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Millions caught in mortgage trap
Wednesday April 28th 2010
Homeowners are experiencing worse customer service at banks bailed out by the Government during the recession than at other high street lenders, a survey has found.
Common complaints among homeowners, some of whom have taken out mortgage payment protection insurance, included a lack of information about new deals when their existing mortgage came to an end and lenders offering better deals to new customers.
The part-nationalised Lloyds Banking Group fared badly in the Which? Money survey of customer satisfaction after two of its banking arms, Halifax and Bank of Scotland, scored satisfaction scores of 44% and 41% respectively.
Meanwhile, Northern Rock, the first lender to be taken over by the Government at the beginning of the economic downturn, scored 45%.
Lloyds TSB notched up a satisfaction score of 48% while Royal Bank of Scotland, in which the Government holds an 83% stake, fared only marginally better with a score of 54%.
Leading the pack on mortgage customer satisfaction was First Direct which scored 89% - down from last year's 91% - but still high enough to maintain its position at the top of the leaderboard for the third year running.
The bank scored highly for the clarity of its statements, good customer service and its ability to rectify problems.
Copyright © Press Association 2010
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