I made a similar post to this recently about the most lenient Mortgage lenders, but another question I have come across a lot over the last 12 months is “Who are the Best Mortgage lenders?”.
The answer is more or less the same…It depends on your circumstances as put simple the Best Mortgage lenders are those that accept you and offer the lowest rate you personally can get..
We do tend to concentrate on 2 parts of the market, First time buyers and those with bad credit so when it comes to Best Mortgage lenders in this sector of the UK mortgage market acceptability and mortgage rates are even more important as options are limited compared to those with no adverse credit.
For those with bad credit, during 2015 and the first part of 2016, there was one lender who was getting around 50% of our business. Primarily because they were one of a very small number of lenders who would accept bad credit for their adverse mortgages. From around May 2016 onwards, there were a couple of new lenders who came to market and so we started to spread our bad credit Mortgages around a little depending on the finer details.
As such, even now with bad credit mortgages we can choose from a selection of what we would consider the Best Mortgage lenders so the mortgage landscape for adverse credit has gotten a lot better.
Since November 2016 onwards, a couple of high street lenders have started to become a little more open to adverse and so in turn our business has started to go to those lenders with the adverse lenders being used as more of a back up.
So in 12-18 months we have gone through 3 stages, initially we were looking at rates of over 6% for those with moderate adverse and a 5-10% deposit, now we start to look at rates closer to 2.5% for customers with a similar profile.
The same can be said for first time buyers, lenders do not always want to be offering the cheapest deals. They want to earn as much as they can, so typically they will dip their toe in to bring in the business and then up their rates whilst they work through the backlog (that is why we tend to say “lowest rates = longest waits” a lot).
The market is forever changing. The Best Mortgage lenders today may not be the Best Mortgage lenders tomorrow. Call us for a chat, in 5-10 minutes we can find out a little about you, what you want and give you an idea of what we believe will be achievable.
What should I do next?
If you have poor credit or previous bad credit and are worried how this will affect a mortgage application and interest rate and you want to shop around the whole UK mortgage market than give Mortgage Success, the Independent Whole of Market Manchester Mortgage Brokers a call.