Building societies outperforming big banks according to Which?

by Aaron Strutt

Oct 16 2023

Building societies have outperformed many of the high street banks in a survey of the best mortgage providers according to Which?.

Nationwide Building Society regained the title of Which? Recommended Provider in the consumer champion’s annual analysis, and was joined for the first time this year by the Skipton Building Society and Yorkshire Building Society.

Which? surveyed over 3,400 members of the general public in July, with each provider receiving a customer score. Lenders with the highest customer scores have the best overall customer service. 

The three Which? Recommended Providers achieved the highest customer scores: Nationwide Building Society and Skipton Building Society topped the table with 78 per cent, while Yorkshire Building Society scored 75 per cent. All three lenders scored a full five stars for customer service and transparency of charges and were also the highest-scoring firms regarding the flexibility of payments, each with four stars. 

Other building societies also fared well in the consumer champion’s analysis. Coventry Building Society and Leeds Building Society posted solid customer scores of 70 per cent and 69 per cent, respectively.

Aaron Strutt, product director at Trinity Financial, says: "Nationwide has been offering competitively priced mortgages for a while,e and it also has a scheme allowing first-time buyers to borrow up to 5.5 times their salary. Skipton also recently launched a 100% mortgage and has some good rates.

"If you are looking for a mortgage,e there are some key things to look for in a lender. The mortgage provider needs to offer decent rates and relatively low arrangement fees. It is also key to ensure the lender has a reputation for providing competitively priced product transfer rates, so when you come to the end of your idea,l it is easy to swap to a new fixed or tracker rate. Ideally, the lender has fairly priced standard variable rates and longer-lasting mortgage offers, especially if you are buying a property. 

While building societies led the way, the Which? survey says some of the country’s biggest high street banks slipped further down the rankings. Barclays, HSBC and Halifax received customer scores of 65 per cent, 65 per cent and 64 per cent, respectively. 

Trinity Financial arranges lots of mortgages through Barclays, HSBC and Halifax. These lenders have a track record of offering reasonable rates, fast mortgage offers and decent rate switch products.

Source: Which? press release. 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The information contained within was correct at the time of publication but is subject to change.

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