Lenders earn service praise - Mortgages - News - Moneyfacts


Lenders earn service praise

Lenders earn service praise

Category: Mortgages

Updated: 24/09/2009
First Published: 24/09/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers are more satisfied with their mortgage lender now than a year ago, although the largest lenders still fail to impress, a new survey has revealed.

According to the consumer watchdog Which?, the average customer satisfaction score for mortgage lenders has increased to 62 per cent, up from 58 per cent in 2008, with many lenders performing better on all aspects of service.

Small lenders and building societies retained their crown as top scorers for customer satisfaction, with First Direct recording the highest (91 per cent), followed by the One Account (77%), Coventry Building Society (75%) and Britannia Building Society (74%).

However, the big lenders still scored below average, with Abbey, Barclays, Halifax, Northern Rock and the Royal Bank of Scotland all towards the bottom of the rankings.

While people were said to be most satisfied with the clarity of their statements and how well they were kept up to date with rate changes, they were less impressed with how well their lender kept them informed about better deals that were available to them.

"The cost of the deal is usually the top priority when it comes to choosing a mortgage provider, but getting good service matters too," said James Daley, editor of Which? Money. "It's encouraging to see that mortgage lenders have seen an increase in customer satisfaction after a difficult year. But the big lenders are still performing below average, despite all the public funding some have received over the last year.

"Make sure you shop around for your mortgage, and remember to take mortgage fees into account as well as the interest rate when choosing a deal, so you don't end up paying over the odds."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Does your mortgage lender owe you money?

Earlier this week, the financial watchdog revealed that hundreds of thousands of mortgage holders could have been overcharged by their lender. Are you one of the many who could be in line for a windfall?

Do you think your home will rise in value?

There’s been a lot of talk recently about the rate of house price growth slowing, but is it affecting your personal expectations? According to research, it could be, with fewer people now expecting the value of their property to increase.

Confidence among “second steppers” is on the rise

We all know how difficult it can be taking that first step on the ladder, but what about the second step? In many cases, getting onto the next rung can be just as challenging, but happily, confidence among this cohort appears to be on the rise.