Mortgage customers would like to be kept better informed about how their applications are progressing, research from mform.co.uk reveals.
Results from the online mortgage companys survey into lender service levels show that borrowers feel this is the weakest part of the mortgage process, as it received a 67.6% satisfaction score, the lowest out of 16 service measurements rated.
A total of 4,275 British borrowers were surveyed by research company YouGov and the results are being used on the mform.co.uk site to enable borrowers to measure lenders on service levels.
The average satisfaction score across all criteria was 73.2%.
The highest satisfaction score was achieved on the extent to which funds cleared on time, which was 80.25%.
Francis Ghiloni, marketing and business development director of mform.co.uk, says: Service levels are generally good in the mortgage industry and lenders are to be congratulated on the work they have done to make the application process as smooth as possible.
However, inevitably some customers are unhappy with the service they receive and lenders will want to address these issues.
It appears customers are most unhappy about the extent to which they are kept informed on their application.
Service is a vital part of the mortgage application process.
A market-leading rate is devalued if customers struggle to make applications or become frustrated during the application process.
We are committed to monitoring how customers feel they are being treated because we believe it will ensure customers and lenders are better informed.
Lenders should be able to compete on how good their service is as well as on how low their rates are.