CML news & views

People are more satisfied with their lender than they were a year ago, according to a survey published by Which? Money earlier this month.

Overall, average customer satisfaction rose from 58% to 62%, reflecting the efforts that the lending industry has been making in challenging market conditions to improve customer service and communication. It also helps to show that efforts to communicate effectively with borrowers and treat them fairly are bearing fruit.

Beneath the top line result, however, caution is needed in interpreting the survey’s findings on individual lenders. While the total survey is based on a sample of 1,915 borrowers – out of 11.1 million mortgages in the UK – numbers relating to individual lenders are modest.

The editor of Which? Money, James Daley, said: “The cost of the deal is usually the top priority when it comes to choosing a mortgage provider but getting good service matters, too. It's encouraging to see that mortgage lenders have seen an increase in customer satisfaction after a difficult year.”