Brokers are least satisfied with how lenders handle adverse credit and commercial buy-to-let cases, Smart Money People has found.
Following broker feedback in its Mortgage Lender Benchmark, broker satisfaction with mortgage lenders’ handling of adverse credit cases is 74.6%, rising to 77.1% for commercial buy-to-let cases.
The average satisfaction across all mortgage case types is 81.1%.
Nate Harwood, co-founder of Smart Money People, said: “Brokers appreciate that adverse credit and commercial buy-to-let cases are trickier and more specialist in nature.
“That said, they’re not prepared to cut lenders operating in these areas any slack.
“And with some 1.3 million people with adverse credit expected to be looking for a mortgage in the next year, how lenders handle adverse credit cases in particular, really does matter.”
When it comes to adverse credit cases, brokers are particularly dissatisfied with the speed to process applications through to offer.
The average adverse credit lender received a 59% rating around speed, 15% lower than the average across all cases (74%).
Broker satisfaction with the ease of determining the maximum loan amount is another key weak spot, and stands at 76% which is 7% lower than the average (83%).
Meanwhile, the ease of determining product eligibility proved to be the key point for brokers leaving feedback for commercial buy-to-let lenders.
The average commercial buy-to-let lender satisfaction rating is 77%, some 4% lower than the average seen across all cases (81%) and 2% lower than residential buy-to-let cases.
The research has also identified the highest rated lenders for adverse credit and commercial buy-to-let cases.
Brokers highlighted the best adverse credit lenders as Bluestone, Pepper Money, Precise Mortgages, The Mortgage Lender and Aldermore.
Furthermore, the top commercial buy-to-let lenders according to brokers are BM Solutions, Leeds Building Society, The Mortgage Works, Kent Reliance and Precise Mortgages.
By Michael Lloyd
Source: Mortgage Introducer