Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage comparison
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Handy mortgage calculators
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How much will it cost?
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How much stamp duty will I pay?
Buying a property over £125,000? Calculate how much you will pay in stamp duty with our handy calculator.
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Table: sorted alphabetically
Updated November 22nd, 2019
The finder.com mortgage service is provided by London & Country Mortgages (L&C). Beazer House, Lower Bristol Road, Bath BA2 3BA.
L&C are authorised and regulated by the Financial Conduct Authority (reg no. 143002). Please note the FCA does not regulate most Buy to Let mortgages.
L&C are authorised and regulated by the Financial Conduct Authority (reg no. 143002). Please note the FCA does not regulate most Buy to Let mortgages.
How do mortgages work?
Whether you’re buying a house, unit or apartment, most of us don’t have enough money tucked away to cover the full purchase price. In order to get the full amount needed to buy a property, we need to borrow money through a mortgage.
A mortgage is an arrangement where you borrow money from a lender to buy a property, whether as a home or investment (such as a buy-to-let). It usually lasts for between 25 – 35 years.
In exchange for allowing you to borrow this money, your lender will charge you interest. This can be either a fixed rate mortgage at a certain rate, or a variable rate mortgage.
You’ll usually pay your loan off in instalments known as repayments. These are usually required every month.
A mortgage can also be known as a home loan or as home finance.
Best mortgage lenders
There’s no universal measure of what makes a “best” lender – it’s more about which one offers what you need and what’s important to you.
However, there are definitely qualities that mortgage-hunters typically look for in a lender – such as low-interest rates, low fees and generous terms. Many consumers also want lenders with a great track record in customer service.
Who are the best mortgage lenders?
While there is no universal measure of what makes a “best” lender, we believe these lenders stand out from the others.
- Halifax: Best for residential mortgages
- HSBC: Best for remortgaging
- First Direct: Customer service
- Newcastle Building Society: Best for first time buyers
- Leeds Building Society: Best for buy-to-let
- Lloyds Bank: Best for low income or low deposit
- Halifax: Best for retirement
The UK’s largest mortgage lenders by market share
| Mortgage lender | Market share |
|---|---|
| Lloyds Banking Group | 15.6% |
| Nationwide Building Society | 14.4% |
| Royal Bank of Scotland | 12.9% |
| Santander UK | 10.4% |
| Barclays | 8.4% |
| HSBC Bank | 6.4% |
| Coventry Building Society | 3.7% |
| Virgin Money | 3.4% |
| Yorkshire Building Society | 2.9% |
| TSB | 2.7% |
These figures are taken from UK Finance (formerly the Council of Mortgage Lenders) and are based on gross lending amounts.
Best mortgage rates
| Provider name | Rate | APRC | Initial Monthly Payment | Total amount repayable |
|---|---|---|---|---|
| NatWest Fixed | 1.41% | 3.80% | £791.44 | £310,386.12 |
| NatWest Int Sols Fixed | 1.41% | 3.80% | £791.44 | £310,386.12 |
| Royal Bank of Scotland Fixed | 1.41% | 3.80% | £791.44 | £310,386.12 |
| Halifax Fixed | 1.43% | 3.80% | £793.31 | £310,976.94 |
| NatWest Int Sols Fixed | 1.45% | 3.80% | £795.18 | £310,362.52 |
Overall representative example
If you borrow £170,000 over a 25-year term at 1.75% p.a. (fixed) for 62 months reverting to 4.74% p.a. (variable) for the remaining term, you would make 62 monthly payments of £700.04 and 238 monthly payments of £912.95. The total payable would be £261,424.58, which includes interest of £90,685 and a product fee of £495. The overall cost for comparison is 3.6% APRC representative.
If you borrow £170,000 over a 25-year term at 1.75% p.a. (fixed) for 62 months reverting to 4.74% p.a. (variable) for the remaining term, you would make 62 monthly payments of £700.04 and 238 monthly payments of £912.95. The total payable would be £261,424.58, which includes interest of £90,685 and a product fee of £495. The overall cost for comparison is 3.6% APRC representative.
What types of mortgages are on offer?
You can boil down UK mortgages into the following types:
Fixed rates
Unlike a variable rate home loan where repayments move up and down, fixed rate repayments remain unchanged for a set period. This means that for the length of your fixed rate term — usually between one and five years, but sometimes as great as 10 or even 15 years — you’ll know what your repayments will be.
Standard variable rates
A variable rate home loan is a home loan product which has an interest rate which fluctuates up or down over time as your lender sees fit. Unlike a fixed rate home loan where the rate is locked in for a fixed term, the interest rate of a variable rate mortgage moves up and down in accordance with market changes.
Tracker mortgages
Tracker mortgages move in line with a nominated interest rate which is usually the Bank of England base rate. The actual mortgage rate you pay will be a set by your lender at an interest rate above or below the base rate. When base rate goes up and down, your mortgage rate will go up and down by the same amount.
