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Mortgage Lenders by type
If you are searching for a good
mortgage lender, the easiest way to go about it is to learn a bit about the mortgage market. Here is a guide to finding a mortgage lender which suits you.
Type 1: High street banks and building societies
Pros: With this type of mortgage lender, you know what you are getting because you are probably familiar with the name. High street mortgage lenders have branches throughout the country, so you can usually speak to someone in person. The lender will probably offer the option of managing your mortgage online as well as in person.
Cons: A high street mortgage lender may charge a bit more in interest than an online one (see below). They may also require you to make an appointment with an advisor if you wish to discuss your finances.
The largest high street mortgage lenders are:
Royal Bank of Scotland (including NatWest)
Barclays Lloyds TSB HSBC Halifax (including Bank of Scotland) Alliance & Leicester Nationwide Building Society Northern Rock Type 2: Online banks Pros: Because they have fewer overheads, this type of mortgage lender can offer lower interest rates. In fact, most of the lowest mortgage rates around are from online banks. You can usually set up a direct debit to take care of your monthly repayments so that you don't fall behind. As well as banking online, you will also be able to phone the mortgage company if you have problems or need advice.
Cons: Online mortgage lenders have no branches, so you cannot drop in and conduct your banking in person. Also, most of them are less established than high street lenders. If you'd rather borrow from a big name bank, you might be tempted to opt for a high street mortgage (which might be more expensive), but did you know that most online banks are owned by high street lenders? For instance:
Cahoot - Abbey National Group Intelligent Finance - Halifax Marbles - HFC Bank Egg - Prudential Goldfish - Morgan Stanley Smile - The Co-operative Financial Services First Direct - HSBC ING Direct - ING Tesco Personal Finance - Tesco Sainsbury’s Bank - Sainsbury’s Standard Life Bank - Standard Life
Type 3: Sub-prime lenders
If you have a poor credit history or cannot prove your income, banks may consider that lending to you is relatively risky. Some lenders have expertise in this specialist area of the mortgage market and are called sub-prime lenders. Whilst they may be taking on more risk they are compensated by charging borrowers a higher interest rate.
Well-know sub-prime mortgage lenders are:
Burtplan Personal Finance
Calculate your monthly mortgage payments with our
mortgage calculator.
Applying for
loans, mortgages and
remortgages could not be easier: Burtplan Personal Finance have a no hassle promise and will help you take control of your
Personal Finances today!
As a major
UK loan broker we only get paid if we get your loan paid out. Therefore we do everything we can to get your loan paid out as
quickly as possible at the
best loan interest rates and
monthly repayments to suit your circumstances.
Apply for a personal secured loan or homeowner loan quotation.
Burtplan Personal Finance will
compare secured loans, personal loans and remortgages to suit your circumstances while achieving the
lowest interest rates available from the leading UK Personal Finance Lenders. We also offer
business and commercial mortgages. Apply here for a
commercial mortgage. Apply here for a
unsecured personal loan.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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