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Hello and welcome

Welcome to the inaugural Mortgage Finance Gazette Rated for Service Awards, in
association with The Openwork Partnership. The Rated for Service Awards are
based on a comprehensive annual survey that shines light on brokers’ assessments
of lenders’ levels of service. Rated for Service recognises and commends lenders
that have performed exceptionally well for brokers, providing lenders with an
annual benchmark for service. Taking an extensive list of UK lenders, more than
800 brokers have scored them on their service for the period between June 2022
and November 2022.

Results & Analysis

In association with

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Lenders have been scored across five key service areas: strategic focus, product
offering, sales support and communication, underwriting and case processing, and
the use of technology. These scores have been used to determine which lenders
have been Rated, and which have been Top Rated for service within one of three
lender categories: mainstream, specialist and buy-to-let. Demonstrating
outstanding service, eight mainstream lenders have achieved the Top Rated for
Service honour, with a further eight commended as Rated for Service. Meanwhile,
eight stand-out buy-to-let lenders are recognised as Top Rated for Service, with
eight more Rated for Service.

The results are also collated and analysed in respect of the number of mortgage
cases a broker submits on a monthly basis. The assessment period for this survey
coincided with a particularly challenging time for lenders and brokers. The
mortgage market was caught up in the economic storm that had resulted from
former prime minister Liz Truss’s mini-Budget in September 2022. While still
recovering from the pandemic, the market encountered yet more unprecedented
times with over 40% of mortgage products pulled almost overnight at the peak of
the disruption. Mortgage lenders’ service was tested as never before, which
makes the achievements of those Top Rated for Service and Rated for Service all
the more commendable.

I would like to say a huge thank you to the hundreds of brokers who took the
time to complete the survey. Your views have been invaluable. Each lender
recognised here has demonstrated a strong commitment to the intermediary
mortgage market amid some very testing times. These accolades are both a
recognition of this commitment and a cause for celebration.

Last, but by no means least, three specialist lenders have excelled and achieved
the Top Rated for Service award, with a further two recognised as Rated for
Service. The comprehensive analysis that accompanies the awards offers lenders a
rare insight into brokers’ perceptions of their service. It is designed to
assist lenders in shaping and forming their service strategies, enabling them to
pinpoint any weaker areas. To add further insight, scores have been assessed
also in relation to whether a broker is directly authorised or an appointed
representative, giving lenders an understanding of how their service may be
viewed differently by the two demographics.

‘Each lender recognised here has demonstrated a strong commitment to the
intermediary mortgage market amid some very testing times’

Methodology

Openwork Comment

Summary

Disclaimer

Rebekah Commane

Group Editor

Methodology

The inaugural lender panel comprised 39 providers across three categories,
chosen to provide comprehensive coverage of the market. The lender panel can be
viewed here. The survey covered five key assessment areas that were common to
all three lender categories:

Click here for Lenders Panel

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Category definitions

Mainstream

Respondents were asked to rate a minimum of two lenders per assessment area per
category, with a score of 1 to 10 and with guidance provided on how to interpret
the scale. The lenders’ average score per assessment area in each category was
then totalled to provide a cumulative score per lender per category. This score
was then ranked, highest to lowest, with the median of those scores providing
the benchmark for each lender category. Lenders are recognised for their
performance above this benchmark and for top-quartile performance in each
category. Lenders above the benchmark are recognised by the Rated for Service
award and lenders in the top quartile are recognised by the Top Rated for
Service award.

1. Strategic focus 2. Product offering 3. Sales support & communications 4.
Underwriting & case processing 5. Technology

This category applies to lenders that cater for BTL borrowers, both prime and
with some adverse credit. This includes all corners of the BTL market, such as
commercial, limited company, houses in multiple occupation and holiday lets.

Specialist

This category is aimed at lenders whose primary focus is residential mortgage
lending to prime borrowers. This could include, but is not limited to,
first-time buyers, the self-employed, home movers, remortgages and large loans.
Lenders in this category may cater for ‘specialist’ demographics but the bulk of
their business should derive from borrowers with a good credit rating.

Lenders in this category should predominantly offer mortgages to borrowers that
mainstream lenders do not cater for, such as those with adverse credit and
complex income. Lenders that offer residential bridging loans and second charge
mortgages also fall into this category. Equity release products currently fall
outside the scope of this survey.

BTL

Disclaimer

Summary

Results & Analysis

Openwork Comment

Methodology

In association with

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Disclaimer

Summary

Results & Analysis

Openwork Comment

Methodology

1. Strategic focus 2. Product offering 3. Sales support & communications 4.
Underwriting & case processing 5. Technology

In association with

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Openwork comment

Over the past few years, the service provided by lenders has been constantly
under the spotlight. Whether it was the resource challenges they faced following
the Covid-19 lockdowns, dealing with mortgage payment holidays, or the flood of
purchase applications submitted to meet stamp duty holiday deadlines, lenders
have been stretched time and time again. At Openwork we are hopeful that 2023
will see a more stable mortgage market, so now is a good time to explore the
service lenders offer their intermediaries and provide some objective feedback.

Disclaimer

Summary

Results & Analysis

Openwork Comment

Methodology

What is great lender service? It’s a question every mortgage broker will have an
opinion on. Yet, what delights one broker might be of marginal value to the
next. Understanding broker priorities, recognising service excellence and
identifying opportunities for improving industry standards are what the Mortgage
Finance Gazette Rated for Service Awards are all about. Thanks to the 800-plus
brokers who took the time to complete the survey, we’ve now got detailed
feedback to help us work in partnership with the lenders to find and drive home
improvements in service levels. For us, this was the ultimate aim of the Rated
for Service Awards, so you can be assured that your voice will count and we will
be pushing to implement progress.

Looking at the results, there are several areas of focus already, including:

• Ensuring intermediaries are front and centre of lender strategies. Market
conditions have been challenging in recent months, but the survey highlights the
degree to which the decisions taken by some lenders have simply failed to
demonstrate understanding of the impact on brokers and their clients. Brokers
tend to have long memories and lenders need to recognise that one poor strategic
decision can do lasting damage to relationships.

• Delivering on technology. Those lenders rated strongly on their technology
have generally come out well overall, whereas where technology is deemed poor
the opposite is the case as it inevitably leads to broader frustrations for
brokers.

• Reshaping operational infrastructure. Our world has changed post Covid-19 and
all lenders have needed to re-engineer processes, often in short order.
Technology is playing a part in this, but in many instances it’s about people
and how well they are working together. Again, some lenders have transformed
their ways of working effectively, but others are clearly struggling.

• Designing great products. Against a hugely volatile backdrop, product design
has been a massive challenge for all lenders. But some have risen to the
challenge, delivering consistently competitive products. We’re also seeing a
greater appetite for innovation when it comes to helping key demographics, such
as first-time buyers and older borrowers, and this is recognised in your
feedback.

• Engaging with brokers. Achieving the optimal combination of online, telephone,
web chat and face-to-face contact is not easy and the survey results indicate
some lenders are achieving a successful balance more than others.

These are just a few of the hot topics emerging from the data, but there are
plenty more. Hopefully, when we get to the next set of results, we will be able
to point to specific changes lenders have made in response to the insights
provided. Finally, can I offer my congratulations to all those lenders
recognised for service excellence, and my thanks to everyone who took the time
to complete the survey. Whether you are directly authorised or a member of a
network and whether you are a small or huge producer, your feedback is massively
appreciated and will be invaluable in helping to drive improvement, and in turn
better outcomes for you and your clients.

The Openwork Partnership

Established almost 50 years ago, we are one of the UK's largest financial advice
and investment networks and 100% owned by our advisers, partners and colleagues.
Together, we are a partnership and financial advice is what we do – it’s our
shared history. We work together to take care of client needs at every stage of
their life. It’s a holistic approach that is grounded in our purpose – to make
it easier for clients to face their financial future with confidence and
optimism. We believe that having a colleague population as diverse as our
clients provides the opportunity to capitalise on a wide variety of experiences,
thinking and outlooks. From harnessing female talent to understanding the needs
of the LGBTQ+ community, and recognising that the talent we recruit should
reflect today’s society, we have a range of activities that are driving this
culture.

Our educational and recruitment programmes have helped adviser and colleague
numbers continue to grow. Today, our network is home to more than 4,500 advisers
and 600 colleagues, and we’ve ranked in the top 100 of the Sunday Times ‘Best
Companies to Work For’ for seven consecutive years. We have a unique community
spirit that is epitomised by the way our advisers and colleagues come together
to support their communities, through The Openwork Foundation’s fundraising,
volunteering and grant programmes. The foundation has been at the heart of the
business culture since 1981 and has donated over £20.8m to make a positive
difference to vulnerable children and adults in the UK and abroad. Finally, we
are a significant player in the mortgage market, having completed £27bn of
lending in 2022.

Paul Shearman

To find out more, visit www.theopenworkpartnership.com

"We’ve got detailed feedback to help us work in partnership with lenders to find
and drive home improvements in service levels"

"Those lenders rated strongly on their technology have generally come out well
overall"

Mortgage, protection and GI proposition director The Openwork Partnership

Home

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Disclaimer

Summary

Results & Analysis

Openwork Comment

Methodology

Commending the best in BTL

The assessment window for the Mortgage Finance Gazette Rated for Service Awards
coincided with a particularly trying time for the BTL sector, making the
achievements of our award-winning lenders all the more remarkable.

The BTL market was one of the biggest casualties of former prime minister Liz
Truss’s mini-Budget last year. Many lenders are still navigating the higher
interest rate environment, which is pressing them to think of new, inventive
ways to help investors. Of the 32 BTL lenders that were scored for these
inaugural awards, eight received the Top Rated for Service accolade and eight
won the Rated for Service award, with building societies or their subsidiaries
dominating the former category. Mutuals accounted for five of the eight
top-rated lenders, which was a striking achievement given just nine societies –
including subsidiaries – were scored overall. There was also a strong showing
from intermediary-only brands, which accounted for just under half of the
award-winning lenders.

Rated and Top Rated BTL Lenders

Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Scores were quite consistent across the board, with Barclays again standing out
for both its strong product offering but its less popular technology. BTL
lenders in the upper quartile received their highest score for sales support and
communication, with strategic focus scoring the lowest. Median scores were
noticeably lower; yet, interestingly, strategic focus was the most highly rated
area, with product offering the lowest. As well as being top rated for their
specialist offering, both Aldermore and Bank of Ireland are rated for their BTL
proposition. Kensington Mortgages is the only lender to make an impressive
crossover between all three sectors, achieving Rated for Service in each one.

Rated and Top Rated Mainstream Lenders

Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

It is a similar scenario in the Rated for Service category, with Newcastle
Building Society, the 20th-largest lender, being recognised alongside Santander,
the fourth largest. Among those lenders in the upper quartile, technology stood
out, albeit fractionally, as the top-performing area, with underwriting and case
processing leaving the most room for improvement. For the median score,
strategic focus was the strongest area, with underwriting and case processing
again the weakest. Overall, lenders that achieved the Rated for Service or Top
Rated for Service honour performed consistently across all categories. However,
the scores produced a few anomalies. Barclays, for example, was Top Rated for
Service with its product offering but was let down by its technology score,
meaning it missed out on recognition.

Often viewed as the backbone of the mortgage market, mainstream lenders are
integral to keeping the sector moving and thriving. Given the turmoil the market
and the wider economy endured in the second half of last year, lenders that
achieved the Top Rated for Service or the Rated for Service accolade are to be
particularly commended. Building societies and their subsidiaries performed
especially well, with five receiving the Top Rated for Service award and two the
Rated for Service award. This is a strong achievement given these organisations
constituted just 12 of the 33 mainstream lenders. Size does not appear to be an
over-riding factor in a lender’s service. Leeds Building Society, the UK’s
13th-largest lender in terms of gross lending, is Top Rated for Service
alongside Halifax, which is part of the UK’s largest lender, Lloyds Banking
Group.

Recognising the best mainstream lenders

Rated and Top Rated Specialist Lenders

Top Rated

Rated

Pepper Money Aldermore

Kensington Mortgages Precise Mortgages

credit to providing bridging and second charge solutions, specialist lenders
increasingly are called on by brokers to fill the void left by mainstream
lenders. Three such specialists have been recognised for their exceptional
service, receiving the Top Rated for Service accolade, with two more achieving
the Rated for Service award. A total of 11 lenders were scored, including one
building society. With the exception of one, all recipients of the Top Rated for
Service and the Rated for Service awards operated intermediary-only residential
brands, which could in part explain their strong scores for strategic focus.

By a notable margin, strategic focus proved the best-scoring area for specialist
lenders in the upper quartile, with product offering, underwriting and case
processing the joint lowest. Strategic focus also produced the best median
score, while specialist lenders’ products were once again identified as the
weakest link. The high strategic focus score also reflects the commitment and
support this cohort of lenders showed to the intermediary market during the
turbulence of 2022, while the lower product score may reflect the challenges
around pricing and rate withdrawals. Two lenders have been commended in both the
specialist and mainstream domains, with Bank of Ireland top rated for its
specialist service and rated for its mainstream proposition, while Kensington
Mortgages was rated in both markets.

Often taking the lead with creative and innovative ways to help borrowers,
specialist lenders have never been more needed as borrowers feel the strain from
the inflated cost of living. From assisting borrowers with adverse

Specialist lenders leading the way

"Strategic focus proved the best-scoring area for specialist lenders in the
upper quartile"

Rated and Top Rated Lenders – Strategic focus

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society NatWest Leeds Building Society HSBC

TSB Santander Kensington Mortgages Newcastle Building Society Aldermore
Principality Building Society Virgin Money Bank of Ireland

Specialist lenders Top Rated

Rated

Pepper Money Aldermore Kensington Mortgages

Precise Mortgages Bank of Ireland

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions The Mortgage Works Accord Mortgages
NatWest Skipton Building Society Leeds Building Society Precise Mortgages

Santander TSB Aldermore Paragon Mortgages Fleet Mortgages Landbay Kensington
Mortgages HSBC

A strong strategic focus is about not just broker exclusives but demonstrating a
commitment to the intermediary market through words and deeds. Among the upper
quartile of mainstream, specialist and BTL lenders, the highest score for
strategic focus derived from mainstream lenders, with the lowest attached to BTL
lenders. Specialist lenders, however, came top with the median score, while BTL
lenders were again ranked lowest.

For mainstream lenders there did not appear to be a correlation between a strong
strategic focus and an intermediary-only brand. When the strategic focus scores
were examined in isolation, only one top-rated mainstream lender operated
exclusively through intermediaries. This increased to half of all lenders when
the top-rated BTL lenders were considered, while all top-rated accolades in the
specialist market went to intermediary-only brands. Building societies and
subsidiaries performed well once again, claiming over half of the top spots for
both mainstream and BTL lenders. Across all markets, on the whole, lenders that
were top rated or rated for strategic focus also received overall recognition.
However, two BTL lenders and one mainstream lender were top rated or rated for
strategic focus but failed to receive an accolade due to their scores in other
categories.

The broker/lender relationship sits at the heart of the intermediary mortgage
sector. This bond was never more tested than in the latter half of 2022 when
market chaos ensued and both parties needed to work together to ensure positive
client outcomes.

Recognising a strong strategic focus

"On the whole, lenders that were top rated or rated for strategic focus also
received overall recognition."

