a degree of CCJ's
that would fail credit score with other lenders.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Accord
People
Accord'sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.39 and the top 10 words to describe this lender’s brand are on p.84
All Building Societies
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
37 I Mortgage Lender Benchmark H1 2020: Summary
The Mortgage Works“Online application system is excellent, both for ease of
application and document upload.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
TMW
People
TMW’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.39 and the top 10 words to describe this lender’s brand are on p.90
All Building Societies
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
38 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
71%
83%
100%
86%
100%
82%
100%
60%
33%
90%
68%
63%
90%
100%
33%
50%
100%
100%
50%
100%
33%
100%
33%
100%
82%
83%
93%
57%
86%
100%
0%
86%
100%
100%
88%
100%
68%
50%
83%
76%
71%
79%
52%
73%
100%
50%
50%
86%
44%
0%
80%
100%
96%
50%
50%
23%
34%
23%
7%
10%
29%
11%
0%
0%
0%
0%
0%
Summary Version
Amount of feedback for each theme
% of positive feedback for each theme
39 I Mortgage Lender Benchmark H1 2020: Summary
BM Solutions“Fantastic for new customer deals but awful for existing
customers and more often than not due to rental stress tests the only option is to stay with BM.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
BM Solutions
People
BM Solutions’DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.44 and the top 10 words to describe this lender’s brand are on p.85
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
40 I Mortgage Lender Benchmark H1 2020: Summary
Leeds Building Society“Good criteria, especially with older clients but the
application is too long, system is clunky, AIP messaging system needs work, and processing time is very slow.
Criteria guide is not as clear as other lenders.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
LBS
People
Leeds BS’DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.44 and the top 10 words to describe this lender’s brand are on p.87
All Building Societies
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
41 I Mortgage Lender Benchmark H1 2020: Summary
Virgin Money“The screen on their online system is too small and it's not a web
based system so you can only access any cases via the laptop/PC you applied on. Maybe spend less money on marketing and a bit more on the IT, don't need giant chocolate coins through the post as much as
an application system that is quick, easy, and works.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Virgin Money
People
Virgin Money’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.44 and the top 10 words to describe this lender’s brand are on p.90
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
42 I Mortgage Lender Benchmark H1 2020: Summary
Coventry Building Society“Great products, great BDM, decent and honest
lender. One of the good guys.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
CBS
People
Coventry BS’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.44 and the top 10 words to describe this lender’s brand are on p.85
All Building Societies
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
43 I Mortgage Lender Benchmark H1 2020: Summary
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
Lender heatmaps
0% 30% 0% 30% 0% 30% 0% 30%
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
75%
64%
100%
71%
89%
75%
58%
70%
0%
0%
100%
50%
50%
100%
25%
25%
100%
64%
21%
0%
100%
0%
100%
88%
100%
100%
90%
25%
100%
50%
53%
40%
50%
13%
0%
33%
0%
50%
33%
33%
100%
0%
33%
67%
82%
95%
38%
44%
67%
0%
100%
50%
100%
0%
100%
100%
100%
100%
100%
100%
50%
100%
100%
100%
100%
100%
Amount of feedback for each theme
% of positive feedback for each theme
Summary Version
44 I Mortgage Lender Benchmark H1 2020: Summary
Skipton Building Society“Skipton have a fantastic policy for buy to let top slicing.
