The Intermediary – July 2025 - Flipbook - Page 36
RESIDENTIAL
Opinion
Service is defining
the mortgage
market
A
s the H1 2025
Mortgage Lender
Benchmark Study
results show, the
mortgage market is
increasingly being
shaped by the voices and expectations
of brokers. With more than 5,200
broker reviews submied in the first
half of the year, one message is clear:
service maers just as much as rates,
and perhaps even more.
Raising the bar
Our new Broker Experience Index
shows a remarkably tight race at the
top, with building societies leading at
71.5, followed closely by mainstream
lenders (71.4) and buy-to-let (BTL)
specialists (71.0).
Each group is delivering value in
different ways. Building societies
excel in consistency and relationships,
while mainstream lenders stand
out for processing speed and digital
innovation. Meanwhile, BTL
specialists shine in tech usability,
particularly intuitive portals and
case tracking.
What unites the highest performers
is a commitment to reliability,
support, and streamlined processes. In
a market where brokers are time-poor
and clients are rate-sensitive, this trio
defines the winners.
Process is priority
Brokers continue to focus most of
their feedback on the ‘process’. This
accounts for 63.1% of all comments,
but also carries the lowest sentiment
score (66.7%).
Speed, ease, and underwriting
dominate the conversation, making
up more than 42% of all feedback.
The message here is simple: if the
process doesn’t work, everything else
starts to fall apart.
36
The Intermediary | July 2025
JAKE SANDFORD
is head of data and analytics
at Smart Money People
‘Ease’ of doing business topped
the sentiment charts at 82.9%,
underlining how much brokers value
intuitive and frictionless workflows.
Yet underwriting, valuations, and
legal processes remain weak spots,
and are frequently cited sources of
frustration that diminish trust and net
promoter scores (NPS).
Power in the people
While the operational nuts and
bolts may dominate the volume of
feedback, people-focused themes
continue to deliver the highest
sentiment (76.1%). When brokers
praise lenders, it’s oen about
the people, business development
managers (BDMs) and case handlers.
Not forgeing the support teams who
resolve issues, offer guidance, and
show up when it maers.
BDMs, in particular, remain
pivotal. With a sentiment score
of 78.3%, their value in a digitally
dominated process is undeniable.
Brokers may embrace technology, but
they still want to deal with people who
know their business.
Broker advocacy
Ease of use, speed, and underwriting
are the three most influential themes
when brokers recommend lenders.
‘Ease’ alone appeared in 16.9% of all
positive comments. When a process is
smooth, brokers feel confident and in
control – and that confidence is what
turns service into advocacy.
Speed remains a major performance
marker. It was mentioned in 15.1%
of positive feedback and linked to an
impressive NPS of 75.6.
Interestingly, product rates and
ranges, while critical for initial
selection, carry less weight in driving
recommendations. This reinforces a
key truth: brokers expect competitive
pricing as a baseline, but what keeps
them coming back is operational
excellence.
On the flip side, service missteps
can be costly. Underwriting drew the
largest share of negative feedback
(23.3%) and was associated with
a significant NPS drop of -41.9.
Even more damaging was poor
communication, which slashed
NPS by -60.3.
Delays, lack of updates, and rigid
decisions frustrate brokers and, by
extension, their clients.
Ease of doing business and online
systems also featured in negative
feedback, underscoring that
complexity and poor integration
can erode goodwill just as quickly as
slow service.
Human-tech hybrid
This year’s results highlight the hybrid
expectations brokers now hold: a
demand for slick systems and fast
decisions, paired with knowledgeable,
accessible support when things
go wrong.
The best-performing lenders are
those that understand this balance.
They’ve invested in platforms that
remove friction, but haven’t forgoen
the power of the personal touch.
As competition intensifies and
margins tighten, these humandigital partnerships will be the true
differentiator. What earns broker
loyalty in 2025 isn’t just price or
product. It’s clarity in criteria.
Consistency in communication.
Connection through human support.
Lenders that deliver on these
fronts aren’t just chosen, they’re
recommended. In a market built
on trust, that recommendation is
everything. ●