Rated and Top Rated Lenders – Product offering

Mainstream lenders Top Rated

Rated

Nationwide Building Society NatWest HSBC Halifax Coventry Building Society
Barclays Skipton Building Society Accord Mortgages

Leeds Building Society TSB Virgin Money Santander Newcastle Building Society
Platform Mortgages Principality Building Society Clydesdale Bank

Specialist lenders Top Rated

Rated

Bank of Ireland Precise Mortgages Aldermore

Pepper Money Kensington Mortgages

BTL lenders Top Rated

Rated

The Mortgage Works Coventry Building Society BM Solutions Accord Mortgages
NatWest Skipton Building Society Barclays Leeds Building Society

HSBC Santander TSB Virgin Money Bank of Ireland Precise Mortgages Paragon
Mortgages Aldermore

In the course of the Rated for Service Awards scoring period, the cost of
funding for lenders soared, creating a challenging environment, to say the
least. All the more reason to celebrate the fantastic achievements of those in
the top rated and rated categories. The upper quartile of mainstream lenders led
in product scoring, while the upper quartile of specialist lenders scored the
lowest by quite some way. Mainstream lenders also claimed the highest median
score, with BTL lenders scoring the lowest.

Product scoring among mainstream lenders produced notable fluctuations. One
lender gained Rated for Service for its product offering alone, but featured in
the bottom-five lenders when other key service areas were taken into account.
Product offering proved to be the weakest area for specialist lenders in both
the upper quartile and median score; perhaps explained by the testing market
conditions following the mini-Budget. BTL product scores were also lower
compared to other key business areas. However, BTL lenders in the top quartile
performed significantly better than the overall median BTL product score,
demonstrating the resilience and innovation of some of the sector leaders.

Competitive products form the basis of most lenders’ mortgage proposition, yet
it does not come down to rate alone. An ageing population and the changing
demographic of borrowers mean lenders increasingly are having to adapt and
reshape their product ranges in response to shifts in demand.

Lenders excelling with product offerings

"Product scoring among mainstream lenders produced notable fluctuations"

Mainstream lenders Top Rated

Rated

Coventry Building Society Halifax Accord Mortgages HSBC Skipton Building Society
TSB Nationwide Building Society Leeds Building Society

NatWest Santander Virgin Money Newcastle Building Society Pepper Money Bank of
Ireland Principality Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Kent Reliance

BTL lenders Top Rated

Rated

Coventry Building Society Accord Mortgages Skipton Building Society BM Solutions
The Mortgage Works HSBC Leeds Building Society NatWest

TSB Bank of Ireland Santander Virgin Money Paragon Mortgages Kensington
Mortgages Aldermore Fleet Mortgages

Rated and Top Rated Lenders – Sales support & communications

The mainstream lenders that were top rated or rated in the sales support and
communications category matched the overall winners, albeit one lender was rated
in this category but did not receive overall recognition. In general, lenders in
the specialist space performed well in this area compared to their other key
categories. Most specialists that were top rated or rated for sales support and
communications matched those that received overall recognition. One, however,
was rated for this category but scored lower for its underwriting and case
processing, bringing down its overall score. Equally, one specialist lender was
rated overall but not in the sales support and communications category.

sales support and communication, we asked brokers to score lenders based on
their holistic support. Providing consistent, fast, reliable and clear responses
to broker queries was not always easy during the scoring period, making it a
noteworthy achievement for those lenders handed the top rated and rated honours.
BTL lenders triumphed in this section, claiming both the highest median and
upper quartile scores. Specialist lenders received the lowest upper quartile
score, and mainstream lenders the lowest median score.

Good communication and sales support are vital to the smooth running of a
mortgage market at the best of times, but even more so in periods of
uncertainty. Searching for the very best in lender

Supporting brokers through the tough times

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Underwriting & case processing

Nevertheless, among the top-rated mainstream lenders there were some
exceptionally high scores for underwriting and case processing. One lender’s
score was the highest across all categories and domains; a sign that, despite
the market disruption, some lenders still pulled out all the stops when
processing applications. In the specialist sector, lenders that were top rated
or rated for underwriting and case processing matched those that were rated
overall, except one that received a Rated for Service score in this category and
no other. Likewise, scoring for BTL was generally consistent, with the exception
of a couple of lenders. One was rated in this category alone, highlighting that
good underwriting may not go hand in hand with good service elsewhere.

The upper quartile of BTL lenders narrowly pipped the upper quartile of
mainstream lenders to the highest score in this section; perhaps a demonstration
of the versatile approach many adopted in the challenging market of late 2022.
Specialist lenders, meanwhile, claimed the highest median score and mainstream
lenders the lowest.

As borrower finances continue to be squeezed, lenders’ underwriting and case
processing increasingly are under the spotlight. Nothing is more frustrating for
brokers than a lender that is inconsistent and inflexible with its underwriting
decisions, or never contactable.

Most flexible and consistent underwriting

"Despite the market disruption, some lenders still pulled out all the stops when
processing applications."

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Technology

With the exception of two lenders, all mainstream lenders that were either top
rated or rated for their technology alone also received overall recognition. It
was a similar outcome in the BTL market, with all lenders but two being either
top rated or rated for technology and also receiving overall recognition. For
specialist lenders, those either top rated or rated reflected those commended
overall. Both mainstream and BTL lenders in the upper quartile performed well
with technology compared to other key areas, which suggests the top lenders are
making strong strides on their digital journey.

brokers and clients. So too can a lender’s ability to reliably and quickly
inform brokers of product changes and withdrawals; something of critical
importance last year. The Top Rated for Service and Rated for Service lenders
have excelled in brokers’ eyes with their use of technology. The upper quartile
of mainstream lenders scored particularly well, with their technology rating
also the highest collective score across all categories. In contrast, the median
score for mainstream lenders was the lowest across the technology spectrum;
suggesting the quality of technology may differ significantly between lenders.
Specialist lenders gained the lowest upper quartile score for their use of
technology but the highest median score.

Technology has revolutionised the mortgage market, with lockdown propelling many
lenders’ digital growth in recent years. An easy-to-use and reliable system can
make the world of difference to

Lenders making the best use of technology

"Lenders that achieved the Rated for Service or Top Rated for Service honour
performed consistently across all categories"

In association with

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Precise Mortgages

BTL lenders Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Rated lenders at a glance

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Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

For all data and licensing enquires please contact: Steven.Ray@emap.com, or
Aron.Marusic@emap.com

Commending the best in BTL

The assessment window for the Mortgage Finance Gazette Rated for Service Awards
coincided with a particularly trying time for the BTL sector, making the
achievements of our award-winning lenders all the more remarkable.

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

The BTL market was one of the biggest casualties of former prime minister Liz
Truss’s mini-Budget last year. Many lenders are still navigating the higher
interest rate environment, which is pressing them to think of new, inventive
ways to help investors. Of the 32 BTL lenders that were scored for these
inaugural awards, eight received the Top Rated for Service accolade and eight
won the Rated for Service award, with building societies or their subsidiaries
dominating the former category. Mutuals accounted for five of the eight
top-rated lenders, which was a striking achievement given just nine societies –
including subsidiaries – were scored overall. There was also a strong showing
from intermediary-only brands, which accounted for just under half of the
award-winning lenders.

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Rated and Top Rated BTL Lenders

Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Scores were quite consistent across the board, with Barclays again standing out
for both its strong product offering but its less popular technology. BTL
lenders in the upper quartile received their highest score for sales support and
communication, with strategic focus scoring the lowest. Median scores were
noticeably lower; yet, interestingly, strategic focus was the most highly rated
area, with product offering the lowest. As well as being top rated for their
specialist offering, both Aldermore and Bank of Ireland are rated for their BTL
proposition. Kensington Mortgages is the only lender to make an impressive
crossover between all three sectors, achieving Rated for Service in each one.

Rated and Top Rated Specialist Lenders

Top Rated

Rated

Pepper Money Aldermore

Kensington Mortgages Precise Mortgages

credit to providing bridging and second charge solutions, specialist lenders
increasingly are called on by brokers to fill the void left by mainstream
lenders. Three such specialists have been recognised for their exceptional
service, receiving the Top Rated for Service accolade, with two more achieving
the Rated for Service award. A total of 11 lenders were scored, including one
building society. With the exception of one, all recipients of the Top Rated for
Service and the Rated for Service awards operated intermediary-only residential
brands, which could in part explain their strong scores for strategic focus.

By a notable margin, strategic focus proved the best-scoring area for specialist
lenders in the upper quartile, with product offering, underwriting and case
processing the joint lowest. Strategic focus also produced the best median
score, while specialist lenders’ products were once again identified as the
weakest link. The high strategic focus score also reflects the commitment and
support this cohort of lenders showed to the intermediary market during the
turbulence of 2022, while the lower product score may reflect the challenges
around pricing and rate withdrawals. Two lenders have been commended in both the
specialist and mainstream domains, with Bank of Ireland top rated for its
specialist service and rated for its mainstream proposition, while Kensington
Mortgages was rated in both markets.

Often taking the lead with creative and innovative ways to help borrowers,
specialist lenders have never been more needed as borrowers feel the strain from
the inflated cost of living. From assisting borrowers with adverse

Specialist lenders leading the way

"Strategic focus proved the best-scoring area for specialist lenders in the
upper quartile"

Overall Winners (table by catgegory)

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

some differences in the way the two demographics are served by lenders, either
unknowingly or intentionally. ARs made up 52% of those who rated lenders’
service, with DAs accounting for 48%. In general, lenders performed better among
DAs than among ARs, scoring higher overall in all three sectors: mainstream,
specialist and BTL. In the mainstream market, lenders performed better in DAs’
estimation in three of the five key areas: strategic focus, sales support and
communications, and underwriting and case processing. But they scored more
strongly for ARs in the product and technology categories. However, the overall
difference in AR and DA scoring was only fractional in this sector.

When mainstream lenders’ scores are broken down, in a few cases there is a
notable difference between scores given to an individual lender by ARs and those
given by DAs. Among lenders with the greatest discrepancy in scores, there does
not seem to be a pattern, such as the size or type of lender. When specialist
lenders’ scores are analysed, DAs rated lenders higher than their AR
counterparts did, in all five key areas. The difference between DA and AR scores
in the specialist market was noticeably greater than that for mainstream
lenders. Again there was some DA/AR variability by lender and, while the biggest
individual variable was recorded in the mainstream market, the difference in
individual lenders’ scores was generally more pronounced in the specialist
space. In some instances, lenders with the biggest scoring differential in the
mainstream market achieved the same in the specialist market.

Theoretically, the service from lenders to both directly authorised (DA) brokers
and appointed representatives (ARs) should be uniform. However, the scores given
in the Mortgage Finance Gazette Rated for Service Awards highlight

Analysis of results - AR/DA

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Precise Mortgages

BTL lenders Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Rated and Top Rated Lenders – Strategic focus

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society NatWest Leeds Building Society HSBC

TSB Santander Kensington Mortgages Newcastle Building Society Aldermore
Principality Building Society Virgin Money Bank of Ireland

Specialist lenders Top Rated

Rated

Pepper Money Aldermore Kensington Mortgages

Precise Mortgages Bank of Ireland

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions The Mortgage Works Accord Mortgages
NatWest Skipton Building Society Leeds Building Society Precise Mortgages

Santander TSB Aldermore Paragon Mortgages Fleet Mortgages Landbay Kensington
Mortgages HSBC

A strong strategic focus is about not just broker exclusives but demonstrating a
commitment to the intermediary market through words and deeds. Among the upper
quartile of mainstream, specialist and BTL lenders, the highest score for
strategic focus derived from mainstream lenders, with the lowest attached to BTL
lenders. Specialist lenders, however, came top with the median score, while BTL
lenders were again ranked lowest.

For mainstream lenders there did not appear to be a correlation between a strong
strategic focus and an intermediary-only brand. When the strategic focus scores
were examined in isolation, only one top-rated mainstream lender operated
exclusively through intermediaries. This increased to half of all lenders when
the top-rated BTL lenders were considered, while all top-rated accolades in the
specialist market went to intermediary-only brands. Building societies and
subsidiaries performed well once again, claiming over half of the top spots for
both mainstream and BTL lenders. Across all markets, on the whole, lenders that
were top rated or rated for strategic focus also received overall recognition.
However, two BTL lenders and one mainstream lender were top rated or rated for
strategic focus but failed to receive an accolade due to their scores in other
categories.

The broker/lender relationship sits at the heart of the intermediary mortgage
sector. This bond was never more tested than in the latter half of 2022 when
market chaos ensued and both parties needed to work together to ensure positive
client outcomes.

Recognising a strong strategic focus

"On the whole, lenders that were top rated or rated for strategic focus also
received overall recognition."

Rated and Top Rated Lenders – Product offering

Mainstream lenders Top Rated

Rated

Nationwide Building Society NatWest HSBC Halifax Coventry Building Society
Barclays Skipton Building Society Accord Mortgages

Leeds Building Society TSB Virgin Money Santander Newcastle Building Society
Platform Mortgages Principality Building Society Clydesdale Bank

Specialist lenders Top Rated

Rated

Bank of Ireland Precise Mortgages Aldermore

Pepper Money Kensington Mortgages

BTL lenders Top Rated

Rated

The Mortgage Works Coventry Building Society BM Solutions Accord Mortgages
NatWest Skipton Building Society Barclays Leeds Building Society

HSBC Santander TSB Virgin Money Bank of Ireland Precise Mortgages Paragon
Mortgages Aldermore

In the course of the Rated for Service Awards scoring period, the cost of
funding for lenders soared, creating a challenging environment, to say the
least. All the more reason to celebrate the fantastic achievements of those in
the top rated and rated categories. The upper quartile of mainstream lenders led
in product scoring, while the upper quartile of specialist lenders scored the
lowest by quite some way. Mainstream lenders also claimed the highest median
score, with BTL lenders scoring the lowest.

Product scoring among mainstream lenders produced notable fluctuations. One
lender gained Rated for Service for its product offering alone, but featured in
the bottom-five lenders when other key service areas were taken into account.
Product offering proved to be the weakest area for specialist lenders in both
the upper quartile and median score; perhaps explained by the testing market
conditions following the mini-Budget. BTL product scores were also lower
compared to other key business areas. However, BTL lenders in the top quartile
performed significantly better than the overall median BTL product score,
demonstrating the resilience and innovation of some of the sector leaders.

Competitive products form the basis of most lenders’ mortgage proposition, yet
it does not come down to rate alone. An ageing population and the changing
demographic of borrowers mean lenders increasingly are having to adapt and
reshape their product ranges in response to shifts in demand.

Lenders excelling with product offerings

"Product scoring among mainstream lenders produced notable fluctuations"

Mainstream lenders Top Rated

Rated

Coventry Building Society Halifax Accord Mortgages HSBC Skipton Building Society
TSB Nationwide Building Society Leeds Building Society

NatWest Santander Virgin Money Newcastle Building Society Pepper Money Bank of
Ireland Principality Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Kent Reliance

BTL lenders Top Rated

Rated

Coventry Building Society Accord Mortgages Skipton Building Society BM Solutions
The Mortgage Works HSBC Leeds Building Society NatWest

TSB Bank of Ireland Santander Virgin Money Paragon Mortgages Kensington
Mortgages Aldermore Fleet Mortgages

Rated and Top Rated Lenders – Sales support & communications

The mainstream lenders that were top rated or rated in the sales support and
communications category matched the overall winners, albeit one lender was rated
in this category but did not receive overall recognition. In general, lenders in
the specialist space performed well in this area compared to their other key
categories. Most specialists that were top rated or rated for sales support and
communications matched those that received overall recognition. One, however,
was rated for this category but scored lower for its underwriting and case
processing, bringing down its overall score. Equally, one specialist lender was
rated overall but not in the sales support and communications category.

sales support and communication, we asked brokers to score lenders based on
their holistic support. Providing consistent, fast, reliable and clear responses
to broker queries was not always easy during the scoring period, making it a
noteworthy achievement for those lenders handed the top rated and rated honours.
BTL lenders triumphed in this section, claiming both the highest median and
upper quartile scores. Specialist lenders received the lowest upper quartile
score, and mainstream lenders the lowest median score.