are efficient, great BDM support, great pricing and policies. Affordability calculator could be shorter.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Skipton
People
Skipton BS’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.49 and the top 10 words to describe this lender’s brand are on p.90
All Building Societies
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
45 I Mortgage Lender Benchmark H1 2020: Summary
Bank of Ireland“The interactive message service they have is good as they monitor and respond regularly. They declined a case for me
that didn't make sense in my eyes and more clarification as to why this was a decline could have been given.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Bank of Ireland
People
Bank of Ireland’s
DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.49 and the top 10 words to describe this lender’s brand are on p.84
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
46 I Mortgage Lender Benchmark H1 2020: Summary
TSB“Probably the best system for applications. Soft DIP is good,
very user friendly system for documents uploads etc.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
TSB
People
TSB’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.49 and the top 10 words to describe this lender’s brand are on p.90
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
47 I Mortgage Lender Benchmark H1 2020: Summary
Platform“Platform are very much working to criteria, no flexibility towards lending and decision making. They always in my
opinion ask for more documents than needed based on other high street lenders. They do eventually get a decision but not
always the quickest or easiest to deal with.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Platform
People
Platform’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.49 and the top 10 words to describe this lender’s brand are on p.89
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
48 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%
100%
50%
50%
100%
75%
75%
0%
25%
70%
40%
63%
50%
0%
100%
50%
50%
100%
0%
0%
50%
64%
90%
40%
100%
0%
50%
0%
100%
0%
43%
90%
71%
73%
80%
50%
50%
50%
100%
100%
100%
100%
100%
83%
64%
100%
73%
40%
57%
0%
100%
100% 100%
100%
100%
100%
100%
100%
0%
% of positive feedback for each theme
Summary Version
Amount of feedback for each theme
49 I Mortgage Lender Benchmark H1 2020: Summary
Precise Mortgages“As specialist lenders go they are easier to deal with than
most, forward thinking underwriting and very open criteria. They say 5 working days to review documents, but this is
usually only 3, but still a fairly long period of time.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Precise
People
Precise’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.54 and the top 10 words to describe this lender’s brand are on p.89
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
50 I Mortgage Lender Benchmark H1 2020: Summary
Clydesdale Bank“Systems are not the best, rates are ok and affordability is
competitive. They are a very good lender is terms of looking at 'the bigger picture' of a case but unfortunately their service
still lets them down.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Clydesdale
People
Clydesdale’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.54 and the top 10 words to describe this lender’s brand are on p.85
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
51 I Mortgage Lender Benchmark H1 2020: Summary
Aldermore“I had only used them once before this occasion and found them to be very helpful and quick. The underwriters contacted me personally to
clarify comments on the application which meant this application could be passed on and progressed much quicker. Would like to see
offers on Decision in Principles valid for longer than 1 month.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Aldermore
People
Aldermore’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.54 and the top 10 words to describe this lender’s brand are on p.84
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
52 I Mortgage Lender Benchmark H1 2020: Summary
Kensington Mortgages“They have good criteria for impaired clients, however
some of their criteria it's standard, and not made clear on their website, which causes issues post-application, which
could be easily avoided.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
KensingtonAll
Specialist Lenders
People
Kensington’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.54 and the top 10 words to describe this lender’s brand are on p.86
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
AllLenders
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
53 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%
80%
100%
100%
67%
80%
100%
100%
20%
29%
13%
50%
0%
0%
0%
0%
100%
50%
67%
80%
0%
100%
71%
13%
21%
17%
0%
0%
50%
80%
33%
100%
100%
86%
100%
75%
50%
25%
60%
43%
80%
0%
100%
67%
0%
0%
50%
56%
0%
100%
20%
33%
0%
33%
100%
0%
50%
0%
0% 100%
0%
100%
% of positive feedback for each theme
Summary Version
Amount of feedback for each theme
54 I Mortgage Lender Benchmark H1 2020: Summary
Paragon Bank“Like - One of the best SPV company in the market. The new
system is a massive improvement. Great, knowledgeable BDM. Dislike - Large amount of documentation requested. Products not clear on the website. Criteria not clear on the website and
