Brokers believe the mortgage market is broken and lenders need to listen more, a recent study has found.

The findings emerged from the Broker Experience Study, carried out by Jeff Knight at Grey Matter Solutions, in association with Mortgage Strategy, which was completed by 329 respondents. A questionnaire was followed by 32 in-depth interviews undertaken by Jeff Knight at Grey Matter Solutions, in association with Mortgage Strategy.Knight says: “The initial quant work showed some key insights for lenders, but it was by speaking with brokers where the really important insight was obtained. There is a strong view that the mortgage market is broken. This all began with the onset of the pandemic, with lenders working from home in a market that became over heated. The solution, say brokers, is for lenders to listen to brokers much more. And then act on this.

“This study clearly highlights the simple solutions lenders can adopt to be far more broker-centric – which will be vital in 2023. For example, BDMs have a crucial role to play, but what brokers want from them is not necessarily what lenders provide”.The study also revealed that 40% of brokers had experienced a huge amount of strain, with a further 37% experiencing some level of strain as a result of the recent rapid and last minute rate changes by lenders.

Having knowledgeable staff was one of the top four most important elements for brokers, while lender staff knowledge was one of the top four requirements listed by brokers.

Further takings were that 62% of brokers find business development managers are vital at specialist lenders, while 53% of brokers said mainstream lenders’ BDMs are vital.