Panel members

Mike Brown, director, Crystal Clear Financial ServicesJonathan Clark, mortgage partner, Chadney BulginRob Clifford, chief executive, Stonebridge Group (*scores represent those of MoneyQuest Mortgage Brokers)Greg Cunnington, director of lender relationships and new homes, Alexander HallMatthew Hillyer, associate director, Largemortgageloans.comDavid Hollingworth, associate director of communications, London & CountryDavid Sheppard, managing director, Perception FinanceAaron Strutt, product and communications manager, Trinity FinancialMatt Tilbury, senior mortgage and protection adviser, Just MortgagesSarah Tucker, managing director, The Mortgage Mum

Rudyard Kipling famously wrote of the need to “keep your head when all about you are losing theirs” and this notion has been the key to lender success during the pandemic.

In the past few months there has been a sense of order returning to the market. High loan-to-value (LTV) mortgages have made a welcome comeback, the huge demand from the stamp duty holiday has been met and lenders are loosening their criteria.

Nevertheless there is always room for improvement, as our most recent residential lender scores reveal.

Halifax Intermediaries

Halifax is untouchable again at the top of the table.

Perception Finance managing director David Sheppard says, while other lenders make excuses, Halifax “continues to show how things can be done effectively by reviewing documents over the phone and getting answers quickly”. His only criticism is of its choice of free legal firms.

Just Mortgages senior mortgage and protection adviser Matt Tilbury says Halifax is the best lender for criteria, service and the self-employed. Meanwhile, The Mortgage Mum managing director Sarah Tucker welcomes its “incredible” business development manager (BDM) and “super-quick” service, but has been frustrated by some desktop down-valuations and difficulty in getting 95% LTV cases through.

YBS (Accord Mortgages)

Accord is also ticking all the right boxes with brokers.

“It always has the bravery to lead from the front with new criteria,” says Alexander Hall director of lender relationships and new homes Greg Cunnington.

London & Country Mortgages associate director of communications David Hollingworth calls Accord a “reliable performer” and welcomes its 95% LTV push, while Chadney Bulgin mortgage partner Jonathan Clark says it impresses with flexible underwriting and generous affordability but its products lack “sparkle”.

Mike Brown, director of Crystal Clear Financial Services — an appointed representative of Quilter Financial Planning — simply states: “Good proposition and overall good service.”

Nationwide for Intermediaries

The lender has leapt an impressive four places to third position.

“Nationwide has turned things around from where it was at the height of lockdown,” says Sheppard. “Offers are processed quickly and rates are good.”

Cunnington says Nationwide’s Helping Hand first-time buyer (FTB) product shows “genuine innovation”. He also welcomes the return to accepting additional income, and the facility for brokers to apply for extra borrowing alongside a product transfer.

Trinity Financial product and communications manager Aaron Strutt is also a fan of Nationwide’s FTB product.

“The 5.5-times income multiple has gone down well, giving many FTBs hope they can buy,” he says.

Coventry

Coventry remains in fourth position in our ratings survey.

“We love Coventry,” says Tucker. “The BDM is fantastic, you can speak directly to the underwriters, service is exceptional and its system is easy to use.”

Brown adds: “We don’t need to use our BDM much because the proposition works.”

Strutt commends Coventry’s can-do attitude, saying: “It is nice to have bonus income accepted again and our brokers appreciate the support we get from our BDM.”

Tilbury applauds the lender’s products, but adds: “Credit scoring can let it down.”

Santander for Intermediaries

With our Wild Card taking fifth spot, Santander slips to sixth.

Largemortgageloans.com associate director Matthew Hillyer says: “By reducing self-employed loans to 60% LTV [now increased to 75% LTV], it’s a great example of a lender that is either managing its risk or unwilling to take the additional time required to underwrite such applications — or a combination.”

He believes this approach is unwarranted, while service levels are an issue for Brown.

“If it wasn’t for my BDM, I’d have to stop using it,” he says.

Strutt says some of his brokers have had service problems with Santander too, but adds: “Its broker fixed rates are great.”

NatWest Intermediary Solutions (RBS)

RBS has gained one place to claim the seventh spot.

“It’s the most improved lender of the past year,” says Clark, “and appears to have largely sorted out its previous service issues at the same time as offering market-leading rates”.

Hillyer describes RBS as a “solid option” and Hollingworth adds: “Possibly not the most aggressive period overall, but some impressive product pricing recently and good support.”

Tucker, however, says RBS can be very particular in underwriting, requesting documents “sporadically and inefficiently”.

HSBC

HSBC has tumbled spectacularly this time, falling five places.

“Excellent rates and superb BDM support, but there is always a slight nervousness when submitting an application due to its ability to find a bizarre reason to decline a case,” says Hillyer. “That said, it can demonstrate great flexibility for the right clients.”

Sheppard would like HSBC to improve its online platform.

“From limited characters that brokers can use to respond to messages, to having to complete a manual form to make application amendments, there are things to work on,” he says.

However, Brown has praise for “a real can-do attitude”.

TSB

TSB has gained one place in our survey.

Tucker describes it as “reliable, easy but a little slow”, adding: “Its internal credit score has stopped us placing two cases even though they fitted on criteria and affordability.” However, its BDM is “amazing”.

Hollingworth thinks the lender is doing a lot right: “TSB continues to offer products that elude others. Its range of deals with shorter early repayment charge [ERC] periods is a nice addition, as are its two-year fixes below 1%.”

Tilbury says: “It offers good affordability, especially on shared-ownership products. Rates are reasonable and service is slightly above average.”

Virgin Money

The lender is 10th in the table, despite some positive feedback.

“Virgin has been excellent recently, especially with a transitional rules mortgage application we had. It really understood the regulator’s rules on this type of application and showed flexibility along the way,” says Sheppard.

But Tucker says: “A bit hit and miss. Good for high-earning clients, but affordability can be an issue. The BDM is good.”

Barclays

Like HSBC, Barclays has plummeted five places since last time.

“It’s a frustrating lender that mixes great rates and generous affordability — especially for higher earners — but with the technology that we all love to hate,” says Clark.

Tilbury adds: “A five-day turnaround on anything is annoying, but good criteria and lending amounts make it a go-to lender.”

Hollingworth says: “Signs of pressure on service, but still no holding back on products that have remained competitive.”

Cunnington adds that loan-to-income criteria and an increased maximum LTV on part-and-part interest-only applications make Barclays a “lender of choice” for London and the Southeast.