Trying to find the right lender for you and your needs can be difficult to navigate. Nowadays, there are just far too many companies and lenders to choose from, and it can leave you feeling confused with who to pick. So, who exactly provides mortgages and what are the differences between the types of lenders?
Essentially, there are bank and nonbank mortgage lenders. In the UK, the largest mortgage providers are Lloyds, Nationwide, Santander, NatWest, HSBC, and Barclays. Though they may be the biggest, it does not mean that they will be the most well suited to you and your needs. They tend to have stricter criteria as they have a clear perception of the type of client they are seeking out. This means that you will need to meet their requirements in terms of employment and credit score.
On the other hand, there are specialist mortgage lenders who tend to have experience in helping freelancers, or people who have a limited credit history. They may be more suitable if you fall into either of those categories, as they have experience in catering for individuals who the larger banks will not assist. These lenders have better knowledge, understanding and experience with the risks associated with such cases.
The best advice we can give you is to look at your own circumstances and think about what lender would be most suitable for your needs. At Eminence Mortgages, we have years of experience in the industry and would be more than happy to help you figure out which option is the best for you.