FASA 2023
Mortgages

Mortgages

If there has ever been a time to get service levels right for mortgage customers, 2023 was that year.

Continuous rate rises, falling house prices and an at times fast-changing product environment have seen brokers grapple with last-minute applications, often late into the night, to get that best deal for their clients.

It has meant the lenders that were most able to accommodate borrowers’ individual needs, and at speed, stood out this year.

On the equity release side, the market began to rebound this year from the Kwasi Kwarteng “mini”-Budget fallout, which saw rates rise sharply and product levels drop off.

As advisers began to see an increase again in requests from their clients it was good service that impressed the most. 

And despite the difficult economic conditions overall it seemed that a good number of lenders were able to rise to the challenge this year.

The group of 11 five-star winners comprised of a mix of mutual lenders, high street names and big financial services brands.

Legal & General Home Finance, Just and Accord/Yorkshire Building Society all held on to their five-star ratings from last year, as did Halifax Intermediaries, Skipton Intermediaries, TSB and West Bromwich Building Society.

Of those managing to improve their score this year, Nationwide Building Society made the biggest jump, to a full five stars from 3 stars last year.

The lender says it has invested in its mortgage servicing teams and improved automation to be able to process applications as quickly as possible.

Andy Dean, head of intermediary support and new build at Nationwide, said: “As one of the UK’s largest mortgage lenders, providing the best possible service remains a primary focus. 

“We recognise that brokers and borrowers want clarity and consistency when applying for a mortgage, and the ability to speak to someone when necessary. 

“Over recent months, nearly half of all our applications went to offer within five working days.”

The lender was also quick to follow larger players in cutting rates when markets allowed. 

Meanwhile, Pure Retirement and Canada Life both banked five stars for the first time since our ratings began.

carmen.reichman@ft.com