Good communication and sales support are vital to the smooth running of a
mortgage market at the best of times, but even more so in periods of
uncertainty. Searching for the very best in lender

Supporting brokers through the tough times

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Underwriting & case processing

Nevertheless, among the top-rated mainstream lenders there were some
exceptionally high scores for underwriting and case processing. One lender’s
score was the highest across all categories and domains; a sign that, despite
the market disruption, some lenders still pulled out all the stops when
processing applications. In the specialist sector, lenders that were top rated
or rated for underwriting and case processing matched those that were rated
overall, except one that received a Rated for Service score in this category and
no other. Likewise, scoring for BTL was generally consistent, with the exception
of a couple of lenders. One was rated in this category alone, highlighting that
good underwriting may not go hand in hand with good service elsewhere.

The upper quartile of BTL lenders narrowly pipped the upper quartile of
mainstream lenders to the highest score in this section; perhaps a demonstration
of the versatile approach many adopted in the challenging market of late 2022.
Specialist lenders, meanwhile, claimed the highest median score and mainstream
lenders the lowest.

As borrower finances continue to be squeezed, lenders’ underwriting and case
processing increasingly are under the spotlight. Nothing is more frustrating for
brokers than a lender that is inconsistent and inflexible with its underwriting
decisions, or never contactable.

Most flexible and consistent underwriting

"Despite the market disruption, some lenders still pulled out all the stops when
processing applications."

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Technology

With the exception of two lenders, all mainstream lenders that were either top
rated or rated for their technology alone also received overall recognition. It
was a similar outcome in the BTL market, with all lenders but two being either
top rated or rated for technology and also receiving overall recognition. For
specialist lenders, those either top rated or rated reflected those commended
overall. Both mainstream and BTL lenders in the upper quartile performed well
with technology compared to other key areas, which suggests the top lenders are
making strong strides on their digital journey.

brokers and clients. So too can a lender’s ability to reliably and quickly
inform brokers of product changes and withdrawals; something of critical
importance last year. The Top Rated for Service and Rated for Service lenders
have excelled in brokers’ eyes with their use of technology. The upper quartile
of mainstream lenders scored particularly well, with their technology rating
also the highest collective score across all categories. In contrast, the median
score for mainstream lenders was the lowest across the technology spectrum;
suggesting the quality of technology may differ significantly between lenders.
Specialist lenders gained the lowest upper quartile score for their use of
technology but the highest median score.

Technology has revolutionised the mortgage market, with lockdown propelling many
lenders’ digital growth in recent years. An easy-to-use and reliable system can
make the world of difference to

Lenders making the best use of technology

With BTL scores, DAs again rated lenders higher than ARs did in all five areas.
The overall difference between the scores was not as sizeable as in the
specialist market but was higher than for mainstream lenders. There were marked
differences in BTL scores given to certain lenders by DAs and ARs. In most
instances, these corresponded with the scores given in other markets. One
lender, for example, scored significantly lower for its technology among DAs
than among ARs in both the mainstream and BTL markets, potentially indicating a
difference in the systems provided to each. However, this trend was not
consistent across all sectors, with one lender scoring consistently among ARs
and DAs for its mainstream service but not for its specialist service. Overall,
the highest standalone DA score went to mainstream lenders for their sales
support and communication, with the lowest DA score going to specialist lenders
for their products. In contrast, the highest AR score went to mainstream lenders
for their product offering, while the lowest score was given to specialist
lenders’ underwriting and case processing.

Service scores

Scores based on submitted cases

Analysis of results by case size

Whether a broker submits just a couple of cases per month or more than 20,
naturally there is an expectation that the service they receive from lenders
should not differ. The Rated for Service scores raise interesting insights into
how brokers rate lender service based on the number of overall cases they submit
each month. Brokers who individually submitted between six and 10 cases per
month made up the lion’s share of the scores, accounting for 38%, followed by
35% who submitted from one to five cases.

Brokers who submitted 11 to 20 cases represented 20% of participants, whereas
those submitting 20-plus cases equated to 7% – the smallest group. In both the
mainstream and BTL sectors, lenders received the lowest scores from brokers who
submitted the fewest cases: between one and five per month. However, specialist
lenders scored the lowest among those who submitted between 11 and 20 cases. The
highest set of scores for mainstream lenders came from brokers who submitted 11
to 20 cases per month. BTL lenders scored the highest among brokers who
submitted 20-plus cases, and specialist lenders were rated the highest among
those who submitted between six and 10 cases.

When the mainstream scores are assessed in isolation, brokers who submitted the
fewest cases gave the lowest score, notably lower than in the other three
categories. Within those other categories the overall scores were more closely
matched, suggesting the service received by those brokers was generally more
consistent. For specialist lenders, the gaps in scores between the subsections
were variable but not substantial. The contrast between the lowest and highest
service scores was most distinctive in the BTL sector, with this section also
producing the most individual lender fluctuations. Brokers who wrote the most
mortgages per month – 20 plus – rated the lenders noticeably higher than did
those who submitted between one and five cases.

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Click for results

Rated lenders at a glance

In association with

Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

"Lenders that achieved the Rated for Service or Top Rated for Service honour
performed consistently across all categories"

It is a similar scenario in the Rated for Service category, with Newcastle
Building Society, the 20th-largest lender, being recognised alongside Santander,
the fourth largest. Among those lenders in the upper quartile, technology stood
out, albeit fractionally, as the top-performing area, with underwriting and case
processing leaving the most room for improvement. For the median score,
strategic focus was the strongest area, with underwriting and case processing
again the weakest. Overall, lenders that achieved the Rated for Service or Top
Rated for Service honour performed consistently across all categories. However,
the scores produced a few anomalies. Barclays, for example, was Top Rated for
Service with its product offering but was let down by its technology score,
meaning it missed out on recognition. Analysis by Natalie Thomas

Often viewed as the backbone of the mortgage market, mainstream lenders are
integral to keeping the sector moving and thriving. Given the turmoil the market
and the wider economy endured in the second half of last year, lenders that
achieved the Top Rated for Service or the Rated for Service accolade are to be
particularly commended. Building societies and their subsidiaries performed
especially well, with five receiving the Top Rated for Service award and two the
Rated for Service award. This is a strong achievement given these organisations
constituted just 12 of the 33 mainstream lenders. Size does not appear to be an
over-riding factor in a lender’s service. Leeds Building Society, the UK’s
13th-largest lender in terms of gross lending, is Top Rated for Service
alongside Halifax, which is part of the UK’s largest lender, Lloyds Banking
Group.

Recognising the best mainstream lenders

Home

Click for lender performance in key service areas

"They are untouchable on all fronts including price, service and focus"

Broker comment

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

In association with

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

By a notable margin, strategic focus proved the best-scoring area for specialist
lenders in the upper quartile, with product offering, underwriting and case
processing the joint lowest. Strategic focus also produced the best median
score, while specialist lenders’ products were once again identified as the
weakest link. The high strategic focus score also reflects the commitment and
support this cohort of lenders showed to the intermediary market during the
turbulence of 2022, while the lower product score may reflect the challenges
around pricing and rate withdrawals. Two lenders have been commended in both the
specialist and mainstream domains, with Bank of Ireland top rated for its
specialist service and rated for its mainstream proposition, while Kensington
Mortgages was rated in both markets. Analysis by Natalie Thomas

Often taking the lead with creative and innovative ways to help borrowers,
specialist lenders have never been more needed as borrowers feel the strain from
the inflated cost of living. From assisting borrowers with adverse credit to
providing bridging and second charge solutions, specialist lenders increasingly
are called on by brokers to fill the void left by mainstream lenders. Three such
specialists have been recognised for their exceptional service, receiving the
Top Rated for Service accolade, with two more achieving the Rated for Service
award. A total of 11 lenders were scored, including one building society. With
the exception of one, all recipients of the Top Rated for Service and the Rated
for Service awards operated intermediary-only residential brands, which could in
part explain their strong scores for strategic focus.

Specialist lenders leading the way

In association with

"Strategic focus proved the best-scoring area for specialist lenders in the
upper quartile"

Home

Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Precise Mortgages

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

“Good BDM support and underwriters look for reasons to do business, rather than
to not do it”

Broker comment

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

In association with

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

In association with

Home

Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

"The BTL market was one of the biggest casualties of former prime minister Liz
Truss’s mini-budget last year"

Scores were quite consistent across the board, with Barclays again standing out
for both its strong product offering but its less popular technology. BTL
lenders in the upper quartile received their highest score for sales support and
communication, with strategic focus scoring the lowest. Median scores were
noticeably lower; yet, interestingly, strategic focus was the most highly rated
area, with product offering the lowest. As well as being top rated for their
specialist offering, both Aldermore and Bank of Ireland are rated for their BTL
proposition. Kensington Mortgages is the only lender to make an impressive
crossover between all three sectors, achieving Rated for Service in each one.
Analysis by Natalie Thomas

The assessment window for the Mortgage Finance Gazette Rated for Service Awards
coincided with a particularly trying time for the BTL sector, making the
achievements of our award-winning lenders all the more remarkable. The BTL
market was one of the biggest casualties of former prime minister Liz Truss’s
mini-Budget last year. Many lenders are still navigating the higher interest
rate environment, which is pressing them to think of new, inventive ways to help
investors. Of the 32 BTL lenders that were scored for these inaugural awards,
eight received the Top Rated for Service accolade and eight won the Rated for
Service award, with building societies or their subsidiaries dominating the
former category. Mutuals accounted for five of the eight top-rated lenders,
which was a striking achievement given just nine societies – including
subsidiaries – were scored overall. There was also a strong showing from
intermediary-only brands, which accounted for just under half of the
award-winning lenders.

Commending the best in BTL

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

“Excellent service for portfolio landlords, able to complete multiple
applications at once, good pricing and quick service”

Broker comment

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

In association with

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

Mainstream lenders Top quartile

Second quartile

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society NatWest Leeds Building Society HSBC

TSB Santander Kensington Mortgages Newcastle Building Society Aldermore
Principality Building Society Virgin Money Bank of Ireland

Specialist lenders Top quartile

Second quartile

Pepper Money Aldermore Kensington Mortgages

Precise Mortgages Bank of Ireland

BTL lenders Top quartile

Second quartile

Coventry Building Society BM Solutions The Mortgage Works Accord Mortgages
NatWest Skipton Building Society Leeds Building Society Precise Mortgages

Santander TSB Aldermore Paragon Mortgages Fleet Mortgages Landbay Kensington
Mortgages HSBC

For mainstream lenders there did not appear to be a correlation between a strong
strategic focus and an intermediary-only brand. When the strategic focus scores
were examined in isolation, only one top-rated mainstream lender operated
exclusively through intermediaries. This increased to half of all lenders when
the top-rated BTL lenders were considered, while all top-rated accolades in the
specialist market went to intermediary-only brands. Building societies and
subsidiaries performed well once again, claiming over half of the top spots for
both mainstream and BTL lenders. Across all markets, on the whole, lenders that
were top rated or rated for strategic focus also received overall recognition.
However, two BTL lenders and one mainstream lender were top rated or rated for
strategic focus but failed to receive an accolade due to their scores in other
categories. Analysis by Natalie Thomas

The broker/lender relationship sits at the heart of the intermediary mortgage
sector. This bond was never more tested than in the latter half of 2022 when
market chaos ensued and both parties needed to work together to ensure positive
client outcomes. A strong strategic focus is about not just broker exclusives
but demonstrating a commitment to the intermediary market through words and
deeds. Among the upper quartile of mainstream, specialist and BTL lenders, the
highest score for strategic focus derived from mainstream lenders, with the
lowest attached to BTL lenders. Specialist lenders, however, came top with the
median score, while BTL lenders were again ranked lowest.

Recognising a strong strategic focus

In association with

"On the whole, lenders that were top rated or rated for strategic focus also
received overall recognition."

Home

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

“They are an amazing lender that values our time. They are really easy to deal
with, responsive and quick”

Broker comment

In association with

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Rated and Top Rated Mainstream Lenders

Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

It is a similar scenario in the Rated for Service category, with Newcastle
Building Society, the 20th-largest lender, being recognised alongside Santander,
the fourth largest. Among those lenders in the upper quartile, technology stood
out, albeit fractionally, as the top-performing area, with underwriting and case
processing leaving the most room for improvement. For the median score,
strategic focus was the strongest area, with underwriting and case processing
again the weakest. Overall, lenders that achieved the Rated for Service or Top
Rated for Service honour performed consistently across all categories. However,
the scores produced a few anomalies. Barclays, for example, was Top Rated for
Service with its product offering but was let down by its technology score,
meaning it missed out on recognition.

Often viewed as the backbone of the mortgage market, mainstream lenders are
integral to keeping the sector moving and thriving. Given the turmoil the market
and the wider economy endured in the second half of last year, lenders that
achieved the Top Rated for Service or the Rated for Service accolade are to be
particularly commended. Building societies and their subsidiaries performed
especially well, with five receiving the Top Rated for Service award and two the
Rated for Service award. This is a strong achievement given these organisations
constituted just 12 of the 33 mainstream lenders. Size does not appear to be an
over-riding factor in a lender’s service. Leeds Building Society, the UK’s
13th-largest lender in terms of gross lending, is Top Rated for Service
alongside Halifax, which is part of the UK’s largest lender, Lloyds Banking
Group.

Recognising the best mainstream lenders

Mainstream lenders Top quartile

Second quartile

Leeds Building Society TSB Virgin Money Santander Newcastle Building Society
Platform Mortgages Principality Building Society Clydesdale Bank

Specialist lenders Top quartile

Second quartile

Bank of Ireland Precise Mortgages Aldermore

Pepper Money Kensington Mortgages

BTL lenders Top quartile

Second quartile

The Mortgage Works Coventry Building Society BM Solutions Accord Mortgages
NatWest Skipton Building Society Barclays Leeds Building Society

HSBC Santander TSB Virgin Money Bank of Ireland Precise Mortgages Paragon
Mortgages Aldermore

In the course of the Rated for Service Awards scoring period, the cost of
funding for lenders soared, creating a challenging environment, to say the
least. All the more reason to celebrate the fantastic achievements of those in
the top rated and rated categories. The upper quartile of mainstream lenders led
in product scoring, while the upper quartile of specialist lenders scored the
lowest by quite some way. Mainstream lenders also claimed the highest median
score, with BTL lenders scoring the lowest.

Product scoring among mainstream lenders produced notable fluctuations. One
lender gained Rated for Service for its product offering alone, but featured in
the bottom-five lenders when other key service areas were taken into account.
Product offering proved to be the weakest area for specialist lenders in both
the upper quartile and median score; perhaps explained by the testing market
conditions following the mini-Budget. BTL product scores were also lower
compared to other key business areas. However, BTL lenders in the top quartile
performed significantly better than the overall median BTL product score,
demonstrating the resilience and innovation of some of the sector leaders.
Analysis by Natalie Thomas

Competitive products form the basis of most lenders’ mortgage proposition, yet
it does not come down to rate alone. An ageing population and the changing
demographic of borrowers mean lenders increasingly are having to adapt and
reshape their product ranges in response to shifts in demand.

Lenders excelling with product offering

"Product scoring among mainstream lenders produced notable fluctuations"

"Lenders that achieved the Rated for Service or Top Rated for Service honour
performed consistently across all categories"

In association with

Nationwide Building Society NatWest HSBC Halifax Coventry Building Society
Barclays Skipton Building Society Accord Mortgages

Home

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

“Product Transfer Rates have been competitive and show a true loyalty to their
clients”

Broker comment

In association with

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Commending the best in BTL

The assessment window for the Mortgage Finance Gazette Rated for Service Awards
coincided with a particularly trying time for the BTL sector, making the
achievements of our award-winning lenders all the more remarkable.

