Having recently revealed the five most affordable lenders in the UK for specialist buy-to-let products, Mortgage Broker Tools has now published its rankings of the top five lenders for general residential affordability.
Once again, MBT’s rankings were collated on the basis of more than 2 million searches conducted by borrowers and brokers over the course of the past two months.
Interestingly, though not entirely surprising, many of the High Street’s biggest names were notable by their absence. The rankings were dominated largely by building societies and several smaller lenders, highlighting the importance of comparing the market beyond the High Street when searching for a competitive deal.
A great way to do this is to use the services of a Whole of Market Mortgage Broker like UK Property Finance who will compare across all lenders to find the best deal on a mortgage.
Top Five Lenders for Residential Affordability
Right at the top of the MBT Affordability rankings for residential products was Aldermore, which outranked Ipswich Building Society for the first place. The third spot in the rankings went to West Bromwich Building Society, which was followed closely by Teachers Building Society in fourth.
The top five rankings finished with Accord Mortgages in fifth place, who had demonstrated a particularly strong performance over the past two months.
Comparing lenders on the basis of remortgage affordability, Mortgage Broker Tools cited Nottingham Building Society as one of the best in the business. NatWest and Leeds Building Society were also given a notable mention in this segment.
Meanwhile, Digital Mortgages by Atom, Clydesdale Bank and Barclays were all among the top performers for mortgages valued in excess of £1 million.
For business owners and self-employed applicants, the most affordable lenders highlighted in the MBT report were Coventry Building Society, Pepper Money and The Mortgage Lender.
HSBC didn’t make the top-end rankings in any of the above segments, though was found to be a particularly competitive lender for residential mortgage customers who already had an established buy-to-let portfolio.
The Importance of Shopping Around
Commenting on the findings, Mortgage Broker Tools CEO Tanya Toumadj spoke of the importance of shopping around for a competitive deal, given how every case is unique.
“We process millions of cases through MBT Affordability and regularly publish data about the affordability landscape, so we thought it would be interesting to publish a quick snapshot into which lenders are particularly strong on affordability in the current environment,” she said.
“This doesn’t mean they are the best lenders for every client, of course. Every case is different and a client’s circumstances, expectations and objectives will have a large impact on the right choice of lender. This is why we have built a criteria tool that works alongside our affordability results to help brokers ensure they are choosing the right lender for their client’s requirements,”
“We have also used our wealth of live data and insights to create MBT Analytics, which helps lenders to target affordability enhancements to very specific client cohorts, enabling them to develop their offering and ultimately help more customers.”
Conduct your free search for a competitive mortgage deal today with UK Property Finance.
Author: Craig Upton
Meta: Mortgage Broker Tools has published its top-five lenders for residential mortgage availability, dominated by High Street building societies and smaller lenders.
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