The latest edition of the twice-yearly Mortgage Lender Benchmark surveyed over 751 mortgage brokers, who provided feedback on 114 lenders.

Overall broker satisfaction dropped below 80% for the first time since H2 2020, falling by 1.9% to 79.3% for the same period in 2022.

Specialist lenders in particular have seen a considerable downturn in their metrics, with overall satisfaction at 75%, marking a 5.5% decline from H1 2022.

Brokers have also expressed a slight decrease in satisfaction with relationship managers, with satisfaction rates sliding by 1.1%, the research found.

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Jacqueline Dewey, CEO at Smart Money People (pictured above), said: “The results we’ve published today show a sharp drop off in brokers’ opinion following three editions of growth as UK lenders struggle to cope with the impact of the interest rate rises and turbulence caused by the ‘mini-budget’.

“Our analysis shows that broker satisfaction with mortgage lenders is now nearing the lowest recorded levels seen during the height of the pandemic.

“Brokers are frustrated by the situation they find themselves and their clients in, with constant changes and products being withdrawn after applications have been submitted.

“Our analysis has found brokers are craving some stability within the market, and that brokers need support from lenders – they need to be able to rely on and have confidence in lenders, and whilst processes adapt, communication remains key.”