The BTL market was one of the biggest casualties of former prime minister Liz
Truss’s mini-Budget last year. Many lenders are still navigating the higher
interest rate environment, which is pressing them to think of new, inventive
ways to help investors. Of the 32 BTL lenders that were scored for these
inaugural awards, eight received the Top Rated for Service accolade and eight
won the Rated for Service award, with building societies or their subsidiaries
dominating the former category. Mutuals accounted for five of the eight
top-rated lenders, which was a striking achievement given just nine societies –
including subsidiaries – were scored overall. There was also a strong showing
from intermediary-only brands, which accounted for just under half of the
award-winning lenders.

Rated and Top Rated BTL Lenders

Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Scores were quite consistent across the board, with Barclays again standing out
for both its strong product offering but its less popular technology. BTL
lenders in the upper quartile received their highest score for sales support and
communication, with strategic focus scoring the lowest. Median scores were
noticeably lower; yet, interestingly, strategic focus was the most highly rated
area, with product offering the lowest. As well as being top rated for their
specialist offering, both Aldermore and Bank of Ireland are rated for their BTL
proposition. Kensington Mortgages is the only lender to make an impressive
crossover between all three sectors, achieving Rated for Service in each one.

Rated and Top Rated Mainstream Lenders

Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

It is a similar scenario in the Rated for Service category, with Newcastle
Building Society, the 20th-largest lender, being recognised alongside Santander,
the fourth largest. Among those lenders in the upper quartile, technology stood
out, albeit fractionally, as the top-performing area, with underwriting and case
processing leaving the most room for improvement. For the median score,
strategic focus was the strongest area, with underwriting and case processing
again the weakest. Overall, lenders that achieved the Rated for Service or Top
Rated for Service honour performed consistently across all categories. However,
the scores produced a few anomalies. Barclays, for example, was Top Rated for
Service with its product offering but was let down by its technology score,
meaning it missed out on recognition.

Often viewed as the backbone of the mortgage market, mainstream lenders are
integral to keeping the sector moving and thriving. Given the turmoil the market
and the wider economy endured in the second half of last year, lenders that
achieved the Top Rated for Service or the Rated for Service accolade are to be
particularly commended. Building societies and their subsidiaries performed
especially well, with five receiving the Top Rated for Service award and two the
Rated for Service award. This is a strong achievement given these organisations
constituted just 12 of the 33 mainstream lenders. Size does not appear to be an
over-riding factor in a lender’s service. Leeds Building Society, the UK’s
13th-largest lender in terms of gross lending, is Top Rated for Service
alongside Halifax, which is part of the UK’s largest lender, Lloyds Banking
Group.

Recognising the best mainstream lenders

Rated and Top Rated Specialist Lenders

Top Rated

Rated

Pepper Money Aldermore

Kensington Mortgages Precise Mortgages

credit to providing bridging and second charge solutions, specialist lenders
increasingly are called on by brokers to fill the void left by mainstream
lenders. Three such specialists have been recognised for their exceptional
service, receiving the Top Rated for Service accolade, with two more achieving
the Rated for Service award. A total of 11 lenders were scored, including one
building society. With the exception of one, all recipients of the Top Rated for
Service and the Rated for Service awards operated intermediary-only residential
brands, which could in part explain their strong scores for strategic focus.

By a notable margin, strategic focus proved the best-scoring area for specialist
lenders in the upper quartile, with product offering, underwriting and case
processing the joint lowest. Strategic focus also produced the best median
score, while specialist lenders’ products were once again identified as the
weakest link. The high strategic focus score also reflects the commitment and
support this cohort of lenders showed to the intermediary market during the
turbulence of 2022, while the lower product score may reflect the challenges
around pricing and rate withdrawals. Two lenders have been commended in both the
specialist and mainstream domains, with Bank of Ireland top rated for its
specialist service and rated for its mainstream proposition, while Kensington
Mortgages was rated in both markets.

Often taking the lead with creative and innovative ways to help borrowers,
specialist lenders have never been more needed as borrowers feel the strain from
the inflated cost of living. From assisting borrowers with adverse

Specialist lenders leading the way

"Strategic focus proved the best-scoring area for specialist lenders in the
upper quartile"

Overall Winners (table by catgegory)

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

some differences in the way the two demographics are served by lenders, either
unknowingly or intentionally. ARs made up 52% of those who rated lenders’
service, with DAs accounting for 48%. In general, lenders performed better among
DAs than among ARs, scoring higher overall in all three sectors: mainstream,
specialist and BTL. In the mainstream market, lenders performed better in DAs’
estimation in three of the five key areas: strategic focus, sales support and
communications, and underwriting and case processing. But they scored more
strongly for ARs in the product and technology categories. However, the overall
difference in AR and DA scoring was only fractional in this sector.

When mainstream lenders’ scores are broken down, in a few cases there is a
notable difference between scores given to an individual lender by ARs and those
given by DAs. Among lenders with the greatest discrepancy in scores, there does
not seem to be a pattern, such as the size or type of lender. When specialist
lenders’ scores are analysed, DAs rated lenders higher than their AR
counterparts did, in all five key areas. The difference between DA and AR scores
in the specialist market was noticeably greater than that for mainstream
lenders. Again there was some DA/AR variability by lender and, while the biggest
individual variable was recorded in the mainstream market, the difference in
individual lenders’ scores was generally more pronounced in the specialist
space. In some instances, lenders with the biggest scoring differential in the
mainstream market achieved the same in the specialist market.

Theoretically, the service from lenders to both directly authorised (DA) brokers
and appointed representatives (ARs) should be uniform. However, the scores given
in the Mortgage Finance Gazette Rated for Service Awards highlight

Analysis of results - AR/DA

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Precise Mortgages

BTL lenders Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Rated and Top Rated Lenders – Strategic focus

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society NatWest Leeds Building Society HSBC

TSB Santander Kensington Mortgages Newcastle Building Society Aldermore
Principality Building Society Virgin Money Bank of Ireland

Specialist lenders Top Rated

Rated

Pepper Money Aldermore Kensington Mortgages

Precise Mortgages Bank of Ireland

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions The Mortgage Works Accord Mortgages
NatWest Skipton Building Society Leeds Building Society Precise Mortgages

Santander TSB Aldermore Paragon Mortgages Fleet Mortgages Landbay Kensington
Mortgages HSBC

A strong strategic focus is about not just broker exclusives but demonstrating a
commitment to the intermediary market through words and deeds. Among the upper
quartile of mainstream, specialist and BTL lenders, the highest score for
strategic focus derived from mainstream lenders, with the lowest attached to BTL
lenders. Specialist lenders, however, came top with the median score, while BTL
lenders were again ranked lowest.

For mainstream lenders there did not appear to be a correlation between a strong
strategic focus and an intermediary-only brand. When the strategic focus scores
were examined in isolation, only one top-rated mainstream lender operated
exclusively through intermediaries. This increased to half of all lenders when
the top-rated BTL lenders were considered, while all top-rated accolades in the
specialist market went to intermediary-only brands. Building societies and
subsidiaries performed well once again, claiming over half of the top spots for
both mainstream and BTL lenders. Across all markets, on the whole, lenders that
were top rated or rated for strategic focus also received overall recognition.
However, two BTL lenders and one mainstream lender were top rated or rated for
strategic focus but failed to receive an accolade due to their scores in other
categories.

The broker/lender relationship sits at the heart of the intermediary mortgage
sector. This bond was never more tested than in the latter half of 2022 when
market chaos ensued and both parties needed to work together to ensure positive
client outcomes.

Recognising a strong strategic focus

"On the whole, lenders that were top rated or rated for strategic focus also
received overall recognition."

Rated and Top Rated Lenders – Product offering

Mainstream lenders Top Rated

Rated

Nationwide Building Society NatWest HSBC Halifax Coventry Building Society
Barclays Skipton Building Society Accord Mortgages

Leeds Building Society TSB Virgin Money Santander Newcastle Building Society
Platform Mortgages Principality Building Society Clydesdale Bank

Specialist lenders Top Rated

Rated

Bank of Ireland Precise Mortgages Aldermore

Pepper Money Kensington Mortgages

BTL lenders Top Rated

Rated

The Mortgage Works Coventry Building Society BM Solutions Accord Mortgages
NatWest Skipton Building Society Barclays Leeds Building Society

HSBC Santander TSB Virgin Money Bank of Ireland Precise Mortgages Paragon
Mortgages Aldermore

In the course of the Rated for Service Awards scoring period, the cost of
funding for lenders soared, creating a challenging environment, to say the
least. All the more reason to celebrate the fantastic achievements of those in
the top rated and rated categories. The upper quartile of mainstream lenders led
in product scoring, while the upper quartile of specialist lenders scored the
lowest by quite some way. Mainstream lenders also claimed the highest median
score, with BTL lenders scoring the lowest.

Product scoring among mainstream lenders produced notable fluctuations. One
lender gained Rated for Service for its product offering alone, but featured in
the bottom-five lenders when other key service areas were taken into account.
Product offering proved to be the weakest area for specialist lenders in both
the upper quartile and median score; perhaps explained by the testing market
conditions following the mini-Budget. BTL product scores were also lower
compared to other key business areas. However, BTL lenders in the top quartile
performed significantly better than the overall median BTL product score,
demonstrating the resilience and innovation of some of the sector leaders.

Competitive products form the basis of most lenders’ mortgage proposition, yet
it does not come down to rate alone. An ageing population and the changing
demographic of borrowers mean lenders increasingly are having to adapt and
reshape their product ranges in response to shifts in demand.

Lenders excelling with product offerings

"Product scoring among mainstream lenders produced notable fluctuations"

Mainstream lenders Top quartile

Second quartile

Coventry Building Society Halifax Accord Mortgages HSBC Skipton Building Society
TSB Nationwide Building Society Leeds Building Society

NatWest Santander Virgin Money Newcastle Building Society Pepper Money Bank of
Ireland Principality Building Society Kensington Mortgages

Specialist lenders Top quartile

Second quartile

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Kent Reliance

BTL lenders Top quartile

Second quartile

Coventry Building Society Accord Mortgages Skipton Building Society BM Solutions
The Mortgage Works HSBC Leeds Building Society NatWest

TSB Bank of Ireland Santander Virgin Money Paragon Mortgages Kensington
Mortgages Aldermore Fleet Mortgages

The mainstream lenders that were top rated or rated in the sales support and
communications category matched the overall winners, albeit one lender was rated
in this category but did not receive overall recognition. In general, lenders in
the specialist space performed well in this area compared to their other key
categories. Most specialists that were top rated or rated for sales support and
communications matched those that received overall recognition. One, however,
was rated for this category but scored lower for its underwriting and case
processing, bringing down its overall score. Equally, one specialist lender was
rated overall but not in the sales support and communications category. Analysis
by Natalie Thomas

Searching for the very best in lender sales support and communication, we asked
brokers to score lenders based on their holistic support. Providing consistent,
fast, reliable and clear responses to broker queries was not always easy during
the scoring period, making it a noteworthy achievement for those lenders handed
the top rated and rated honours. BTL lenders triumphed in this section, claiming
both the highest median and upper quartile scores. Specialist lenders received
the lowest upper quartile score, and mainstream lenders the lowest median score.

Good communication and sales support are vital to the smooth running of a
mortgage market at the best of times, but even more so in periods of
uncertainty.

Supporting brokers through the tough times

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Underwriting & case processing

Nevertheless, among the top-rated mainstream lenders there were some
exceptionally high scores for underwriting and case processing. One lender’s
score was the highest across all categories and domains; a sign that, despite
the market disruption, some lenders still pulled out all the stops when
processing applications. In the specialist sector, lenders that were top rated
or rated for underwriting and case processing matched those that were rated
overall, except one that received a Rated for Service score in this category and
no other. Likewise, scoring for BTL was generally consistent, with the exception
of a couple of lenders. One was rated in this category alone, highlighting that
good underwriting may not go hand in hand with good service elsewhere.

The upper quartile of BTL lenders narrowly pipped the upper quartile of
mainstream lenders to the highest score in this section; perhaps a demonstration
of the versatile approach many adopted in the challenging market of late 2022.
Specialist lenders, meanwhile, claimed the highest median score and mainstream
lenders the lowest.

As borrower finances continue to be squeezed, lenders’ underwriting and case
processing increasingly are under the spotlight. Nothing is more frustrating for
brokers than a lender that is inconsistent and inflexible with its underwriting
decisions, or never contactable.

Most flexible and consistent underwriting

"Despite the market disruption, some lenders still pulled out all the stops when
processing applications."

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Technology

With the exception of two lenders, all mainstream lenders that were either top
rated or rated for their technology alone also received overall recognition. It
was a similar outcome in the BTL market, with all lenders but two being either
top rated or rated for technology and also receiving overall recognition. For
specialist lenders, those either top rated or rated reflected those commended
overall. Both mainstream and BTL lenders in the upper quartile performed well
with technology compared to other key areas, which suggests the top lenders are
making strong strides on their digital journey.

brokers and clients. So too can a lender’s ability to reliably and quickly
inform brokers of product changes and withdrawals; something of critical
importance last year. The Top Rated for Service and Rated for Service lenders
have excelled in brokers’ eyes with their use of technology. The upper quartile
of mainstream lenders scored particularly well, with their technology rating
also the highest collective score across all categories. In contrast, the median
score for mainstream lenders was the lowest across the technology spectrum;
suggesting the quality of technology may differ significantly between lenders.
Specialist lenders gained the lowest upper quartile score for their use of
technology but the highest median score.

Technology has revolutionised the mortgage market, with lockdown propelling many
lenders’ digital growth in recent years. An easy-to-use and reliable system can
make the world of difference to

Lenders making the best use of technology

With BTL scores, DAs again rated lenders higher than ARs did in all five areas.
The overall difference between the scores was not as sizeable as in the
specialist market but was higher than for mainstream lenders. There were marked
differences in BTL scores given to certain lenders by DAs and ARs. In most
instances, these corresponded with the scores given in other markets. One
lender, for example, scored significantly lower for its technology among DAs
than among ARs in both the mainstream and BTL markets, potentially indicating a
difference in the systems provided to each. However, this trend was not
consistent across all sectors, with one lender scoring consistently among ARs
and DAs for its mainstream service but not for its specialist service. Overall,
the highest standalone DA score went to mainstream lenders for their sales
support and communication, with the lowest DA score going to specialist lenders
for their products. In contrast, the highest AR score went to mainstream lenders
for their product offering, while the lowest score was given to specialist
lenders’ underwriting and case processing.

Service scores

Scores based on submitted cases

Analysis of results by case size

Whether a broker submits just a couple of cases per month or more than 20,
naturally there is an expectation that the service they receive from lenders
should not differ. The Rated for Service scores raise interesting insights into
how brokers rate lender service based on the number of overall cases they submit
each month. Brokers who individually submitted between six and 10 cases per
month made up the lion’s share of the scores, accounting for 38%, followed by
35% who submitted from one to five cases.

Brokers who submitted 11 to 20 cases represented 20% of participants, whereas
those submitting 20-plus cases equated to 7% – the smallest group. In both the
mainstream and BTL sectors, lenders received the lowest scores from brokers who
submitted the fewest cases: between one and five per month. However, specialist
lenders scored the lowest among those who submitted between 11 and 20 cases. The
highest set of scores for mainstream lenders came from brokers who submitted 11
to 20 cases per month. BTL lenders scored the highest among brokers who
submitted 20-plus cases, and specialist lenders were rated the highest among
those who submitted between six and 10 cases.

When the mainstream scores are assessed in isolation, brokers who submitted the
fewest cases gave the lowest score, notably lower than in the other three
categories. Within those other categories the overall scores were more closely
matched, suggesting the service received by those brokers was generally more
consistent. For specialist lenders, the gaps in scores between the subsections
were variable but not substantial. The contrast between the lowest and highest
service scores was most distinctive in the BTL sector, with this section also
producing the most individual lender fluctuations. Brokers who wrote the most
mortgages per month – 20 plus – rated the lenders noticeably higher than did
those who submitted between one and five cases.

