Does it boil down to rates or service, or a combination of the two? This question always arises about smaller lenders and is never easily answered.
While it depends on preference and clients’ circumstances, brokers should not shy away from smaller lenders just to save their clients a basis point or two.
In fact, they should look on smaller lenders as a refreshing alternative offering bespoke service that bigger lenders cannot provide.
Changes in the mortgage market over the past few years have seen far more borrowers fall into the non-standard lending category and securing the right loan for them can be a challenge.
As technology drives greater efficiencies, more brokers are being frustrated by the ’computer says no’ mentality of large lenders.
Smaller lenders can often reduce these frustrations with a service focussed on the human touch. Building societies’ higher customer satisfaction is testimony to their focus on delivering flexible, pragmatic and high quality service.
Strong client relationships are paramount to traditional society culture. Client satisfaction cannot be fabricated and does not come with small print. It should be directly proportionate to the skills and attitude of an organisation’s employees.
So whether brokers choose to chase rates, service or both, smaller lenders continue to prove they have a great deal to offer. So brokers must take account of this mix to achieve true customer satisfaction.