doesn't contain enough information.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Paragon
People
Paragon Bank’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.59 and the top 10 words to describe this lender’s brand are on p.88
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
55 I Mortgage Lender Benchmark H1 2020: Summary
Scottish Widows“I like that they can be more flexible than other Lloyds group banks
like Halifax, and obviously their offsets. Their intermediary website is absolutely atrocious to navigate, and my BDM does not have access to systems/cases which means they often cannot help. My BDM is
very good though in what she can do.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
ScottishWidows
People
Scottish Widows’
DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.59 and the top 10 words to describe this lender’s brand are on p.89
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
56 I Mortgage Lender Benchmark H1 2020: Summary
more 2 life“Range of product options can be confusing as criteria differs
over products due to different funders.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
People
more 2 life’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.59 and the top 10 words to describe this lender’s brand are on p.87
All Lifetime Lenders
more 2 life
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
AllLenders
Strengths Weaknesses
Opportunities Threats
57 I Mortgage Lender Benchmark H1 2020: Summary
Kent Reliance“Helps when others are just reading their
textbook criteria.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Kent Reliance
People
Kent Reliance’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.59 and the top 10 words to describe this lender’s brand are on p.87
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
58 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%
0%
100%
0%
100%
100%
100%
60%
100%
0%
100%
50%
0%
100%
86%
100%
50%
0%
100%
100%
80%
91%
100%
0%
100%
100%
100%
100%
75%
100%
0%
50%
50%
50%
17%
75%
100%
33%
100%
50%
100%
0%
50%
20%
0%
71%
67%
0%
50%
50%
0%
0%
Summary Version
50%
Amount of feedback for each theme
% of positive feedback for each theme
59 I Mortgage Lender Benchmark H1 2020: Summary
Godiva“Godiva (Coventry Building Society) offer extremely competitive products
with a relatively generous rental calculation. They have a very flexible criteria when it comes to income. Finally, the most beneficial part to Godiva
are that they are very quick and efficient in their underwriting process.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Godiva
Godiva'sDNA
H2 2019
A heatmap can be found on p.64 and the top 10 words to describe this lender’s brand are on p.86
All Building Societies
AllLenders
People Product & Lending Process
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Proportion of feedback
Sentiment
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
60 I Mortgage Lender Benchmark H1 2020: Summary
Aviva“Household name that people know and trust can be
competitive when they want to be but not always. Sometimes difficult to contact and speak to the relevant person. Not
generally the slickest at admin.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
AvivaAll
Lifetime Lenders
AllLenders
People
Aviva’s DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.64 and the top 10 words to describe this lender’s brand are on p.84
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
61 I Mortgage Lender Benchmark H1 2020: Summary
L&G“Good systems, fast for clean cases. Some poor valuation
decisions. Too many quick rate changes.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
L&G
People
L&G’s DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.64 and the top 10 words to describe this lender’s brand are on p.87
All Lifetime Lenders
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
62 I Mortgage Lender Benchmark H1 2020: Summary
The Mortgage Lender
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
The Mortgage
Lender
All Specialist Lenders
People
The Mortgage Lender’s DNA
Product & Lending Process
H2 2019
“Initially they were clear, in terms of what they needed, but as usual requests for information were patchy as the case
progressed. It took a while but eventually the case got over the line.”
Intermediary feedback
A heatmap can be found on p.64 and the top 10 words to describe this lender’s brand are on p.90
AllLenders
Proportion of feedback
Sentiment
H1 2020
-
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
63 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%
Summary Version
0% 30% 0% 30% 0% 30% 0% 30%
80%
100%
100%
67%
80%
100%
100%
20%
29%
13%
50%
0%
0%
0%
0%
100%
50%
67%
80%
0%
100%
71%
13%
21%
17%
0%
0%
50%
80%
33%
100%
100%
86%
100%
75%
50%
25%
60%
43%
80%
0%
100%
67%
0%
0%
50%
56%
0%
100%
20%
33%
0%
33%
100%
0%
50%
0%
0% 100%
0%
100%
64 I Mortgage Lender Benchmark H1 2020: Summary
Atom Bank“Good system and easy to deal with.
My customers like them too!”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
AtomBank
People
Atom’s DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.69 and the top 10 words to describe this lender’s brand are on p.84
All Banks
AllLenders
Proportion of feedback
Sentiment
Alongside the full report, broker verbatim for all lenders is also available to purchase.