Discount rate mortgages
A discount mortgage works by setting a discount on a lenders standard variable rate (SVR). This means the interest rates can go both up or down in line with the SVR.
Interest only
Standard home loans have repayments that include both the interest and a small proportion of the capital. If you remove this capital portion from the equation, you can reduce the amount you make in repayments each month. This can be good for some borrowers, including investors and those building a property, but there is an added risk with this type of loan as your loan amount doesn’t reduce, meaning you will still have to pay the whole capital off at the end of the term.
Offset mortgages
Offset mortgages are linked up to your savings account and can help to reduce your interest payments. Any money deposited into the account offsets interest on your mortgage. For example, if you have a mortgage of £100,000 and savings of £25,000, your mortgage interest is calculated on £75,000 for that month.
This cuts the amount of interest you pay but the mortgage rate is likely to be more expensive than on other deals. You can still access your savings if you need to but the more you offset, the quicker you’ll repay your mortgage.
Capped rate mortgages
This is a type of variable rate mortgage but one with a limit or cap on how high your interest rate can rise. So you can benefit from low interest rates but also enjoy the comfort of knowing that your interest rates will never exceed a certain level.
Cashback mortgages
When you take out this kind of mortgage you also receive some money back. This is normally a percentage of the loan.
Flexible mortgages
This option is available on many other types of mortgage and it allows you some flexibility when making repayments. You can choose to pay more when you can afford it and if you have already overpaid then you can pay less or take a payment holiday. These types of mortgages tend to have higher interest rates than other deals.
95% and 100% mortgages
These types of mortgages are designed for people that either have no deposit or are struggling to save a significant deposit. Loan-to-value rates of 95% or 100% typically incur higher interest rates. Although they were previously widely offered, 100% mortgages fell out of favour after the financial crisis, and now only tend to be offered when a family member is able and willing to provide a guarantee secured against their own residential property.
Buy-to-let mortgages
Buy to let mortgages are for people who want to buy a property and rent it out rather than live in it themselves. The amount you can borrow is at least partly based on the amount of rent you expect to receive.
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Struggling to understand mortgage jargon?
We know that sometimes it seems as though the financial world operates in a different language altogether making it hard to understand what you’re getting into when applying for a mortgage. So to help you out, we have created a mortgage A-Z to simplify the terms your most likely to come across in your application.
What fees might you pay when getting a mortgage
1. Upfront fees
-
Mortgage arrangement fee. This is the fee that your mortgage lender charges to set up
your mortgage. - Product fee. Many lenders will charge you a product fee which is the cost of choosing a specific mortgage.
- Valuation fee. This is a fee charged by your mortgage lender for them to carry out valuation of the property you would like to purchase the mortgage for.
- Legal fees. A legal professional will need to look over your application to make sure it’s compliant.
- Stamp duty. If your property costs over £125,000 you’ll have to pay stamp duty, which is a certain type of land tax. You’ll usually have to pay this tax as an upfront fee within 30 days of settlement.
your mortgage.2. Ongoing fees
- Repayments. The biggest cost of a mortgage is in the regular repayments you have to make on it. Your repayment amount is set by your lender and takes into account the interest rate, how often you’ll be repaying and the length of the loan.
3. Exit fees
- Early Repayment Charge. If you repay your mortgage early or overpay more than your overpayment allowance some mortgage providers will charge you an early repayment fee.
- Redemption administration fee. This is a fee charged by your lender in order to close your mortgage at the end of the term.
How to prepare when applying for a mortgage?
- Make sure your credit report is in order. You can get a copy of your credit report online. Its a good idea to make sure your address history is accurate and it also might help to be registered on the Electoral Roll at your main address.
- Ensure your ID and address documents are up to date. Some mortgage lenders will ask you to provide proof of ID or address to satisfy money laundering requirements and these must be the original document, not a copy, and be current and valid.
- Where is your deposit coming from? All lenders will want to see where your deposit is coming from and whether it is a gift or part of your savings. For example, if the money is coming from your savings account then you will be required to show bank statements as evidence.
- Have all your income proof ready. Your lender will want to know how much you earn, so it is a good idea to have your income proof readily available for your application. You may be required to present your latest 3 months payslips/bank statements, or your latest P60. The documents you will need to supply depends on the requirements of the specific lender.
- Check your solicitors are on the lender’s panel. Lenders these days are extra careful about which lawyers you are using to target mortgage fraud. Ask your solicitor if they can work with most lenders, make sure they are a reputable firm.
- Are you getting a joint loan? Think about how strong your relationship is with the other party. Changes to your relationship could make it hard if one party wishes to sell their part of the property.
