The mortgage market in 2025 proved calmer than many advisers had experienced in recent years. While the year began with heightened activity from home movers ahead of Stamp Duty Land Tax changes at the end of March, focus soon shifted to supporting existing clients reaching the end of fixed rate deals.
Although economic uncertainty and cost pressures remained for some borrowers, falling mortgage rates and easing affordability assessments helped improve conditions for others. As a result, advisers remained busy, but the pace of product change slowed to more manageable levels.
This greater stability is reflected in the latest Rated for Service survey results, which make positive reading for the intermediary market.
Why Openwork supports Rated for Service
The Openwork Partnership is proud to sponsor the Rated for Service survey with Mortgage Finance Gazette for the fourth consecutive year.
The survey provides valuable insight into the day-to-day experience of mortgage advisers working with lenders, offering a level of detail that is difficult to capture elsewhere. Adviser feedback and verbatim comments give a clear view of what is working well and where improvements are still needed.
Rated for Service continues to play an important role in benchmarking lender performance and supporting constructive dialogue between lenders and intermediaries.
Mainstream lenders show positive movement
This year’s results highlight encouraging progress across the mainstream lender category. Despite ongoing industry discussion around lenders potentially shifting towards direct-to-consumer models, survey results show continued commitment to intermediary partnerships.
Nine of the top ten ‘Top Rated’ lenders improved their strategic focus scores compared with the previous survey. Barclays moved into the ‘Top Rated’ category for the first time, reflecting improvements to its adviser proposition and positive feedback on recent technology enhancements.
Santander also recorded an increase in scores, with advisers responding well to its focus on intermediary partners, increased lending activity and the pledges launched last year.
Areas for ongoing focus
While overall sentiment remains positive, the survey highlights areas for further improvement. Underwriting and case processing scores saw minor declines, indicating ongoing pressures in these parts of the lending journey.
Adviser insight gathered through the survey continues to be a valuable input into lender review discussions, helping shape future improvements across the market.
Specialist and Buy to Let lenders remain strong
In the specialist lending sector, rankings remained broadly consistent with last year. Intermediary only lenders continued to dominate the Top Rated and Rated categories, reinforcing the importance of advisers in supporting borrowers with more complex needs.
Within Buy to Let, specialist lenders and building societies achieved some of the strongest scores for sales support and communication. However, underwriting and case processing once again received the lowest scores, reflecting persistent challenges in this area.
Looking ahead
While 2025 offered a more stable operating environment, the outlook for advisers remains mixed as the market heads into 2026. Regulatory change will continue, with further FCA discussion papers and policy statements expected.
The focus for advisers will remain on supporting clients through their broader financial journeys, working in partnership with lenders and building deeper, longer-term relationships that extend beyond individual transactions.
The Openwork Partnership remains committed to supporting advisers and championing collaboration across the intermediary market.
See the results here: Mortgage Finance Gazette Rated For Service Archives – Mortgage Finance Gazette