H1 2019
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
65 I Mortgage Lender Benchmark H1 2020: Summary
Canada Life“Online portal is good, underwriting is great. Willing to
consider many unusual properties.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Canada Life
People
Canada Life’sDNA
Product & Lending Process
H2 2019
A heatmap can be found on p.69 and the top 10 words to describe this lender’s brand are on p.85
All Lifetime Lenders
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
66 I Mortgage Lender Benchmark H1 2020: Summary
Pepper Money“Work on making your sales promises a reality: I was promised a straight to underwriter, manually underwritten case, what I got was a kafquesque back and forth where every answer was
followed by another request until the client was losing their mind.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Pepper
People
Pepper’s DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.69 and the top 10 words to describe this lender’s brand are on p.88
All Specialist Lenders
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
67 I Mortgage Lender Benchmark H1 2020: Summary
Bluestone“Great non standard product range, super helpful broker
support, willing to listen and understand a clients circumstances.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Bluestone
People
Bluestone’s DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.69 and the top 10 words to describe this lender’s brand are on p.85
All Specialist Lenders
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
68 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
Summary Version
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%0% 30% 0% 30% 0% 30% 0% 30%
80%
100%
100%
67%
80%
100%
100%
20%
29%
13%
50%
0%
0%
0%
0%
100%
50%
67%
80%
0%
100%
71%
13%
21%
17%
0%
0%
50%
80%
33%
100%
100%
86%
100%
75%
50%
25%
60%
43%
80%
0%
100%
67%
0%
0%
50%
56%
0%
100%
20%
33%
0%
33%
100%
0%
50%
0%
0% 100%
0%
100%
69 I Mortgage Lender Benchmark H1 2020: Summary
West Brom Building Society“Their systems are so antiquated. Really
lovely people who try to help but I honestly will avoid.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
The West Brom
The West Brom’sDNA
H2 2019
A heatmap can be found on p.74 and the top 10 words to describe this lender’s brand are on p.90
All Building Societies
AllLenders
People Product & Lending Process
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Proportion of feedback
Sentiment
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
70 I Mortgage Lender Benchmark H1 2020: Summary
Nottingham Building Society“They are willing to look beyond the
ordinary and are always willing to lend. Process is a bit clunky but apart from that
happy with everything.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
PeopleThe
Nottingham's DNA
Product & Lending Process
H1 2020
A heatmap can be found on p.74 and the top 10 words to describe this lender’s brand are on p.88
All Building Societies
AllLenders
The Nottingham
Proportion of feedback
Sentiment
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
71 I Mortgage Lender Benchmark H1 2020: Summary
Principality Building Society“Very easy application system, excellent broker support, fantastic for those who
may not fit standard high street lenders.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Principality
People
Principality’s DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.74 and the top 10 words to describe this lender’s brand are on p.89
All Building Societies
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
72 I Mortgage Lender Benchmark H1 2020: Summary
Hodge Lifetime“Mediocre products, T&Cs not very competitive Still
in 20th century, no online KFI or applications and they take forever to respond to queries...if at all.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Hodge
Hodge’sDNA
H2 2019
A heatmap can be found on p.74 and the top 10 words to describe this lender’s brand are on p.86
All Lifetime Lenders
AllLenders
People Product & Lending Process
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
73 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
Summary Version
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%0% 30% 0% 30% 0% 30% 0% 30%
80%
100%
100%
67%
80%
100%
100%
20%
29%
13%
50%
0%
0%
0%
0%
100%
50%
67%
80%
0%
100%
71%
13%
21%
17%
0%
0%
50%
80%
33%
100%
100%
86%
100%
75%
50%
25%
60%
43%
80%
0%
100%
67%
0%
0%
50%
56%
0%
100%
20%
33%
0%
33%
100%
0%
50%
0%
0% 100%
0%
100%
74 I Mortgage Lender Benchmark H1 2020: Summary
Newcastle Building Society“Great for being able to get hold of however not always easy to determine what they will count as expenses for affordability, seems to
be down to underwriter discretion, so not always the same as the mortgage calculator.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Newcastle
Newcastle’sDNA
H2 2019
A heatmap can be found on p.79 and the top 10 words to describe this lender’s brand are on p.88
All Building Societies
AllLenders
People Product & Lending Process
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
75 I Mortgage Lender Benchmark H1 2020: Summary
Fleet Mortgages“Asked for a lot of info and once processed, asked for more.