"Lenders that achieved the Rated for Service or Top Rated for Service honour
performed consistently across all categories"

In association with

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Summary

Analysis by broker category

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“BDM always stays in touch, easy to get a hold of and makes their website and
criteria easy to understand”

Broker comment

In association with

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

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Click for lender performance in key service areas

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Summary

Analysis by broker category

Openwork Comment

Methodology

Commending the best in BTL

The assessment window for the Mortgage Finance Gazette Rated for Service Awards
coincided with a particularly trying time for the BTL sector, making the
achievements of our award-winning lenders all the more remarkable.

The BTL market was one of the biggest casualties of former prime minister Liz
Truss’s mini-Budget last year. Many lenders are still navigating the higher
interest rate environment, which is pressing them to think of new, inventive
ways to help investors. Of the 32 BTL lenders that were scored for these
inaugural awards, eight received the Top Rated for Service accolade and eight
won the Rated for Service award, with building societies or their subsidiaries
dominating the former category. Mutuals accounted for five of the eight
top-rated lenders, which was a striking achievement given just nine societies –
including subsidiaries – were scored overall. There was also a strong showing
from intermediary-only brands, which accounted for just under half of the
award-winning lenders.

Rated and Top Rated BTL Lenders

Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Scores were quite consistent across the board, with Barclays again standing out
for both its strong product offering but its less popular technology. BTL
lenders in the upper quartile received their highest score for sales support and
communication, with strategic focus scoring the lowest. Median scores were
noticeably lower; yet, interestingly, strategic focus was the most highly rated
area, with product offering the lowest. As well as being top rated for their
specialist offering, both Aldermore and Bank of Ireland are rated for their BTL
proposition. Kensington Mortgages is the only lender to make an impressive
crossover between all three sectors, achieving Rated for Service in each one.

Rated and Top Rated Mainstream Lenders

Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

It is a similar scenario in the Rated for Service category, with Newcastle
Building Society, the 20th-largest lender, being recognised alongside Santander,
the fourth largest. Among those lenders in the upper quartile, technology stood
out, albeit fractionally, as the top-performing area, with underwriting and case
processing leaving the most room for improvement. For the median score,
strategic focus was the strongest area, with underwriting and case processing
again the weakest. Overall, lenders that achieved the Rated for Service or Top
Rated for Service honour performed consistently across all categories. However,
the scores produced a few anomalies. Barclays, for example, was Top Rated for
Service with its product offering but was let down by its technology score,
meaning it missed out on recognition.

Often viewed as the backbone of the mortgage market, mainstream lenders are
integral to keeping the sector moving and thriving. Given the turmoil the market
and the wider economy endured in the second half of last year, lenders that
achieved the Top Rated for Service or the Rated for Service accolade are to be
particularly commended. Building societies and their subsidiaries performed
especially well, with five receiving the Top Rated for Service award and two the
Rated for Service award. This is a strong achievement given these organisations
constituted just 12 of the 33 mainstream lenders. Size does not appear to be an
over-riding factor in a lender’s service. Leeds Building Society, the UK’s
13th-largest lender in terms of gross lending, is Top Rated for Service
alongside Halifax, which is part of the UK’s largest lender, Lloyds Banking
Group.

Recognising the best mainstream lenders

Rated and Top Rated Specialist Lenders

Top Rated

Rated

Pepper Money Aldermore

Kensington Mortgages Precise Mortgages

credit to providing bridging and second charge solutions, specialist lenders
increasingly are called on by brokers to fill the void left by mainstream
lenders. Three such specialists have been recognised for their exceptional
service, receiving the Top Rated for Service accolade, with two more achieving
the Rated for Service award. A total of 11 lenders were scored, including one
building society. With the exception of one, all recipients of the Top Rated for
Service and the Rated for Service awards operated intermediary-only residential
brands, which could in part explain their strong scores for strategic focus.

By a notable margin, strategic focus proved the best-scoring area for specialist
lenders in the upper quartile, with product offering, underwriting and case
processing the joint lowest. Strategic focus also produced the best median
score, while specialist lenders’ products were once again identified as the
weakest link. The high strategic focus score also reflects the commitment and
support this cohort of lenders showed to the intermediary market during the
turbulence of 2022, while the lower product score may reflect the challenges
around pricing and rate withdrawals. Two lenders have been commended in both the
specialist and mainstream domains, with Bank of Ireland top rated for its
specialist service and rated for its mainstream proposition, while Kensington
Mortgages was rated in both markets.

Often taking the lead with creative and innovative ways to help borrowers,
specialist lenders have never been more needed as borrowers feel the strain from
the inflated cost of living. From assisting borrowers with adverse

Specialist lenders leading the way

"Strategic focus proved the best-scoring area for specialist lenders in the
upper quartile"

Overall Winners (table by catgegory)

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

some differences in the way the two demographics are served by lenders, either
unknowingly or intentionally. ARs made up 52% of those who rated lenders’
service, with DAs accounting for 48%. In general, lenders performed better among
DAs than among ARs, scoring higher overall in all three sectors: mainstream,
specialist and BTL. In the mainstream market, lenders performed better in DAs’
estimation in three of the five key areas: strategic focus, sales support and
communications, and underwriting and case processing. But they scored more
strongly for ARs in the product and technology categories. However, the overall
difference in AR and DA scoring was only fractional in this sector.

When mainstream lenders’ scores are broken down, in a few cases there is a
notable difference between scores given to an individual lender by ARs and those
given by DAs. Among lenders with the greatest discrepancy in scores, there does
not seem to be a pattern, such as the size or type of lender. When specialist
lenders’ scores are analysed, DAs rated lenders higher than their AR
counterparts did, in all five key areas. The difference between DA and AR scores
in the specialist market was noticeably greater than that for mainstream
lenders. Again there was some DA/AR variability by lender and, while the biggest
individual variable was recorded in the mainstream market, the difference in
individual lenders’ scores was generally more pronounced in the specialist
space. In some instances, lenders with the biggest scoring differential in the
mainstream market achieved the same in the specialist market.

Theoretically, the service from lenders to both directly authorised (DA) brokers
and appointed representatives (ARs) should be uniform. However, the scores given
in the Mortgage Finance Gazette Rated for Service Awards highlight

Analysis of results - AR/DA

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Precise Mortgages

BTL lenders Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Rated and Top Rated Lenders – Strategic focus

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society NatWest Leeds Building Society HSBC

TSB Santander Kensington Mortgages Newcastle Building Society Aldermore
Principality Building Society Virgin Money Bank of Ireland

Specialist lenders Top Rated

Rated

Pepper Money Aldermore Kensington Mortgages

Precise Mortgages Bank of Ireland

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions The Mortgage Works Accord Mortgages
NatWest Skipton Building Society Leeds Building Society Precise Mortgages

Santander TSB Aldermore Paragon Mortgages Fleet Mortgages Landbay Kensington
Mortgages HSBC

A strong strategic focus is about not just broker exclusives but demonstrating a
commitment to the intermediary market through words and deeds. Among the upper
quartile of mainstream, specialist and BTL lenders, the highest score for
strategic focus derived from mainstream lenders, with the lowest attached to BTL
lenders. Specialist lenders, however, came top with the median score, while BTL
lenders were again ranked lowest.

For mainstream lenders there did not appear to be a correlation between a strong
strategic focus and an intermediary-only brand. When the strategic focus scores
were examined in isolation, only one top-rated mainstream lender operated
exclusively through intermediaries. This increased to half of all lenders when
the top-rated BTL lenders were considered, while all top-rated accolades in the
specialist market went to intermediary-only brands. Building societies and
subsidiaries performed well once again, claiming over half of the top spots for
both mainstream and BTL lenders. Across all markets, on the whole, lenders that
were top rated or rated for strategic focus also received overall recognition.
However, two BTL lenders and one mainstream lender were top rated or rated for
strategic focus but failed to receive an accolade due to their scores in other
categories.

The broker/lender relationship sits at the heart of the intermediary mortgage
sector. This bond was never more tested than in the latter half of 2022 when
market chaos ensued and both parties needed to work together to ensure positive
client outcomes.

Recognising a strong strategic focus

"On the whole, lenders that were top rated or rated for strategic focus also
received overall recognition."

Rated and Top Rated Lenders – Product offering

Mainstream lenders Top Rated

Rated

Nationwide Building Society NatWest HSBC Halifax Coventry Building Society
Barclays Skipton Building Society Accord Mortgages

Leeds Building Society TSB Virgin Money Santander Newcastle Building Society
Platform Mortgages Principality Building Society Clydesdale Bank

Specialist lenders Top Rated

Rated

Bank of Ireland Precise Mortgages Aldermore

Pepper Money Kensington Mortgages

BTL lenders Top Rated

Rated

The Mortgage Works Coventry Building Society BM Solutions Accord Mortgages
NatWest Skipton Building Society Barclays Leeds Building Society

HSBC Santander TSB Virgin Money Bank of Ireland Precise Mortgages Paragon
Mortgages Aldermore

In the course of the Rated for Service Awards scoring period, the cost of
funding for lenders soared, creating a challenging environment, to say the
least. All the more reason to celebrate the fantastic achievements of those in
the top rated and rated categories. The upper quartile of mainstream lenders led
in product scoring, while the upper quartile of specialist lenders scored the
lowest by quite some way. Mainstream lenders also claimed the highest median
score, with BTL lenders scoring the lowest.

Product scoring among mainstream lenders produced notable fluctuations. One
lender gained Rated for Service for its product offering alone, but featured in
the bottom-five lenders when other key service areas were taken into account.
Product offering proved to be the weakest area for specialist lenders in both
the upper quartile and median score; perhaps explained by the testing market
conditions following the mini-Budget. BTL product scores were also lower
compared to other key business areas. However, BTL lenders in the top quartile
performed significantly better than the overall median BTL product score,
demonstrating the resilience and innovation of some of the sector leaders.

Competitive products form the basis of most lenders’ mortgage proposition, yet
it does not come down to rate alone. An ageing population and the changing
demographic of borrowers mean lenders increasingly are having to adapt and
reshape their product ranges in response to shifts in demand.

Lenders excelling with product offerings

"Product scoring among mainstream lenders produced notable fluctuations"

Mainstream lenders Top Rated

Rated

Coventry Building Society Halifax Accord Mortgages HSBC Skipton Building Society
TSB Nationwide Building Society Leeds Building Society

NatWest Santander Virgin Money Newcastle Building Society Pepper Money Bank of
Ireland Principality Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Kent Reliance

BTL lenders Top Rated

Rated

Coventry Building Society Accord Mortgages Skipton Building Society BM Solutions
The Mortgage Works HSBC Leeds Building Society NatWest

TSB Bank of Ireland Santander Virgin Money Paragon Mortgages Kensington
Mortgages Aldermore Fleet Mortgages

Rated and Top Rated Lenders – Sales support & communications

The mainstream lenders that were top rated or rated in the sales support and
communications category matched the overall winners, albeit one lender was rated
in this category but did not receive overall recognition. In general, lenders in
the specialist space performed well in this area compared to their other key
categories. Most specialists that were top rated or rated for sales support and
communications matched those that received overall recognition. One, however,
was rated for this category but scored lower for its underwriting and case
processing, bringing down its overall score. Equally, one specialist lender was
rated overall but not in the sales support and communications category.

sales support and communication, we asked brokers to score lenders based on
their holistic support. Providing consistent, fast, reliable and clear responses
to broker queries was not always easy during the scoring period, making it a
noteworthy achievement for those lenders handed the top rated and rated honours.
BTL lenders triumphed in this section, claiming both the highest median and
upper quartile scores. Specialist lenders received the lowest upper quartile
score, and mainstream lenders the lowest median score.

Good communication and sales support are vital to the smooth running of a
mortgage market at the best of times, but even more so in periods of
uncertainty. Searching for the very best in lender

Supporting brokers through the tough times

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Technology

With the exception of two lenders, all mainstream lenders that were either top
rated or rated for their technology alone also received overall recognition. It
was a similar outcome in the BTL market, with all lenders but two being either
top rated or rated for technology and also receiving overall recognition. For
specialist lenders, those either top rated or rated reflected those commended
overall. Both mainstream and BTL lenders in the upper quartile performed well
with technology compared to other key areas, which suggests the top lenders are
making strong strides on their digital journey.

brokers and clients. So too can a lender’s ability to reliably and quickly
inform brokers of product changes and withdrawals; something of critical
importance last year. The Top Rated for Service and Rated for Service lenders
have excelled in brokers’ eyes with their use of technology. The upper quartile
of mainstream lenders scored particularly well, with their technology rating
also the highest collective score across all categories. In contrast, the median
score for mainstream lenders was the lowest across the technology spectrum;
suggesting the quality of technology may differ significantly between lenders.
Specialist lenders gained the lowest upper quartile score for their use of
technology but the highest median score.

Technology has revolutionised the mortgage market, with lockdown propelling many
lenders’ digital growth in recent years. An easy-to-use and reliable system can
make the world of difference to

Lenders making the best use of technology

With BTL scores, DAs again rated lenders higher than ARs did in all five areas.
The overall difference between the scores was not as sizeable as in the
specialist market but was higher than for mainstream lenders. There were marked
differences in BTL scores given to certain lenders by DAs and ARs. In most
instances, these corresponded with the scores given in other markets. One
lender, for example, scored significantly lower for its technology among DAs
than among ARs in both the mainstream and BTL markets, potentially indicating a
difference in the systems provided to each. However, this trend was not
consistent across all sectors, with one lender scoring consistently among ARs
and DAs for its mainstream service but not for its specialist service. Overall,
the highest standalone DA score went to mainstream lenders for their sales
support and communication, with the lowest DA score going to specialist lenders
for their products. In contrast, the highest AR score went to mainstream lenders
for their product offering, while the lowest score was given to specialist
lenders’ underwriting and case processing.

Service scores

Scores based on submitted cases

Analysis of results by case size

Whether a broker submits just a couple of cases per month or more than 20,
naturally there is an expectation that the service they receive from lenders
should not differ. The Rated for Service scores raise interesting insights into
how brokers rate lender service based on the number of overall cases they submit
each month. Brokers who individually submitted between six and 10 cases per
month made up the lion’s share of the scores, accounting for 38%, followed by
35% who submitted from one to five cases.

Brokers who submitted 11 to 20 cases represented 20% of participants, whereas
those submitting 20-plus cases equated to 7% – the smallest group. In both the
mainstream and BTL sectors, lenders received the lowest scores from brokers who
submitted the fewest cases: between one and five per month. However, specialist
lenders scored the lowest among those who submitted between 11 and 20 cases. The
highest set of scores for mainstream lenders came from brokers who submitted 11
to 20 cases per month. BTL lenders scored the highest among brokers who
submitted 20-plus cases, and specialist lenders were rated the highest among
those who submitted between six and 10 cases.

When the mainstream scores are assessed in isolation, brokers who submitted the
fewest cases gave the lowest score, notably lower than in the other three
categories. Within those other categories the overall scores were more closely
matched, suggesting the service received by those brokers was generally more
consistent. For specialist lenders, the gaps in scores between the subsections
were variable but not substantial. The contrast between the lowest and highest
service scores was most distinctive in the BTL sector, with this section also
producing the most individual lender fluctuations. Brokers who wrote the most
mortgages per month – 20 plus – rated the lenders noticeably higher than did
those who submitted between one and five cases.

