We’re celebrating a shiny new badge! In the latest Mortgage Lender Benchmark we were chuffed to have been awarded a 5-star broker rating. After all, there ain’t no party like a 5-star party.
We could bore you with the data, but we’ll save you from that and just highlight a couple of successes:
• NPS score at 83.3. None of the 49 lenders profiled had a score above 83.3. (NPS, or Net Promoter Score, is a metric used to measure how likely brokers are to recommend a particular firm.)
• Overall rating of 95%, which compares to all building societies averaging 85.8% and all lenders averaging 81.3%.
We know we’re only as good as our people, which is why we’re delighted to see our highest performing feedback areas were for:
1. Satisfaction with relationship managers
2= Lender communication
2= Ease of determining max loan amount
Additionally, 20% of broker comments praised our flexibility, and underwriting continues to be a strength with broker appreciation for our ‘personal approach’, ‘common sense lending’ and the ability to speak with the underwriting team.
Here is some of the feedback, directly as it was submitted:
• “Phone team are always very helpful”
• “I really like being able to contact the underwriting team directly (especially for a self build case) and the responsiveness of the Suffolk”
• “Great lender and a flexible approach to mortgages”
• “Good product line-up, common sense underwriting”
It’s not all good news
Whilst no one enjoys hearing negative feedback, we welcome honest, constructive reviews which help us identify what we need to improve. And we’re not just saying that! We don’t want to pretend everything is rosy without giving you the full picture of what brokers REALLY think.
Although the feedback was overwhelming positive, frustration was reported about our ‘long-winded’ process. Not great and we’re fully aware things are not ideal. We’re certainly working to improve this and later this year will launch our new mortgage origination process, to streamline our processes and speed up the journey from application through to completion. Plus, we’re working with expert third parties for seamless online ID verification and signatures.
Onto the next one
The next Mortgage Lender Benchmark will take place in a couple of months. We will be contacting all mortgage brokers who placed a case with us in the prior six months, providing a link for them to submit feedback directly into the survey. We expect this email to be sent in May.
About the Mortgage Lender Benchmark
We work with Smart Money People to collect and analyse feedback from our brokers. Their Mortgage Lender Benchmark is an independent research study conducted every six months, formed of three core elements: market insight, lender specific insight and technology enablement.
The survey represents 97% of mortgage lending in the UK and for the last report almost 3700 pieces of in-depth feedback were analysed.