Pre-Sales underwriting was helpful, although I had to highlight their response when submitting the case.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Fleet Mortgages
Fleet’sDNA
H2 2019
A heatmap can be found on p.79 and the top 10 words to describe this lender’s brand are on p.85
All Specialist Lenders
AllLenders
People Product & Lending Process
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
High LTV cases, 17% / Low LTV cases, 83%
76 I Mortgage Lender Benchmark H1 2020: Summary
JUST“Good range of products. Need online applications. Need to improve
back office processes.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Just
Just'sDNA
H2 2019
A heatmap can be found on p.79 and the top 10 words to describe this lender’s brand are on p.86
All Lifetime Lenders
AllLenders
People Product & Lending Process
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
77 I Mortgage Lender Benchmark H1 2020: Summary
Pure Retirement“Great BDMs and innovative products. Sometimes get a long list of requirements which are not always possible to answer
on application. Would have been better to know this earlier in the process.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Pure
Pure'sDNA
H2 2019
A heatmap can be found on p.79 and the top 10 words to describe this lender’s brand are on p.89
All Lifetime Lenders
AllLenders
People Product & Lending Process
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
78 I Mortgage Lender Benchmark H1 2020: Summary
Lender heatmaps
0% 30% 0% 30% 0% 30% 0% 30%
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
100%
100%
100%
100%
80%
0%
100%
67%
33%
100%
0%
100%
0%
50%
100%
100%
100%
100%
0%
0%
100%
100%
100%
100%
50%
100%
0%
100%
100%
50%
0%
100%
100%
0%
100%
100%
67%
100%
100%
0%
0%
0%
50%
0%
33%
100%
100%
0%
Summary Version
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
0% 30% 0% 30% 0% 30% 0% 30%0% 30% 0% 30% 0% 30% 0% 30%
80%
100%
100%
67%
80%
100%
100%
20%
29%
13%
50%
0%
0%
0%
0%
100%
50%
67%
80%
0%
100%
71%
13%
21%
17%
0%
0%
50%
80%
33%
100%
100%
86%
100%
75%
50%
25%
60%
43%
80%
0%
100%
67%
0%
0%
50%
56%
0%
100%
20%
33%
0%
33%
100%
0%
50%
0%
0% 100%
0%
100%
79 I Mortgage Lender Benchmark H1 2020: Summary
LV=“What I like: Extremely ethical. Provide a very personal service.
Easily contactable. Reliable. What could do better: Online portal {I understand that this is in the offing}.”
Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
LV=
People
LV=’s DNA
Product & Lending Process
H1 2020
A heatmap can be found on p.82 and the top 10 words to describe this lender’s brand are on p.87
All Lifetime Lenders
AllLenders
Proportion of feedback
Sentiment
Alongside the full report, broker verbatim for all lenders is also available to purchase.
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
Strengths Weaknesses
Opportunities Threats
80 I Mortgage Lender Benchmark H1 2020: Summary
Strengths Weaknesses
Opportunities Threats
Metro Bank“I normally don't put cases with Metro if it wasn't for BDM
Jade Stroudely - she is very professional and helpful and doesn't frown when the cases are quirky and returns calls
messages very promptly.”Intermediary feedback
Net Promotor Score (NPS)
Overall rating %
Ease of determining product eligibility %
Speed to process applications through to offer %
Ease of determining max. loan amount %
Lender communication %
Satisfaction with relationship managers %
Metro
People
Metro’s DNA
Product & Lending Process
H2 2019
A heatmap can be found on p.82 and the top 10 words to describe this lender’s brand are on p.87
All Banks
AllLenders
Proportion of feedback
Sentiment
H1 2020
Alongside the full report, broker verbatim for all lenders is also available to purchase.