"Lenders that achieved the Rated for Service or Top Rated for Service honour
performed consistently across all categories"

In association with

Home

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

“BDM always stays in touch, easy to get a hold of and makes their website and
criteria easy to understand”

Broker comment

Mainstream lenders Top quartile

Second quartile

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top quartile

Second quartile

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top quartile

Second quartile

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Nevertheless, among the top-rated mainstream lenders there were some
exceptionally high scores for underwriting and case processing. One lender’s
score was the highest across all categories and domains; a sign that, despite
the market disruption, some lenders still pulled out all the stops when
processing applications. In the specialist sector, lenders that were top rated
or rated for underwriting and case processing matched those that were rated
overall, except one that received a Rated for Service score in this category and
no other. Likewise, scoring for BTL was generally consistent, with the exception
of a couple of lenders. One was rated in this category alone, highlighting that
good underwriting may not go hand in hand with good service elsewhere. Analysis
by Natalie Thomas

The upper quartile of BTL lenders narrowly pipped the upper quartile of
mainstream lenders to the highest score in this section; perhaps a demonstration
of the versatile approach many adopted in the challenging market of late 2022.
Specialist lenders, meanwhile, claimed the highest median score and mainstream
lenders the lowest.

As borrower finances continue to be squeezed, lenders’ underwriting and case
processing increasingly are under the spotlight. Nothing is more frustrating for
brokers than a lender that is inconsistent and inflexible with its underwriting
decisions, or never contactable.

Most flexible and consistent underwriting

"Despite the market disruption, some lenders still pulled out all the stops when
processing applications."

In association with

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Commending the best in BTL

The assessment window for the Mortgage Finance Gazette Rated for Service Awards
coincided with a particularly trying time for the BTL sector, making the
achievements of our award-winning lenders all the more remarkable.

The BTL market was one of the biggest casualties of former prime minister Liz
Truss’s mini-Budget last year. Many lenders are still navigating the higher
interest rate environment, which is pressing them to think of new, inventive
ways to help investors. Of the 32 BTL lenders that were scored for these
inaugural awards, eight received the Top Rated for Service accolade and eight
won the Rated for Service award, with building societies or their subsidiaries
dominating the former category. Mutuals accounted for five of the eight
top-rated lenders, which was a striking achievement given just nine societies –
including subsidiaries – were scored overall. There was also a strong showing
from intermediary-only brands, which accounted for just under half of the
award-winning lenders.

Rated and Top Rated BTL Lenders

Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Scores were quite consistent across the board, with Barclays again standing out
for both its strong product offering but its less popular technology. BTL
lenders in the upper quartile received their highest score for sales support and
communication, with strategic focus scoring the lowest. Median scores were
noticeably lower; yet, interestingly, strategic focus was the most highly rated
area, with product offering the lowest. As well as being top rated for their
specialist offering, both Aldermore and Bank of Ireland are rated for their BTL
proposition. Kensington Mortgages is the only lender to make an impressive
crossover between all three sectors, achieving Rated for Service in each one.

Rated and Top Rated Mainstream Lenders

Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

It is a similar scenario in the Rated for Service category, with Newcastle
Building Society, the 20th-largest lender, being recognised alongside Santander,
the fourth largest. Among those lenders in the upper quartile, technology stood
out, albeit fractionally, as the top-performing area, with underwriting and case
processing leaving the most room for improvement. For the median score,
strategic focus was the strongest area, with underwriting and case processing
again the weakest. Overall, lenders that achieved the Rated for Service or Top
Rated for Service honour performed consistently across all categories. However,
the scores produced a few anomalies. Barclays, for example, was Top Rated for
Service with its product offering but was let down by its technology score,
meaning it missed out on recognition.

Often viewed as the backbone of the mortgage market, mainstream lenders are
integral to keeping the sector moving and thriving. Given the turmoil the market
and the wider economy endured in the second half of last year, lenders that
achieved the Top Rated for Service or the Rated for Service accolade are to be
particularly commended. Building societies and their subsidiaries performed
especially well, with five receiving the Top Rated for Service award and two the
Rated for Service award. This is a strong achievement given these organisations
constituted just 12 of the 33 mainstream lenders. Size does not appear to be an
over-riding factor in a lender’s service. Leeds Building Society, the UK’s
13th-largest lender in terms of gross lending, is Top Rated for Service
alongside Halifax, which is part of the UK’s largest lender, Lloyds Banking
Group.

Recognising the best mainstream lenders

Rated and Top Rated Specialist Lenders

Top Rated

Rated

Pepper Money Aldermore

Kensington Mortgages Precise Mortgages

credit to providing bridging and second charge solutions, specialist lenders
increasingly are called on by brokers to fill the void left by mainstream
lenders. Three such specialists have been recognised for their exceptional
service, receiving the Top Rated for Service accolade, with two more achieving
the Rated for Service award. A total of 11 lenders were scored, including one
building society. With the exception of one, all recipients of the Top Rated for
Service and the Rated for Service awards operated intermediary-only residential
brands, which could in part explain their strong scores for strategic focus.

By a notable margin, strategic focus proved the best-scoring area for specialist
lenders in the upper quartile, with product offering, underwriting and case
processing the joint lowest. Strategic focus also produced the best median
score, while specialist lenders’ products were once again identified as the
weakest link. The high strategic focus score also reflects the commitment and
support this cohort of lenders showed to the intermediary market during the
turbulence of 2022, while the lower product score may reflect the challenges
around pricing and rate withdrawals. Two lenders have been commended in both the
specialist and mainstream domains, with Bank of Ireland top rated for its
specialist service and rated for its mainstream proposition, while Kensington
Mortgages was rated in both markets.

Often taking the lead with creative and innovative ways to help borrowers,
specialist lenders have never been more needed as borrowers feel the strain from
the inflated cost of living. From assisting borrowers with adverse

Specialist lenders leading the way

"Strategic focus proved the best-scoring area for specialist lenders in the
upper quartile"

Overall Winners (table by catgegory)

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

some differences in the way the two demographics are served by lenders, either
unknowingly or intentionally. ARs made up 52% of those who rated lenders’
service, with DAs accounting for 48%. In general, lenders performed better among
DAs than among ARs, scoring higher overall in all three sectors: mainstream,
specialist and BTL. In the mainstream market, lenders performed better in DAs’
estimation in three of the five key areas: strategic focus, sales support and
communications, and underwriting and case processing. But they scored more
strongly for ARs in the product and technology categories. However, the overall
difference in AR and DA scoring was only fractional in this sector.

When mainstream lenders’ scores are broken down, in a few cases there is a
notable difference between scores given to an individual lender by ARs and those
given by DAs. Among lenders with the greatest discrepancy in scores, there does
not seem to be a pattern, such as the size or type of lender. When specialist
lenders’ scores are analysed, DAs rated lenders higher than their AR
counterparts did, in all five key areas. The difference between DA and AR scores
in the specialist market was noticeably greater than that for mainstream
lenders. Again there was some DA/AR variability by lender and, while the biggest
individual variable was recorded in the mainstream market, the difference in
individual lenders’ scores was generally more pronounced in the specialist
space. In some instances, lenders with the biggest scoring differential in the
mainstream market achieved the same in the specialist market.

Theoretically, the service from lenders to both directly authorised (DA) brokers
and appointed representatives (ARs) should be uniform. However, the scores given
in the Mortgage Finance Gazette Rated for Service Awards highlight

Analysis of results - AR/DA

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Precise Mortgages

BTL lenders Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Rated and Top Rated Lenders – Strategic focus

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society NatWest Leeds Building Society HSBC

TSB Santander Kensington Mortgages Newcastle Building Society Aldermore
Principality Building Society Virgin Money Bank of Ireland

Specialist lenders Top Rated

Rated

Pepper Money Aldermore Kensington Mortgages

Precise Mortgages Bank of Ireland

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions The Mortgage Works Accord Mortgages
NatWest Skipton Building Society Leeds Building Society Precise Mortgages

Santander TSB Aldermore Paragon Mortgages Fleet Mortgages Landbay Kensington
Mortgages HSBC

A strong strategic focus is about not just broker exclusives but demonstrating a
commitment to the intermediary market through words and deeds. Among the upper
quartile of mainstream, specialist and BTL lenders, the highest score for
strategic focus derived from mainstream lenders, with the lowest attached to BTL
lenders. Specialist lenders, however, came top with the median score, while BTL
lenders were again ranked lowest.

For mainstream lenders there did not appear to be a correlation between a strong
strategic focus and an intermediary-only brand. When the strategic focus scores
were examined in isolation, only one top-rated mainstream lender operated
exclusively through intermediaries. This increased to half of all lenders when
the top-rated BTL lenders were considered, while all top-rated accolades in the
specialist market went to intermediary-only brands. Building societies and
subsidiaries performed well once again, claiming over half of the top spots for
both mainstream and BTL lenders. Across all markets, on the whole, lenders that
were top rated or rated for strategic focus also received overall recognition.
However, two BTL lenders and one mainstream lender were top rated or rated for
strategic focus but failed to receive an accolade due to their scores in other
categories.

The broker/lender relationship sits at the heart of the intermediary mortgage
sector. This bond was never more tested than in the latter half of 2022 when
market chaos ensued and both parties needed to work together to ensure positive
client outcomes.

Recognising a strong strategic focus

"On the whole, lenders that were top rated or rated for strategic focus also
received overall recognition."

Rated and Top Rated Lenders – Product offering

Mainstream lenders Top Rated

Rated

Nationwide Building Society NatWest HSBC Halifax Coventry Building Society
Barclays Skipton Building Society Accord Mortgages

Leeds Building Society TSB Virgin Money Santander Newcastle Building Society
Platform Mortgages Principality Building Society Clydesdale Bank

Specialist lenders Top Rated

Rated

Bank of Ireland Precise Mortgages Aldermore

Pepper Money Kensington Mortgages

BTL lenders Top Rated

Rated

The Mortgage Works Coventry Building Society BM Solutions Accord Mortgages
NatWest Skipton Building Society Barclays Leeds Building Society

HSBC Santander TSB Virgin Money Bank of Ireland Precise Mortgages Paragon
Mortgages Aldermore

In the course of the Rated for Service Awards scoring period, the cost of
funding for lenders soared, creating a challenging environment, to say the
least. All the more reason to celebrate the fantastic achievements of those in
the top rated and rated categories. The upper quartile of mainstream lenders led
in product scoring, while the upper quartile of specialist lenders scored the
lowest by quite some way. Mainstream lenders also claimed the highest median
score, with BTL lenders scoring the lowest.

Product scoring among mainstream lenders produced notable fluctuations. One
lender gained Rated for Service for its product offering alone, but featured in
the bottom-five lenders when other key service areas were taken into account.
Product offering proved to be the weakest area for specialist lenders in both
the upper quartile and median score; perhaps explained by the testing market
conditions following the mini-Budget. BTL product scores were also lower
compared to other key business areas. However, BTL lenders in the top quartile
performed significantly better than the overall median BTL product score,
demonstrating the resilience and innovation of some of the sector leaders.

Competitive products form the basis of most lenders’ mortgage proposition, yet
it does not come down to rate alone. An ageing population and the changing
demographic of borrowers mean lenders increasingly are having to adapt and
reshape their product ranges in response to shifts in demand.

Lenders excelling with product offerings

"Product scoring among mainstream lenders produced notable fluctuations"

Mainstream lenders Top Rated

Rated

Coventry Building Society Halifax Accord Mortgages HSBC Skipton Building Society
TSB Nationwide Building Society Leeds Building Society

NatWest Santander Virgin Money Newcastle Building Society Pepper Money Bank of
Ireland Principality Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Kent Reliance

BTL lenders Top Rated

Rated

Coventry Building Society Accord Mortgages Skipton Building Society BM Solutions
The Mortgage Works HSBC Leeds Building Society NatWest

TSB Bank of Ireland Santander Virgin Money Paragon Mortgages Kensington
Mortgages Aldermore Fleet Mortgages

Rated and Top Rated Lenders – Sales support & communications

The mainstream lenders that were top rated or rated in the sales support and
communications category matched the overall winners, albeit one lender was rated
in this category but did not receive overall recognition. In general, lenders in
the specialist space performed well in this area compared to their other key
categories. Most specialists that were top rated or rated for sales support and
communications matched those that received overall recognition. One, however,
was rated for this category but scored lower for its underwriting and case
processing, bringing down its overall score. Equally, one specialist lender was
rated overall but not in the sales support and communications category.

sales support and communication, we asked brokers to score lenders based on
their holistic support. Providing consistent, fast, reliable and clear responses
to broker queries was not always easy during the scoring period, making it a
noteworthy achievement for those lenders handed the top rated and rated honours.
BTL lenders triumphed in this section, claiming both the highest median and
upper quartile scores. Specialist lenders received the lowest upper quartile
score, and mainstream lenders the lowest median score.

Good communication and sales support are vital to the smooth running of a
mortgage market at the best of times, but even more so in periods of
uncertainty. Searching for the very best in lender

Supporting brokers through the tough times

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Underwriting & case processing

Nevertheless, among the top-rated mainstream lenders there were some
exceptionally high scores for underwriting and case processing. One lender’s
score was the highest across all categories and domains; a sign that, despite
the market disruption, some lenders still pulled out all the stops when
processing applications. In the specialist sector, lenders that were top rated
or rated for underwriting and case processing matched those that were rated
overall, except one that received a Rated for Service score in this category and
no other. Likewise, scoring for BTL was generally consistent, with the exception
of a couple of lenders. One was rated in this category alone, highlighting that
good underwriting may not go hand in hand with good service elsewhere.

The upper quartile of BTL lenders narrowly pipped the upper quartile of
mainstream lenders to the highest score in this section; perhaps a demonstration
of the versatile approach many adopted in the challenging market of late 2022.
Specialist lenders, meanwhile, claimed the highest median score and mainstream
lenders the lowest.

As borrower finances continue to be squeezed, lenders’ underwriting and case
processing increasingly are under the spotlight. Nothing is more frustrating for
brokers than a lender that is inconsistent and inflexible with its underwriting
decisions, or never contactable.

Most flexible and consistent underwriting

"Despite the market disruption, some lenders still pulled out all the stops when
processing applications."

Mainstream lenders Top quartile

Second quartile

Accord Mortgages Coventry Building Society Nationwide Building Society TSB
Halifax Leeds Building Society Skipton Building Society NatWest

HSBC Santander Bank of Ireland Principality Building Society Kensington
Mortgages Aldermore Newcastle Building Society Pepper Money

Specialist lenders Top quartile

Second quartile

Bank of Ireland Pepper Money Kensington Mortgages

Aldermore Precise Mortgages

BTL lenders Top quartile

Second quartile

The Mortgage Works Coventry Building Society Accord Mortgages BM Solutions
Skipton Building Society TSB Santander Leeds Building Society

NatWest HSBC Bank of Ireland Aldermore Kensington Mortgages Landbay Principality
Building Society Fleet Mortgages

With the exception of two lenders, all mainstream lenders that were either top
rated or rated for their technology alone also received overall recognition. It
was a similar outcome in the BTL market, with all lenders but two being either
top rated or rated for technology and also receiving overall recognition. For
specialist lenders, those either top rated or rated reflected those commended
overall. Both mainstream and BTL lenders in the upper quartile performed well
with technology compared to other key areas, which suggests the top lenders are
making strong strides on their digital journey. Analysis by Natalie Thomas

brokers and clients. So too can a lender’s ability to reliably and quickly
inform brokers of product changes and withdrawals; something of critical
importance last year. The Top Rated for Service and Rated for Service lenders
have excelled in brokers’ eyes with their use of technology. The upper quartile
of mainstream lenders scored particularly well, with their technology rating
also the highest collective score across all categories. In contrast, the median
score for mainstream lenders was the lowest across the technology spectrum;
suggesting the quality of technology may differ significantly between lenders.
Specialist lenders gained the lowest upper quartile score for their use of
technology but the highest median score.

