Who are the biggest mortgage lenders in the UK?

When comparing mortgages, you might think your best bet is to seek out a deal from one of the biggest and best-known mortgage lenders. However, the mortgage market is highly competitive and some of the smaller, lesser-known lenders may well have better deals available, depending on what you’re looking for.

When it comes to the availability of deals from the largest UK mortgage lenders, not all of them have a full range of mortgage options, especially if you’re looking for something a big more niche, such as a mortgage for self-employed borrowers, or to buy an unusual property. 

Biggest mortgage lender or specialist mortgage?

Although our instinct is often to seek out the biggest names in any industry when we’re looking to make a purchase, with mortgages, this is not always the best route. The type of lender most likely to be able to offer you the type of mortgage you need will depend largely on your current circumstances, and what your future priorities are for your home and finances.

Specialist mortgage lenders typically have more experience in lending to freelancers or those with a limited credit history, for example, and therefore have better knowledge and more understanding of the risks. Many will tailor their product range to cater for applicants that the larger banks won’t be able to assist. 

On the other hand, the biggest mortgage lenders are more calculated and thorough when checking to see whether your application should be approved. They can sometimes have quite a narrow perception of the type of client that they are looking to serve, and this can mean criteria are stricter. 

Does the biggest always mean the best?

It depends which way you look at it, as ‘the best’ is a relative term, depending on what’s important to you. For some people, the best mortgage provider will be one that can offer them the most competitive interest rates. Others might value the most flexible terms, the best customer service, or the ones willing to lend them the most money!

Lending criteria for top mortgage providers

Every single lender has their own specific set of criteria for each mortgage product that they offer, so it’s impossible to list criteria that will apply across the board. 

That said, the vast majority of mortgage providers will carry out both credit and affordability checks when you apply for a mortgage. Larger lenders tend to be slightly less flexible with these checks than more specialist lenders and will usually be looking for clean credit scores and standard 9-5 salaried income.