High LTV cases, 17% / Low LTV cases, 83%
Summary Version
83.0
+30.8
82.7
75.8
81.3
78.1
81.5
81 I Mortgage Lender Benchmark H1 2020: Summary
BDMs
Customer service
Skills & knowledge
Accountability
Product range
Rates
Criteria
Clarity of criteria
Fees
Proc fees
Flexibility
Underwriting
Ease of application
Speed to completion
Valuations
Legals
Communication
Online systems
Online tools
Accuracy & consistency
Lender heatmaps
0% 30% 0% 30%
This question allows brokers to tell us what matters to them, in their own words, which helps us to understand the strengths and weaknesses of each lender.
The Mortgage Lender Benchmark asks brokers to ‘please tell us what you like about a lender, and/or what could be better.’
100%
100%
0%
0%
100%
0%
100%
0%
50%
50%
0%
0%
100%
100%
0%
0%
Summary Version
50%
Amount of feedback for each theme
% of positive feedback for each theme
82 I Mortgage Lender Benchmark H1 2020: Summary
Brand analysis
We asked brokers the following question for each lender they chose to leave feedback for:
If you met (lender name) at a party, please describe its personality in 3 words.
We asked this question to understand more about how brokers view each lender’s brand.
The tables across the following pages playback the top 10 words used for each lender and compares this profile with that of the previous edition (published in December 2019).
p.84: Accord, Aldermore, Atom Bank, Aviva, Bank of Ireland & Barclaysp.85: Bluestone, BM Solutions, Canada Life, Clydesdale, Coventry Building Society & Fleetp.86: Godiva, Halifax, Hodge Lifetime, HSBC, Just Retirement & Kensingtonp.87: Kent Reliance, L&G, Leeds Building Society, LV=, Metro Bank & more 2 lifep.88: Nationwide BS, NatWest, Newcastle BS, Nottingham BS, Paragon Bank & Pepper Moneyp.89: Platform, Precise, Principality BS, Pure Retirement, Santander & Scottish Widowsp.90: Skipton BS, The Mortgage Lender, The Mortgage Works, TSB, Virgin Money & West Bromwich BS
Summary Version
83 I Mortgage Lender Benchmark H1 2020: Summary
Brand analysis: 1 of 7
Accord
H1 2020 H2 2019
1
2
3
4
5
6
7
8
9 Approachable
10
Aldermore
H1 2020 H2 2019
Expensive
Aviva
H1 2020 H2 2019
1
2
3
4
5 Missing
6
7
8
9
10
Bank of Ireland
H1 2020 H2 2019
Helpful
Barclays
H1 2020 H2 2019
Difficult
Atom Bank
H1 2020 H2 2019
Modern
Summary Version
84 I Mortgage Lender Benchmark H1 2020: Summary
Brand analysis: 2 of 7
Bluestone
H1 2020 H2 2019
1
2
3
4
5
6
7
8
9 Attractive
10
BM Solutions
H1 2020 H2 2019
Quick
Canada Life
H1 2020 H2 2019
Quirky
Clydesdale
H1 2020 H2 2019
1
2
3
4
5 Intense
6
7
8
9
10
Coventry BS
H1 2020 H2 2019
Honest
Fleet Mortgages
H1 2020 H2 2019
Rude
Summary Version
85 I Mortgage Lender Benchmark H1 2020: Summary
Brand analysis: 3 of 7
Godiva
H1 2020 H2 2019
1
2
3
4
5
6
7
8
9 Pleasing
10
Halifax
H1 2020 H2 2019
Quick
Hodge Lifetime
H1 2020 H2 2019
Lazy
HSBC
H1 2020 H2 2019
1
2
3
4
5 Efficient
6
7
8
9
10
JUST
H1 2020 H2 2019
Faithful
Kensington Mortgages
H1 2020 H2 2019
Quirky
Summary Version
86 I Mortgage Lender Benchmark H1 2020: Summary
Brand analysis: 4 of 7