Technology has revolutionised the mortgage market, with lockdown propelling many
lenders’ digital growth in recent years. An easy-to-use and reliable system can
make the world of difference to

Lenders making the best use of technology

With BTL scores, DAs again rated lenders higher than ARs did in all five areas.
The overall difference between the scores was not as sizeable as in the
specialist market but was higher than for mainstream lenders. There were marked
differences in BTL scores given to certain lenders by DAs and ARs. In most
instances, these corresponded with the scores given in other markets. One
lender, for example, scored significantly lower for its technology among DAs
than among ARs in both the mainstream and BTL markets, potentially indicating a
difference in the systems provided to each. However, this trend was not
consistent across all sectors, with one lender scoring consistently among ARs
and DAs for its mainstream service but not for its specialist service. Overall,
the highest standalone DA score went to mainstream lenders for their sales
support and communication, with the lowest DA score going to specialist lenders
for their products. In contrast, the highest AR score went to mainstream lenders
for their product offering, while the lowest score was given to specialist
lenders’ underwriting and case processing.

Service scores

Scores based on submitted cases

Analysis of results by case size

Whether a broker submits just a couple of cases per month or more than 20,
naturally there is an expectation that the service they receive from lenders
should not differ. The Rated for Service scores raise interesting insights into
how brokers rate lender service based on the number of overall cases they submit
each month. Brokers who individually submitted between six and 10 cases per
month made up the lion’s share of the scores, accounting for 38%, followed by
35% who submitted from one to five cases.

Brokers who submitted 11 to 20 cases represented 20% of participants, whereas
those submitting 20-plus cases equated to 7% – the smallest group. In both the
mainstream and BTL sectors, lenders received the lowest scores from brokers who
submitted the fewest cases: between one and five per month. However, specialist
lenders scored the lowest among those who submitted between 11 and 20 cases. The
highest set of scores for mainstream lenders came from brokers who submitted 11
to 20 cases per month. BTL lenders scored the highest among brokers who
submitted 20-plus cases, and specialist lenders were rated the highest among
those who submitted between six and 10 cases.

When the mainstream scores are assessed in isolation, brokers who submitted the
fewest cases gave the lowest score, notably lower than in the other three
categories. Within those other categories the overall scores were more closely
matched, suggesting the service received by those brokers was generally more
consistent. For specialist lenders, the gaps in scores between the subsections
were variable but not substantial. The contrast between the lowest and highest
service scores was most distinctive in the BTL sector, with this section also
producing the most individual lender fluctuations. Brokers who wrote the most
mortgages per month – 20 plus – rated the lenders noticeably higher than did
those who submitted between one and five cases.

"Lenders that achieved the Rated for Service or Top Rated for Service honour
performed consistently across all categories"

In association with

Home

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

“A very glitchy submission system. We've had several problems and had to get our
BDM regularly involved”

Broker comment

In association with

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

Commending the best in BTL

The assessment window for the Mortgage Finance Gazette Rated for Service Awards
coincided with a particularly trying time for the BTL sector, making the
achievements of our award-winning lenders all the more remarkable.

The BTL market was one of the biggest casualties of former prime minister Liz
Truss’s mini-Budget last year. Many lenders are still navigating the higher
interest rate environment, which is pressing them to think of new, inventive
ways to help investors. Of the 32 BTL lenders that were scored for these
inaugural awards, eight received the Top Rated for Service accolade and eight
won the Rated for Service award, with building societies or their subsidiaries
dominating the former category. Mutuals accounted for five of the eight
top-rated lenders, which was a striking achievement given just nine societies –
including subsidiaries – were scored overall. There was also a strong showing
from intermediary-only brands, which accounted for just under half of the
award-winning lenders.

Rated and Top Rated BTL Lenders

Top Rated

Rated

Coventry Building Society The Mortgage Works Accord Mortgages BM Solutions
Skipton Building Society NatWest Leeds Building Society TSB

HSBC Santander Bank of Ireland Aldermore Paragon Mortgages Fleet Mortgages
Kensington Mortgages Virgin Money

Scores were quite consistent across the board, with Barclays again standing out
for both its strong product offering but its less popular technology. BTL
lenders in the upper quartile received their highest score for sales support and
communication, with strategic focus scoring the lowest. Median scores were
noticeably lower; yet, interestingly, strategic focus was the most highly rated
area, with product offering the lowest. As well as being top rated for their
specialist offering, both Aldermore and Bank of Ireland are rated for their BTL
proposition. Kensington Mortgages is the only lender to make an impressive
crossover between all three sectors, achieving Rated for Service in each one.

Rated and Top Rated Mainstream Lenders

Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society HSBC NatWest Leeds Building Society

TSB Santander Bank of Ireland Newcastle Building Society Principality Building
Society Virgin Money Kensington Mortgages Platform Mortgages

It is a similar scenario in the Rated for Service category, with Newcastle
Building Society, the 20th-largest lender, being recognised alongside Santander,
the fourth largest. Among those lenders in the upper quartile, technology stood
out, albeit fractionally, as the top-performing area, with underwriting and case
processing leaving the most room for improvement. For the median score,
strategic focus was the strongest area, with underwriting and case processing
again the weakest. Overall, lenders that achieved the Rated for Service or Top
Rated for Service honour performed consistently across all categories. However,
the scores produced a few anomalies. Barclays, for example, was Top Rated for
Service with its product offering but was let down by its technology score,
meaning it missed out on recognition.

Often viewed as the backbone of the mortgage market, mainstream lenders are
integral to keeping the sector moving and thriving. Given the turmoil the market
and the wider economy endured in the second half of last year, lenders that
achieved the Top Rated for Service or the Rated for Service accolade are to be
particularly commended. Building societies and their subsidiaries performed
especially well, with five receiving the Top Rated for Service award and two the
Rated for Service award. This is a strong achievement given these organisations
constituted just 12 of the 33 mainstream lenders. Size does not appear to be an
over-riding factor in a lender’s service. Leeds Building Society, the UK’s
13th-largest lender in terms of gross lending, is Top Rated for Service
alongside Halifax, which is part of the UK’s largest lender, Lloyds Banking
Group.

Recognising the best mainstream lenders

Rated and Top Rated Specialist Lenders

Top Rated

Rated

Pepper Money Aldermore

Kensington Mortgages Precise Mortgages

credit to providing bridging and second charge solutions, specialist lenders
increasingly are called on by brokers to fill the void left by mainstream
lenders. Three such specialists have been recognised for their exceptional
service, receiving the Top Rated for Service accolade, with two more achieving
the Rated for Service award. A total of 11 lenders were scored, including one
building society. With the exception of one, all recipients of the Top Rated for
Service and the Rated for Service awards operated intermediary-only residential
brands, which could in part explain their strong scores for strategic focus.

By a notable margin, strategic focus proved the best-scoring area for specialist
lenders in the upper quartile, with product offering, underwriting and case
processing the joint lowest. Strategic focus also produced the best median
score, while specialist lenders’ products were once again identified as the
weakest link. The high strategic focus score also reflects the commitment and
support this cohort of lenders showed to the intermediary market during the
turbulence of 2022, while the lower product score may reflect the challenges
around pricing and rate withdrawals. Two lenders have been commended in both the
specialist and mainstream domains, with Bank of Ireland top rated for its
specialist service and rated for its mainstream proposition, while Kensington
Mortgages was rated in both markets.

Often taking the lead with creative and innovative ways to help borrowers,
specialist lenders have never been more needed as borrowers feel the strain from
the inflated cost of living. From assisting borrowers with adverse

Specialist lenders leading the way

"Strategic focus proved the best-scoring area for specialist lenders in the
upper quartile"

Rated and Top Rated Lenders – Strategic focus

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society
Nationwide Building Society NatWest Leeds Building Society HSBC

TSB Santander Kensington Mortgages Newcastle Building Society Aldermore
Principality Building Society Virgin Money Bank of Ireland

Specialist lenders Top Rated

Rated

Pepper Money Aldermore Kensington Mortgages

Precise Mortgages Bank of Ireland

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions The Mortgage Works Accord Mortgages
NatWest Skipton Building Society Leeds Building Society Precise Mortgages

Santander TSB Aldermore Paragon Mortgages Fleet Mortgages Landbay Kensington
Mortgages HSBC

A strong strategic focus is about not just broker exclusives but demonstrating a
commitment to the intermediary market through words and deeds. Among the upper
quartile of mainstream, specialist and BTL lenders, the highest score for
strategic focus derived from mainstream lenders, with the lowest attached to BTL
lenders. Specialist lenders, however, came top with the median score, while BTL
lenders were again ranked lowest.

For mainstream lenders there did not appear to be a correlation between a strong
strategic focus and an intermediary-only brand. When the strategic focus scores
were examined in isolation, only one top-rated mainstream lender operated
exclusively through intermediaries. This increased to half of all lenders when
the top-rated BTL lenders were considered, while all top-rated accolades in the
specialist market went to intermediary-only brands. Building societies and
subsidiaries performed well once again, claiming over half of the top spots for
both mainstream and BTL lenders. Across all markets, on the whole, lenders that
were top rated or rated for strategic focus also received overall recognition.
However, two BTL lenders and one mainstream lender were top rated or rated for
strategic focus but failed to receive an accolade due to their scores in other
categories.

The broker/lender relationship sits at the heart of the intermediary mortgage
sector. This bond was never more tested than in the latter half of 2022 when
market chaos ensued and both parties needed to work together to ensure positive
client outcomes.

Recognising a strong strategic focus

"On the whole, lenders that were top rated or rated for strategic focus also
received overall recognition."

Rated and Top Rated Lenders – Product offering

Mainstream lenders Top Rated

Rated

Nationwide Building Society NatWest HSBC Halifax Coventry Building Society
Barclays Skipton Building Society Accord Mortgages

Leeds Building Society TSB Virgin Money Santander Newcastle Building Society
Platform Mortgages Principality Building Society Clydesdale Bank

Specialist lenders Top Rated

Rated

Bank of Ireland Precise Mortgages Aldermore

Pepper Money Kensington Mortgages

BTL lenders Top Rated

Rated

The Mortgage Works Coventry Building Society BM Solutions Accord Mortgages
NatWest Skipton Building Society Barclays Leeds Building Society

HSBC Santander TSB Virgin Money Bank of Ireland Precise Mortgages Paragon
Mortgages Aldermore

In the course of the Rated for Service Awards scoring period, the cost of
funding for lenders soared, creating a challenging environment, to say the
least. All the more reason to celebrate the fantastic achievements of those in
the top rated and rated categories. The upper quartile of mainstream lenders led
in product scoring, while the upper quartile of specialist lenders scored the
lowest by quite some way. Mainstream lenders also claimed the highest median
score, with BTL lenders scoring the lowest.

Product scoring among mainstream lenders produced notable fluctuations. One
lender gained Rated for Service for its product offering alone, but featured in
the bottom-five lenders when other key service areas were taken into account.
Product offering proved to be the weakest area for specialist lenders in both
the upper quartile and median score; perhaps explained by the testing market
conditions following the mini-Budget. BTL product scores were also lower
compared to other key business areas. However, BTL lenders in the top quartile
performed significantly better than the overall median BTL product score,
demonstrating the resilience and innovation of some of the sector leaders.

Competitive products form the basis of most lenders’ mortgage proposition, yet
it does not come down to rate alone. An ageing population and the changing
demographic of borrowers mean lenders increasingly are having to adapt and
reshape their product ranges in response to shifts in demand.

Lenders excelling with product offerings

"Product scoring among mainstream lenders produced notable fluctuations"

Mainstream lenders Top Rated

Rated

Coventry Building Society Halifax Accord Mortgages HSBC Skipton Building Society
TSB Nationwide Building Society Leeds Building Society

NatWest Santander Virgin Money Newcastle Building Society Pepper Money Bank of
Ireland Principality Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Kent Reliance

BTL lenders Top Rated

Rated

Coventry Building Society Accord Mortgages Skipton Building Society BM Solutions
The Mortgage Works HSBC Leeds Building Society NatWest

TSB Bank of Ireland Santander Virgin Money Paragon Mortgages Kensington
Mortgages Aldermore Fleet Mortgages

Rated and Top Rated Lenders – Sales support & communications

The mainstream lenders that were top rated or rated in the sales support and
communications category matched the overall winners, albeit one lender was rated
in this category but did not receive overall recognition. In general, lenders in
the specialist space performed well in this area compared to their other key
categories. Most specialists that were top rated or rated for sales support and
communications matched those that received overall recognition. One, however,
was rated for this category but scored lower for its underwriting and case
processing, bringing down its overall score. Equally, one specialist lender was
rated overall but not in the sales support and communications category.

sales support and communication, we asked brokers to score lenders based on
their holistic support. Providing consistent, fast, reliable and clear responses
to broker queries was not always easy during the scoring period, making it a
noteworthy achievement for those lenders handed the top rated and rated honours.
BTL lenders triumphed in this section, claiming both the highest median and
upper quartile scores. Specialist lenders received the lowest upper quartile
score, and mainstream lenders the lowest median score.

Good communication and sales support are vital to the smooth running of a
mortgage market at the best of times, but even more so in periods of
uncertainty. Searching for the very best in lender

Supporting brokers through the tough times

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Underwriting & case processing

Nevertheless, among the top-rated mainstream lenders there were some
exceptionally high scores for underwriting and case processing. One lender’s
score was the highest across all categories and domains; a sign that, despite
the market disruption, some lenders still pulled out all the stops when
processing applications. In the specialist sector, lenders that were top rated
or rated for underwriting and case processing matched those that were rated
overall, except one that received a Rated for Service score in this category and
no other. Likewise, scoring for BTL was generally consistent, with the exception
of a couple of lenders. One was rated in this category alone, highlighting that
good underwriting may not go hand in hand with good service elsewhere.

The upper quartile of BTL lenders narrowly pipped the upper quartile of
mainstream lenders to the highest score in this section; perhaps a demonstration
of the versatile approach many adopted in the challenging market of late 2022.
Specialist lenders, meanwhile, claimed the highest median score and mainstream
lenders the lowest.

As borrower finances continue to be squeezed, lenders’ underwriting and case
processing increasingly are under the spotlight. Nothing is more frustrating for
brokers than a lender that is inconsistent and inflexible with its underwriting
decisions, or never contactable.

Most flexible and consistent underwriting

"Despite the market disruption, some lenders still pulled out all the stops when
processing applications."

Mainstream lenders Top Rated

Rated

Halifax Coventry Building Society Accord Mortgages Skipton Building Society HSBC
TSB Leeds Building Society Nationwide Building Society

NatWest Bank of Ireland Santander Virgin Money Principality Building Society
Aldermore Newcastle Building Society Kensington Mortgages

Specialist lenders Top Rated

Rated

Pepper Money Bank of Ireland Aldermore

Kensington Mortgages Foundation Home Loans

BTL lenders Top Rated

Rated

Coventry Building Society BM Solutions Accord Mortgages Skipton Building Society
The Mortgage Works Leeds Building Society NatWest TSB

HSBC Santander Aldermore Virgin Money Bank of Ireland Kensington Mortgages
Pepper Money Paragon Mortgages

Rated and Top Rated Lenders – Technology

With the exception of two lenders, all mainstream lenders that were either top
rated or rated for their technology alone also received overall recognition. It
was a similar outcome in the BTL market, with all lenders but two being either
top rated or rated for technology and also receiving overall recognition. For
specialist lenders, those either top rated or rated reflected those commended
overall. Both mainstream and BTL lenders in the upper quartile performed well
with technology compared to other key areas, which suggests the top lenders are
making strong strides on their digital journey.

brokers and clients. So too can a lender’s ability to reliably and quickly
inform brokers of product changes and withdrawals; something of critical
importance last year. The Top Rated for Service and Rated for Service lenders
have excelled in brokers’ eyes with their use of technology. The upper quartile
of mainstream lenders scored particularly well, with their technology rating
also the highest collective score across all categories. In contrast, the median
score for mainstream lenders was the lowest across the technology spectrum;
suggesting the quality of technology may differ significantly between lenders.
Specialist lenders gained the lowest upper quartile score for their use of
technology but the highest median score.

