Smaller lenders offer competitive mortgage deals

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15 Sep 2015

Smaller names compete to offer the most competitive mortgage deals

Author: Greg May

THouse and coinsraditionally, six big players have dominated the mortgage market, but smaller names are starting to make their mark, offering competitive deals and attracting more borrowers. 

Smaller, specialist lenders often only make their products available through intermediaries, or independent mortgage advisers, so going to one can really help you source a better mortgage deal.  

There are already growing signs of borrowers talking to independent mortgage advisers, in fact, in the second quarter of 2015, figures from the Council of Mortgage Lenders show that 74% of lending to first-time buyers went through intermediaries, the highest level since the pre-crash years. 

Christopher Woolard, the Financial Conduct Authority’s Director or Strategy and Competition, said: “80% of the mortgage market sits in the hands of six main players.” However, figures from Romans Mortgage Services suggest that the smaller names are starting to raise their game and attract more borrowers; in the first nine months of 2013, 71% of mortgage lending via Romans was via five of the main players, but fast forward to 2015, and, during the same period, this has dropped to 60%. 

“There is definitely more competition from the smaller lenders at present, and there are some brilliant mortgage deals available” says Greg May, Director of Romans Mortgage Services. 

“I cannot recommend more highly enough that borrowers talk to independent mortgage advisers to ensure they’re getting the right deal whether they’re a first time buyer, home mover, or remortgaging. Our advisers are able to search thousands of mortgage rates, some of which are exclusive to us and not available on the high street. 

“Fees and interest rates vary from lender to lender so it’s important to check all angles to find the deal that saves you the most money in the long-term; just a 0.1% difference in interest rates can save you thousands of pounds in repayments over the term of the loan.”

In addition to just finding the mortgage for you, that adviser will also take the hassle of processing the mortgage application away from you. Considering the amount of time it can take some lenders to organise a mortgage offer, this can help save you extremely valuable time.  

For further information about Romans Mortgage Services call 0118 3219 536, or visit:

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

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