Kent Reliance
H1 2020 H2 2019
1
2
3
4
5
6
7
8
9 Distant
10
L&G
H1 2020 H2 2019
Fun
Leeds BS
H1 2020 H2 2019
Slow
LV=
H1 2020 H2 2019
1 -
2 -
3 -
4 -
5 Wise -
6 -
7 -
8 -
9 -
10 -
Metro Bank
H1 2020 H2 2019
Rubbish
more 2 life
H1 2020 H2 2019
Easy
Summary Version
87 I Mortgage Lender Benchmark H1 2020: Summary
Brand analysis: 5 of 7
Nationwide BS
H1 2020 H2 2019
1
2
3
4
5
6
7
8
9 Competitive
10
NatWest
H1 2020 H2 2019
Reliable
Newcastle BS
H1 2020 H2 2019
Patient
Nottingham BS
H1 2020 H2 2019
1 -
2 -
3 -
4 -
5 Small -
6 -
7 -
8 -
9 -
10 -
Paragon Bank
H1 2020 H2 2019
Strict
Pepper Money
H1 2020 H2 2019
Obstructive
Summary Version
88 I Mortgage Lender Benchmark H1 2020: Summary
Brand analysis: 6 of 7
Platform
H1 2020 H2 2019
1
2
3
4
5
6
7
8
9 Dull
10
Precise
H1 2020 H2 2019
Quirky
Principality BS
H1 2020 H2 2019
Evolving
Pure Retirement
H1 2020 H2 2019
1
2
3
4
5 Fun
6
7
8
9
10
Santander
H1 2020 H2 2019
Helpful
Scottish Widows
H1 2020 H2 2019
Nice
Summary Version
89 I Mortgage Lender Benchmark H1 2020: Summary
Brand analysis: 7 of 7
Skipton BS
H1 2020 H2 2019
1
2
3
4
5
6
7
8
9 Quirky
10
The Mortgage Lender
H1 2020 H2 2019
Slow
The Mortgage Works
H1 2020 H2 2019
Helpful
TSB
H1 2020 H2 2019
1
2
3
4
5 Open
6
7
8
9
10
Virgin Money
H1 2020 H2 2019
Quick
West Bromwich BS
H1 2020 H2 2019
Pedantic
Summary Version
90 I Mortgage Lender Benchmark H1 2020: Summary
Methodology
About the Mortgage Lender Benchmark
The Mortgage Lender Benchmark is an independent research study conducted by Smart Money People every six months.
All feedback was received via an online survey, and was collected between the 8th April 2020 to the 3rd May 2020.
A mix of qualitative and quantitative responses were received.
About the sample population
A total of 467 intermediaries completed the survey. Each intermediary was asked to leave feedback on ‘the last 5 lenders you’ve tried to place a case with, whether successful or not’ and therefore 2,335 pieces of individual lender feedback were collected. The study did not attempt to restrict which lenders intermediaries could leave responses for, and hence feedback was received for 90 lenders. These intermediaries responded to our call to leave feedback and therefore the population is self-selecting.
A full list of lenders for which feedback was received can be found on p.92. This table also highlights how firms have been classified into lender types and the volume of feedback obtained for each firm. A number of banks that predominately focus on specialist lending have been classified in the ‘bank’ lender type.
Only qualified mortgage intermediaries were invited to complete the survey and feedback from 192 firms was received. Firms ranged in size from independent intermediaries to the largest intermediary firms in the UK. The table adjacent details how this breaks down by firm size. 40% of brokers completing the survey are directly authorised and 60% are appointed representatives.
The region of intermediaries completing the survey is also highlighted in the adjacent table.
