Principality has been rated the UK’s best mortgage lender in this year's Which? customer satisfaction survey, by having an impressive 97% of their customers saying they were satisfied with their mortgage.
In fact, building societies lead the way in this year’s set of mortgage company reviews, with only among the four Which? Recommended Providers being a bank.
Below, we reveal how high-street mortgage brokers and smaller providers alike fared when we put them to the test.
Mortgage lenders reviewed: who is best and worst?
We surveyed more than 3,500 homeowners in June 2022 to find out the way they rated their mortgage lender on factors such as customer support, the mortgage application process, good value an internet-based access.
We combined survey respondents’ satisfaction and likelihood to recommend their provider to calculate a person score. Principality (80%), First Direct (77%), Nationwide (77%) and Skipton Building Society (73%) counseled me named Which? Recommended Providers based on a combination of their excellent customer scores and also the competitive deals they offer.
The full set of scores for 23 of the UK’s biggest lenders are detailed within the table. Click the links to find out more about how each provider performed, and the types and sizes of mortgages they offer.
Rank | Provider | Customer score |
1 | Principality (Which? Recommended Provider) | 80% |
=2 | First Direct (Which? Recommended Provider) | 77% |
=2 | Nationwide (Which? Recommended Provider) | 77% |
4 | Virgin Money | 76% |
5 | Coventry Building Society | 75% |
6 | Skipton (Which? Recommended Provider) | 73% |
7 | Chelsea Building Society | 72% |
=8 | Halifax | 71% |
=8 | Yorkshire Building Society | 71% |
=10 | NatWest | 70% |
=10 | HSBC | 70% |
=10 | TSB | 70% |
=10 | Santander | 70% |
=10 | Leeds Building Society | 70% |
=15 | AA Mortgages | 68% |
=15 | Barclays | 68% |
17 | Lloyds Bank | 66% |
18 | Yorkshire Bank | 65% |
19 | Clydesdale Bank | 63% |
=20 | The Co-operative/Platform | 62% |
=20 | Royal Bank of Scotland | 62% |
22 | Accord Mortgages | 61% |
23 | Kensington | 56% |
How we elect Which? Recommended Providers
To become a Which? Recommended Provider (WRP), a mortgage lender should have achieved a high customer score in a Which? customer satisfaction survey, be covered by the Financial Services Compensation Scheme and meet requirements set through the Financial Conduct Authority.
A lender should also consistently offer top mortgage deals across various types of mortgages to become a Which? Recommended Provider.
Our experts analysed thousands of mortgages over a four-week period in June and July 2022, compiling 108 tables from the top-10 cheapest deals based on a number of borrowing scenarios and counting how many times each lender featured inside a table. Just those who featured a minimum of eight times in home-mover or switching deal tables qualified for WRP status.
What customers say about the best mortgage lenders
Principality Building Society received a five-star rating for flexibility of payments on its mortgages, along with a whopping 97% of customers surveyed told us they were satisfied with their mortgage.
One customer told us that ‘The data about my mortgage is easy to understand’, while another said ‘They’re simple to deal with’.
Meanwhile, a quarter of First Direct customers said they chose the bank for his or her mortgage because of the headline interest rate, reflecting analysis through which? finding that First Direct offers more cheap mortgages than the average lender.
First Direct was also certainly one of only three lenders in the Which? survey to get a five-star rating for customer support, along with Coventry Building Society and Chelsea Building Society.
Nationwide also performed well with its customers, having a quarter saying your building society's reputation was exactly why they chose Nationwide his or her mortgage provider. Six in 10 of their customers who hadn't switched or remortgaged in over five years told us it was because they were happy with their current mortgage.
Another building society rated highly by its customers was Skipton, being just one of 4 lenders in our survey to get a five-star rating for the clarity of its mortgage statements.
One of our respondents who were built with a mortgage with Skipton said, ‘They’re fast and efficient, and always give me great rates.’
How to get the best mortgage company for you
Mortgage providers differ on who they'll give loan to, how much they’ll lend and also the types of properties they’ll lend on.
The best mortgage provider for you personally will depend on a wide range of factors, from your credit history and size of deposit to your employment status, and while our reviews provide a helpful indicator of providers’ overall performance, they may not reflect the best answer for your situation.
You can find out more within our guide regarding how to choose a large financial company.
This story was originally published on 11 September, 2022.