First-time Buyer  

First-time buyers satisfied with lenders

First-time buyers satisfied with lenders

The majority of first-time buyers (FTBs) are happy with their mortgage lenders, a poll has revealed.

Just 3 per cent of those who responded to a newly-published survey from YouGov said they were dissatisfied to some degree with their lender, echoing last year’s results and constituting a significant improvement on 2014 and 2015.

Meanwhile, two-thirds of FTBs (68 per cent) were satisfied or very satisfied with their lenders, which also continues the trend seen last year.

But despite high levels of overall satisfaction, more detailed analysis of lenders’ performance across a range of attributes showed a broad deterioration in satisfaction levels.

Lenders scored well on factors such as friendliness or helpfulness of staff or professionalism, but performed less well on issues such as customer empowerment and engagement.

YouGov surveyed 840 recent and 164 prospective first-time buyers in April 2017, and an analysis of the results has been published by the Council of Mortgage Lenders (CML).

First-time buyer activity has been helping to drive the mortgage market in recent months after a fall in buy-to-let transactions following a reduction in tax relief and a stamp duty hike.

CML data released in April showed the number of loans taken out by first-time buyers rose 11 per cent year-on-year to reach 24,200, helping to offset a 12.1 per cent fall in buy-to-let transactions.

Greg Heath, managing director at Lancashire-based Derbyshire Booth, said that in his view lenders were raising their game and the higher satisfaction levels were a plus for advisers.

“It is all about professionalising the market and making it more streamlined so people know what we stand for,” he explained.