Top 10 Mortgage Lenders In The UK And Requirements

When it comes to mortgages, the best mortgage lenders are those who can tailor a loan to your specific needs and circumstances.

Finding the best mortgage lender and offer for you is vital, as obtaining a mortgage is one of the most important financial decisions you will ever make.

List Of Top 10 Mortgage Lenders UK

Learning as much as you can about different mortgage lenders, including the products and features they offer and the eligibility criteria you must meet, is crucial in any mortgage search.

The mortgage rate you can get is likely to be the most important element, but to help you with your search, we’ve looked at aspects that you might overlook, such as the benefits and services mortgage lenders offer.

1. First Direct

First Direct has led the way in customer satisfaction for the majority of the last two decades.

The HSBC group’s online bank is always at the top of our customer satisfaction rankings – not just for mortgages, but also for bank accounts and credit cards.

It has earned the title of “most trusted mortgage lender.” A broker is not required to acquire a First Direct mortgage. You must contact them directly, as the name says.

2. Royal Bank of Scotland

The Royal Bank of Scotland plc is the largest retail and commercial bank in Scotland. It is a retail banking subsidiary of the NatWest Group, together with NatWest (England and Wales) and Ulster Bank.

The Royal Bank of Scotland operates around 700 branches, the majority of which are in Scotland, although there are also branches in a number of larger towns and cities in England and Wales.

The bank is not to be confused with the Bank of Scotland, another Edinburgh-based institution that was founded 32 years before the Royal Bank. The Royal Bank of Scotland was established to provide a banking organization with strong Hanoverian and Whig ties.

3. Yorkshire Building Society

Yorkshire Building Society is the third largest building society in the United Kingdom, with headquarters in Bradford, West Yorkshire, England. It is a member of the Building Societies Association.

The Chelsea Building Society and the Norwich and Peterborough Building Society are also part of the Yorkshire Building Society Group, as are Accord Mortgages and Egg’s savings company. The company employs 3,300 individuals in the United Kingdom and services 3 million consumers.

4. Coventry Building Society

The Coventry Building Society is a Coventry-based English building society. It is one of the largest mortgage lenders in the United Kingdom, with total assets of more than £56 billion as of December 31, 2022.

It is a member of the Building Societies Association. The society has 1.5 million savings and 350,000 borrowing members.

5. Barclays

Barclays is the UK’s oldest bank, with roots dating back to 1690. It is also the largest bank in the country, with 24 million customers.

The five corporate principles of Barclays—Respect, Integrity, Service, Excellence, and Stewardship—serve as a moral compass. They assert that their culture is critical to their performance as a bank, and that it is most effective when it unites employees behind a common objective and set of values.

6. HSBC

They were founded in 1836 as Britain and Midland Bank and changed their name to Hong Kong and Shanghai Banking Corporation in 1865. They currently have 14.5 million UK customers.

HSBC says that they are bringing together the people, ideas, and money that nourish progress and prosperity for their clients, our people, their investors, their communities, and the world we share.

7. Natwest Group

Natwest Group was founded in 1968 and merged with the Royal Bank of Scotland in 2000. Currently, it is the UK’s second-largest bank, serving 19 million customers.

NatWest’s objective is to encourage potential by encouraging the achievement of individuals, families, and businesses. They explain how this purpose enables them to build long-term wealth, make expansion investments, and positively contribute to society.

8. Santander

They were first launched to the UK market in 2004 and featured Abbey National, Alliance & Leicester, and Bradford & Bingley as of 2009.

There are currently 14 million clients in the United Kingdom. Santander wants to see people and businesses prosper, according to the company. They concentrate their efforts in areas where their efforts may have the greatest impact and contribute to the inclusive and long-term prosperity of more people and enterprises.

9. Nationwide

The Co-Op Permanent, which was created in 1884, changed its name to Nationwide in 1970 and presently has 9.4 million UK clients.

PRIDE is a set of beliefs, concepts, and actions that define Nationwide’s culture. P stands for prioritizing members’ needs and finances, R stands for taking on a challenge, I stands for encouraging trust, D stands for acting morally, and E stands for empowering one another.

10. Lloyds Banking Group

Lloyds and Halifax merged in 2009. Halifax was the first building society in the United Kingdom, and it granted the first mortgage in 1853, a £121 loan with a 13-year term and 5% interest. They are currently the third-largest bank in the UK and the country’s top mortgage provider, with 17.4 million customers.

Lloyds’ aim is to “Help Britain Prosper” by building a more sustainable and inclusive future for both individuals and organizations, as well as transforming finance into a constructive force.

Requirements For Application For A Mortgage

  • Begin gathering all the necessary paperwork for your mortgage application. This could incorporate:
  • utility invoices
  • receipt of a P60 document from your employer
  • evidence of benefits received
  • your most recent pay stubs a passport or driver’s license as identification
  • If you are self-employed, you must provide bank statements for the last three to six months, as well as an accountant’s statement of two to three years’ worth of accounts.
  • Form SA302 (Tax Return) If you are self-employed or have income from various sources, you should include proof that supports the income reported on your SA302, such as bank statements, with your tax return.

Be specific. Check that the information on the application form matches the information on the papers you submit. For example, if your salary differs from what appears on your paystubs, do not round it up.

Give your estate agent’s name, your solicitor’s name, and the address of the house you want to buy. These are the minimum requirements; certain lenders may want additional paperwork.

Keep in mind that different lenders may have varying requirements for your income and expenses.

Ask your lender or an independent mortgage adviser what else you might require.

Please keep in mind that printed copies of your current account and utility bill statements obtained from the Internet may be rejected. You’ll need hard copies or certified copies from your utility company.

Leave a Comment