Broker satisfaction with the time lenders take to process applications has increased in the second half of 2021, according to new research from Smart Money People.

This is the second consecutive period that satisfaction levels have increased, indicating that lenders are getting on top of service problems causes by the Covid pandemic.

According to Smart Money People broker satisfaction is now at 74.2 per cent for the second half of the year – the highest level seen since this survey started in 2018.

This comes after satisfaction fell to an all-time low of 67.2 per cent during the second half of 2020, before rising to 73.7 per cent in the first half of 2021. 

The findings form part of Smart Money People’s bi-annual Mortgage Lender Benchmark which surveys over 700 brokers about the state of the mortgage industry.

Banks have improved broker satisfaction with speed by 7.1 percentage points from H1 2021 to 81.3 per cent — an increase of 13.4 percentage points from 12 months’ ago. 

Building societies have seen a slightly more modest rise, with broker satisfaction levels up by  6.5 percentage points from H1 2021 to 81.7 per cent. However this is a 15.7 percentage point increase from 12 months’ ago.

Lifetime lenders have also improved broker satisfaction with speed over H2 2021, and are now rated at 77.9 per cent, the highest recorded figure since 2018. 

The research found that specialist lenders do not rate so highly for speed to process applications through to offer, with broker satisfaction levels at just  62.5 per cent, which is an increase of 0.3 percentage points from H1 2021, and has not yet returned to the peak of 63.9 per cent at the end of 2018.

Smart Money People chief executive Jacqueline Dewey says: “The continued growth in broker satisfaction with lender speed to process applications through to offer demonstrates that the mortgage industry is returning to normality from the disruption seen since March 2020, and the high demand within the market over the last two years thanks to incentives such as the stamp duty holiday.

“The fact that banks, building societies and lifetime lenders have now received their highest level of broker satisfaction for speed since our benchmark began is testament to the hard work put in by these lenders over the last six months as the market calms down. 

“We would naturally expect specialist lenders to rate lower for speed due to their nature of their complex applications, however a difference of almost 20 per cent in broker satisfaction is surprising.”