- What are your plans for the property over the next few years? Match your mortgage to your future plans. For example, avoid taking out a fixed rate loan if you plan to sell the property shortly after buying it. Many fixed rate mortgages charge a penalty if you pay them off before the end of the set period which can be expensive.
- Are you eligible for the loan? Borrowers generally need to be over 18 years of age. There are other requirements too, but these depend on the lender. Some will want you to have a good credit rating. Others might not allow you to buy inner city apartments. Always read these before applying.
How do I find the best mortgage deals of 2019?
- Decide on a loan type. First, decide whether a fixed rate mortgage or variable rate mortgage is more suited to your plans and budget. This is also a good time to find out what your credit score is and know what loans are available to you.
- Compare different lenders for different loans. Compare what different banks and lenders are offering for your chosen loan type and down payment. It is also important to always get more than one quote when looking for a mortgage. This will ensure you get a good mix of options from different types of lenders.
- Ask for a Key Facts Illustration. A lender must give you a loan estimate by law. This will show you interest rates, repayment costs and closing costs for your potential mortgage. Some lenders also have a mortgage calculator feature on their website where you can receive a quick quote.
- Repeat until you find a loan you want. It’s normal to ask for loan estimates from more than one lender until you find a loan you’re happy with.
Latest mortgage news
Mojo Mortgages announces mortgage score that helps buyers assess their eligibility
Mojo Mortgages has unveiled Mortgage Score, a scoring system that will tell you how likely you are to get a mortgage and how much you could borrow. Read more…
Habito partners up with impact to provide specialist mortgage advice to people with bad credit
You can now get specialist mortgage advice for free even if you have a poor credit score, thanks to Habito. Read more…
Challenger bank Tandem wants customers to help design its new mortgage
Challenger Bank Tandem is planning to launch a mortgage product in 2020 and wants you to help build it. Read more…
London and Country Mortgage Experts
L&C is a specialist broker offering mortgage comparison & free advice.
- Compare over 80 mortgage lenders
- Fee FREE mortgage advice
- Personal customer service from start to finish
- Open 7 days a week
The finder.com mortgage service is provided by London & Country Mortgages (L&C). Beazer House, Lower Bristol Road, Bath BA2 3BA.
L&C are authorised and regulated by the Financial Conduct Authority (reg no. 143002). Please note the FCA does not regulate most Buy to Let mortgages.
L&C are authorised and regulated by the Financial Conduct Authority (reg no. 143002). Please note the FCA does not regulate most Buy to Let mortgages.
I’ve used London and Country Mortgages three times so far and always very successfully.
One word… Trust. I have confidence in your advice, something often missing with financial services.
I can’t praise L&C enough. They listened to my needs, understood and sought the best offer for me and my partner.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
Ask an Expert
Are there Lenders who offer mortgages internationally/worldwide and at competitive interest rates and regardless of your country of residence?
I’d really be interested to know i can access mortgage package from global Organisations with favorabla repayment terms.
Hi Henry,
Thanks for getting in touch with finder. I hope all is well with you. :)
As of now, we currently don’t have a list of lenders who offer a mortgage on an international level. However, a quick search on the Internet should give you a list.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
HI, I’m currently working aboard and therefore have rented out my uk home. I don’t make any money as the rent only just covers the mortgage. With Brexit is it going to be better to sell? I’m worried if the house prices go down i’ll be in negative equity.
Hi Sarah,
Thanks for getting in touch with finder. I hope all is well with you. :)
It would be difficult to give you a personalised answer since I’m not completely aware of your situation. However, what you can do is to research the market. According to the trend, housing price growth in the UK has slowed since the EU referendum in June 2016, with considerable variation among regions.
Please seek professional and expert advice. Acquire as much information as possible before making a decision.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Hi,does anyone lend money to buy a house even though you work overseas
Hi John,
It’s possible that there are lenders who accept applications from residents working overseas, however, we are yet to have a dedicated page for it.
You may opt to reach out to the lenders featured on this page to consult on what options they can offer you based on your personal circumstances.
Please ensure to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.
Best,
Maria
My partner and I want to buy a house together but as my credit rating is poor we decided it best for him to apply for a mortgage on his own. Can I get my name put on the deeds as I will be paying half the mortgage?
Hello Linda,
Thank you for your inquiry. Yes, any transfer would have to be with the consent of the mortgage lender. Both of you and the lender will enter in a mortgage deed, to set out the terms. Your lender will run through a similar process to a new application whereby they will check affordability, credit history and identity of both applicants prior to agreeing to add someone on to the mortgage. If you get an approval, a solicitor will be able to advise you on the most suitable way to set the property ownership (tenants in common or joint ownership) and of any potential tax liabilities (e.g. stamp duty) that may arise.
Please bear in mind that, changing the mortgage to a joint basis or taking joint bank account, will make your partner’s credit become associated with your own. You can learn more about the process and the forms needed on this page.
Hope this helps.
Cheers,
Jonathan