Intermediary firm sizes
% Responses by region
Firm size No. of firms
>40 intermediaries 20
20-40 intermediaries 26
5-19 intermediaries 53
<5 intermediaries 114
Region % Responses
South East 21
London 18
North West 12
East of England 10
South West 8
Yorkshire & Humber 7
West Midlands 6
East Midlands 6
North East 4
Scotland 4
Wales 3
Northern Ireland 1
Summary Version
91 I Mortgage Lender Benchmark H1 2020: Summary
Methodology
Lenders included in this study
Lender name TypeFeedback volume
Accord Building Soc >50
Aldermore Bank 30-39
Atom Bank Bank 20-29
Aviva Lifetime 20-29
Bank of China Bank <5
Bank of Ireland Bank 40-49
Barclays Bank >100
Bath Building Society Building Soc <5
Beverley Building Society Building Soc <5
Bluestone Specialist 10-19
BM Solutions Bank >50
Buckinghamshire Building Society Building Soc <5
Cambridge Building Society Building Soc <5
Canada Life Lifetime 20-29
Catalyst Finance Specialist <5
Clydesdale Bank 30-39
Coventry Building Society Building Soc 40-49
Danske Bank Bank <5
Darlington Building Society Building Soc <5
Dudley Building Society Building Soc <5
Family Building Society Building Soc <5
Fleet Mortgages Specialist 10-19
Foundation Specialist 5-9
Furness Building Society Building Soc 5-9
Gatehouse Bank Bank <5
Godiva Building Soc 20-29
Halifax Bank >100
Hampshire Trust Bank Bank <5
Hanley Economic Building Society Building Soc <5
Harpenden Building Society Building Soc <5
Hinckley & Rugby Building Society Building Soc <5
Hodge Lifetime Lifetime 10-19
HSBC Bank >100
Interbay Specialist <5
Ipswich Building Society Building Soc 5-9
JUST Lifetime 10-19
Kensington Mortgages Specialist 30-39
Kent Reliance Bank 20-29
Keystone Specialist <5
L&G Lifetime 20-29
Landbay Specialist <5
Leeds Building Society Building Soc >50
Leek United Building Society Building Soc <5
LendInvest Specialist 5-9
LV= Lifetime 10-19
Lender name TypeFeedback volume
M&S Bank Bank <5
Market Harborough Building Society Building Soc <5
Masthaven Bank <5
Mercantile Specialist <5
Metro Bank Bank 10-19
Mint Specialist <5
Monmouthshire Building Society Building Soc <5
more 2 life Lifetime 20-29
MT Finance Specialist <5
Nationwide Building Society Building Soc >100
NatWest Bank >100
Newbury Building Society Building Soc 5-9
Newcastle Building Society Building Soc 10-19
Norton Home Loans Specialist <5
Nottingham Building Society Building Soc 10-19
Octane Capital Specialist <5
One Family Lifetime <5
Paragon Bank Bank 30-39
Pepper Money Specialist 10-19
Platform Bank 40-49
Precise Bank 30-39
Principality Building Society Building Soc 10-19
Pure Retirement Lifetime 10-19
Raw Specialist <5
Responsible Lending Specialist <5
Saffron Building Society Building Soc <5
Sainsbury’s Bank Bank <5
Santander Bank >100
Scottish Widows Bank 30-39
Shawbrook Bank Bank <5
Skipton Building Society Building Soc 40-49
Stafford Railway Building Society Building Soc <5
State Bank of India Bank <5
Swansea Building Society Building Soc <5
The Mortgage Lender Specialist 20-29
The Mortgage Works Building Soc >50
Tipton & Coseley Building Society Building Soc <5
Together Specialist 5-9
TSB Bank 40-49
United Trust Bank Bank <5
Vida Homeloans Specialist <5
Virgin Money Bank >50
West Bromwich Building Society Building Soc 10-19
West One Loans Specialist <5
Zephyr Homeloans Specialist <5
Summary Version
92 I Mortgage Lender Benchmark H1 2020: Summary
@
About Smart Money People
• The strengths and weaknesses of firms and products
• Net Promotor Scores (NPS)• Customer service ratings• Value for money ratings• Whether customers feel fairly treated, and why• Whether customers understand the product
details, and why• Whether customers feel that their information
is safe with firms
Smart Money People is the UK’s review and research platform focused on financial services. We collect unique customer and intermediary insight across thousands of financial firms.
Our dataset spans performance, regulatory and culture data points and is relied upon by a range of financial services firms, including banks, building societies and specialist lenders.
Adjacent is some of the data we capture.
0203 488 5075
[email protected] [email protected]
Michael Fotis & Nate Harwood
Our aim is to help firms better understand their customers, their competitors and the market, in order to build better businesses.
Summary Version
93 I Mortgage Lender Benchmark H1 2020: Summary