Technology has revolutionised the mortgage market, with lockdown propelling many
lenders’ digital growth in recent years. An easy-to-use and reliable system can
make the world of difference to

Lenders making the best use of technology

"Lenders that achieved the Rated for Service or Top Rated for Service honour
performed consistently across all categories"

Disclaimer

In association with

Whether a broker submits just a couple of cases per month or more than 20,
naturally there is an expectation that the service they receive from lenders
should not differ. The Rated for Service scores raise interesting insights into
how brokers rate lender service based on the number of overall cases they submit
each month. Brokers who individually submitted between six and 10 cases per
month made up the lion’s share of the scores, accounting for 38%, followed by
35% who submitted from one to five cases.

Brokers who submitted 11 to 20 cases represented 20% of participants, whereas
those submitting 20-plus cases equated to 7% – the smallest group. In both the
mainstream and BTL sectors, lenders received the lowest scores from brokers who
submitted the fewest cases: between one and five per month. However, specialist
lenders scored the lowest among those who submitted between 11 and 20 cases. The
highest set of scores for mainstream lenders came from brokers who submitted 11
to 20 cases per month. BTL lenders scored the highest among brokers who
submitted 20-plus cases, and specialist lenders were rated the highest among
those who submitted between six and 10 cases.



With BTL scores, DAs again rated lenders higher than ARs did in all five areas.
The overall difference between the scores was not as sizeable as in the
specialist market but was higher than for mainstream lenders. There were marked
differences in BTL scores given to certain lenders by DAs and ARs. In most
instances, these corresponded with the scores given in other markets. One
lender, for example, scored significantly lower for its technology among DAs
than among ARs in both the mainstream and BTL markets, potentially indicating a
difference in the systems provided to each. However, this trend was not
consistent across all sectors, with one lender scoring consistently among ARs
and DAs for its mainstream service but not for its specialist service. Overall,
the highest standalone DA score went to mainstream lenders for their sales
support and communication, with the lowest DA score going to specialist lenders
for their products. In contrast, the highest AR score went to mainstream lenders
for their product offering, while the lowest score was given to specialist
lenders’ underwriting and case processing.

When mainstream lenders’ scores are broken down, in a few cases there is a
notable difference between scores given to an individual lender by ARs and those
given by DAs. Among lenders with the greatest discrepancy in scores, there does
not seem to be a pattern, such as the size or type of lender. When specialist
lenders’ scores are analysed, DAs rated lenders higher than their AR
counterparts did, in all five key areas. The difference between DA and AR scores
in the specialist market was noticeably greater than that for mainstream
lenders. Again there was some DA/AR variability by lender and, while the biggest
individual variable was recorded in the mainstream market, the difference in
individual lenders’ scores was generally more pronounced in the specialist
space. In some instances, lenders with the biggest scoring differential in the
mainstream market achieved the same in the specialist market.

ARs made up 52% of those who rated lenders’ service, with DAs accounting for
48%. In general, lenders performed better among DAs than among ARs, scoring
higher overall in all three sectors: mainstream, specialist and BTL. In the
mainstream market, lenders performed better in DAs’ estimation in three of the
five key areas: strategic focus, sales support and communications, and
underwriting and case processing. But they scored more strongly for ARs in the
product and technology categories. However, the overall difference in AR and DA
scoring was only fractional in this sector.

Theoretically, the service from lenders to both directly authorised (DA) brokers
and appointed representatives (ARs) should be uniform. However, the scores given
in the Mortgage Finance Gazette Rated for Service Awards highlight some
differences in the way the two demographics are served by lenders, either
unknowingly or intentionally.

Analysis of results - AR/DA

Analysis by case size

Summary

Results & Analysis

Openwork Comment

Methodology

Analysis by broker category

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Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

In association with

Rated lenders at a glance

Rated mainstream lenders & analysis

Rated specialist lenders & analysis

Rated BTL lenders & analysis

Strategic focus

Product offering

Sales support & communications

Underwriting & case processing

Use of technology

Click for results

Click for lender performance in key service areas

Disclaimer

Summary

Analysis by broker category

Openwork Comment

Methodology

When the mainstream scores are assessed in isolation, brokers who submitted the
fewest cases gave the lowest score, notably lower than in the other three
categories. Within those other categories the overall scores were more closely
matched, suggesting the service received by those brokers was generally more
consistent. For specialist lenders, the gaps in scores between the subsections
were variable but not substantial. The contrast between the lowest and highest
service scores was most distinctive in the BTL sector, with this section also
producing the most individual lender fluctuations. Brokers who wrote the most
mortgages per month – 20 plus – rated the lenders noticeably higher than did
those who submitted between one and five cases. Analysis by Natalie Thomas

Summary

From the initial contact a mortgage broker makes with a lender, right through to
completion day, the service that brokers receive can vary significantly from one
lender to the next – as our survey results demonstrate. When done well, service
can leave a lasting positive impression on both a broker and their client, and
vice versa when things go wrong. The Mortgage Finance Gazette Rated for Service
Awards highlight the lenders that are first class in their field, and such
service is not achieved without a great deal of hard work and commitment.

In association with

One of the most consistent features of the survey results, across all three
sectors, is that good service does not correlate with a lender’s size. In some
instances, less prominent building societies featured alongside, or were rated
more highly than, larger, more well-known lenders. Additionally, being a
specialist in one chosen field – buy-to-let (BTL), for example – did not
guarantee a higher ranking than being a non-specialist lender. Among lenders
that performed exceptionally well, gaining the Top Rated for Service accolade,
there was evidence of a consistent proposition across the board. Almost all
lenders achieving this standard demonstrated that good service did not have to
be in lieu of competitive products, as is sometimes depicted in the mortgage
market. Instead, the scores demonstrate that a well-liked and well-rounded
proposition, encompassing all of the service elements, is achievable.

"When done well, service can leave a lasting positive impression on both a
broker and their client"

On the whole, lenders that received a Top Rated or Rated recognition in one
market also performed well in the other markets, when featured. As expected,
there were some stark contrasts between the scores of lenders that were Top
Rated and those of lenders ranked lowest overall. There were, however, a couple
of lenders that narrowly missed out on an award, with scores very close in some
instances. Of the five core service areas, technology produced some of the most
surprising results. There had been a previous perception that lenders’
technology, or lack of it, was a cause of frustration among brokers. However,
the upper quartile of mainstream and BTL lenders performed particularly well in
this area.

In the specialist sector, strategic focus stood out as the area where brokers
felt the top-performing lenders functioned the best; perhaps unsurprisingly
given the intermediary emphasis of this subsection of the market. Meanwhile,
underwriting and case processing stood out in the mainstream and specialist
sectors as the area with room for the most improvement among lenders in the
upper quartile. Strategic focus was the weakest area for BTL lenders in the
upper quartile. Some interesting observations can also be drawn in relation to
the service areas where lenders performed well. A lender’s sales support and
communication score, for example, may be more subjective than those for its
technology and products, which are more tangible.

"Even when a lender is not actually lending, the support it provides to the
intermediary market is still appreciated and acknowledged"

Sales support and communication was an area where the upper quartile of BTL
lenders performed particularly well. Given that the BTL market effectively
ground to a halt during part of the evaluation period, this score demonstrates
that, even when a lender is not actually lending, the support it provides to the
intermediary market is still appreciated and acknowledged. When the scores were
assessed in terms of broker status – DA or AR – DAs scored lenders more highly
across all markets; perhaps a surprising takeaway for lenders. Interestingly,
the number of cases a broker submitted each month appeared to correlate with the
level of service they received. Although a number of findings from the survey
matched expectations around lender service, others did not. These offer lenders
plenty of food for thought ahead of the next Mortgage Finance Gazette Rated for
Service Awards. Analysis by Natalie Thomas

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Summary

Results & Analysis

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Methodology

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Disclaimer

Summary

Results & Analysis

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Methodology

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Sales support and communication was an area where the upper quartile of BTL
lenders performed particularly well. Given that the BTL market effectively
ground to a halt during part of the evaluation period, this score demonstrates
that, even when a lender is not actually lending, the support it provides to the
intermediary market is still appreciated and acknowledged. When the scores were
assessed in terms of broker status – DA or AR – DAs scored lenders more highly
across all markets; perhaps a surprising takeaway for lenders. Interestingly,
the number of cases a broker submitted each month appeared to correlate with the
level of service they received. Although a number of findings from the survey
matched expectations around lender service, others did not. These offer lenders
plenty of food for thought ahead of the next Mortgage Finance Gazette Rated for
Service Awards. Analysis by Natalie Thomas

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In association with

Specialist

BTL

Mainstream

Accord Mortgages Aldermore Bank of Ireland Barclays BM Solutions Clydesdale Bank
Coventry Building Society Danske Bank Fleet Mortgages Foundation Home Loans
Halifax Hodge Lifetime HSBC Kensington Mortgages Kent Reliance Landbay Leeds
Building Society Metro Bank Nationwide Building Society NatWest Newcastle
Building Society Nottingham Building Society Paragon Mortgages Pepper Money
Platform Mortgages Precise Mortgages Principality Building Society Progressive
Building Society Saffron Building Society Santander Scottish Building Society
Scottish Widows Bank Skipton Building Society The Mortgage Works TSB Vida
Homeloans Virgin Money West Brom for Intermediaries Zephyr Homeloans

Y Y Y Y N Y Y Y N Y Y Y Y Y Y N Y Y Y Y Y Y N Y Y Y Y Y Y Y Y Y Y N Y Y Y Y N

Y Y Y Y Y Y Y N Y Y N Y Y Y Y Y Y Y N Y Y Y Y Y Y Y Y N Y Y N N Y Y Y Y Y N Y

N Y Y N N N N N N Y N Y N Y Y N N Y N N N N N Y N Y N N Y N N N N N N Y N N N

Mainstream

Specialist

BTL

Accord Mortgages Aldermore Bank of Ireland Barclays BM Solutions Clydesdale Bank
Coventry Building Society Danske Bank Fleet Mortgages Foundation Home Loans
Halifax Hodge Lifetime HSBC Kensington Mortgages Kent Reliance Landbay Leeds
Building Society Metro Bank Nationwide Building Society NatWest Newcastle
Building Society Nottingham Building Society Paragon Mortgages Pepper Money
Platform Mortgages Precise Mortgages Principality Building Society Progressive
Building Society Saffron Building Society Santander Scottish Building Society
Scottish Widows Bank Skipton Building Society The Mortgage Works TSB Vida
Homeloans Virgin Money West Brom for Intermediaries Zephyr Homeloans

Y Y Y Y N Y Y Y N Y Y Y Y Y Y N Y Y Y Y Y Y N Y Y Y Y Y Y Y Y Y Y N Y Y Y Y N

Y Y Y Y Y Y Y N Y Y N Y Y Y Y Y Y Y N Y Y Y Y Y Y Y Y N Y Y N N Y Y Y Y Y N Y

N Y Y N N N N N N Y N Y N Y Y N N Y N N N N N Y N Y N N Y N N N N N N Y N N N

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Results & Analysis

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In association with



Methodology



The inaugural lender panel comprised 39 providers across three categories,
chosen to provide comprehensive coverage of the market. The lender panel can be
viewed here. The survey covered five key assessment areas that were common to
all three lender categories:




Artboard 9




1. Strategic focus 2. Product offering 3. Sales support & communications 4.
Underwriting & case processing 5. Technology

Respondents were asked to rate a minimum of two lenders per assessment area per
category, with a score of 1 to 10 and with guidance provided on how to interpret
the scale. The lenders’ average score per assessment area in each category was
then totalled to provide a cumulative score per lender per category. This score
was then ranked, highest to lowest, with the median of those scores providing
the benchmark for each lender category. Lenders are recognised for their
performance above this benchmark and for top-quartile performance in each
category. Lenders above the benchmark are recognised by the Rated for Service
award and lenders in the top quartile are recognised by the Top Rated for
Service award.



Category definitions




Mainstream

mortgage, hand, home, house, property

This category is aimed at lenders whose primary focus is residential mortgage
lending to prime borrowers. This could include, but is not limited to,
first-time buyers, the self-employed, home movers, remortgages and large loans.
Lenders in this category may cater for ‘specialist’ demographics but the bulk of
their business should derive from borrowers with a good credit rating.



Specialist



Lenders in this category should predominantly offer mortgages to borrowers that
mainstream lenders do not cater for, such as those with adverse credit and
complex income. Lenders that offer residential bridging loans and second charge
mortgages also fall into this category. Equity release products currently fall
outside the scope of this survey.



BTL

mortgage- loan- contract- bank- clipboard- insurance

This category applies to lenders that cater for BTL borrowers, both prime and
with some adverse credit. This includes all corners of the BTL market, such as
commercial, limited company, houses in multiple occupation and holiday lets.



Click here for Lenders Panel








Methodology





Openwork Comment





Results & Analysis





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In association with





Hello and welcome

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Rebekah Commane

Group Editor



Welcome to the inaugural Mortgage Finance Gazette Rated for Service Awards, in
association with The Openwork Partnership. The Rated for Service Awards are
based on a comprehensive annual survey that shines light on brokers’ assessments
of lenders’ levels of service. Rated for Service recognises and commends lenders
that have performed exceptionally well for brokers, providing lenders with an
annual benchmark for service. Taking an extensive list of UK lenders, more than
800 brokers have scored them on their service for the period between June 2022
and November 2022.



Lenders have been scored across five key service areas: strategic focus, product
offering, sales support and communication, underwriting and case processing, and
the use of technology. These scores have been used to determine which lenders
have been Rated, and which have been Top Rated for service within one of three
lender categories: mainstream, specialist and buy-to-let. Demonstrating
outstanding service, eight mainstream lenders have achieved the Top Rated for
Service honour, with a further eight commended as Rated for Service. Meanwhile,
eight stand-out buy-to-let lenders are recognised as Top Rated for Service, with
eight more Rated for Service.








‘Each lender recognised here has demonstrated a strong commitment to the
intermediary mortgage market amid some very testing times’



Last, but by no means least, three specialist lenders have excelled and achieved
the Top Rated for Service award, with a further two recognised as Rated for
Service. The comprehensive analysis that accompanies the awards offers lenders a
rare insight into brokers’ perceptions of their service. It is designed to
assist lenders in shaping and forming their service strategies, enabling them to
pinpoint any weaker areas. To add further insight, scores have been assessed
also in relation to whether a broker is directly authorised or an appointed
representative, giving lenders an understanding of how their service may be
viewed differently by the two demographics.



The results are also collated and analysed in respect of the number of mortgage
cases a broker submits on a monthly basis. The assessment period for this survey
coincided with a particularly challenging time for lenders and brokers. The
mortgage market was caught up in the economic storm that had resulted from
former prime minister Liz Truss’s mini-Budget in September 2022. While still
recovering from the pandemic, the market encountered yet more unprecedented
times with over 40% of mortgage products pulled almost overnight at the peak of
the disruption. Mortgage lenders’ service was tested as never before, which
makes the achievements of those Top Rated for Service and Rated for Service all
the more commendable.



I would like to say a huge thank you to the hundreds of brokers who took the
time to complete the survey. Your views have been invaluable. Each lender
recognised here has demonstrated a strong commitment to the intermediary
mortgage market amid some very testing times. These accolades are both a
recognition of this commitment and a cause for celebration.








Methodology





Openwork Comment





Results & Analysis





Summary





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