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There's no single lender that's best for everyone. The right choice depends on your deposit, income, credit history, and the property you're buying, so here's how to compare your options properly.
There isn't one lender that qualifies as the best mortgage lender for every borrower. The right lender for you depends on your deposit size, income type, credit history, and the kind of property you're buying.
Rather than searching for a single 'best' lender, it's more useful to compare a wide range of lenders against your own circumstances, then narrow the list down based on rates, fees, criteria, and how quickly they can process your application.
Working out the best mortgage lenders UK wide isn't about finding a single name that beats every other lender on every measure. Each lender sets its own criteria for income, deposit, credit history, and the type of property it will lend on, so the lender that's right for your neighbour might turn you down, and vice versa.
Instead of starting with a shortlist of 'top' lenders, it helps to start with your own circumstances: how much deposit you have, whether your income is straightforward or complex, what your credit history looks like, and what kind of property you're buying. From there, you can compare a wide range of lenders that are actually likely to accept your application, rather than wasting time on ones that aren't a good fit.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. It's worth taking the time to compare properly rather than rushing to whichever lender you've heard of first.
The lender that offers the most competitive rate on paper isn't always the one that will actually approve your application. It's usually more efficient to work out which lenders are likely to accept your circumstances first, then compare rates and fees within that shortlist.
Not sure where to start?
Tell us about your income, deposit, and property, and we'll compare a wide range of lenders on your behalf.
UK mortgage lenders broadly fall into a few categories, each with a different approach to risk, criteria, and service. Understanding the differences helps explain why one lender might decline an application that another lender approves without issue.
Many of these lenders only distribute certain products through brokers rather than offering them directly to the public, particularly deals aimed at more complex circumstances. This is one reason why comparing a wide range of lenders, rather than approaching one or two directly, tends to give you a fuller picture of what's available. Our mortgage broker vs going direct guide covers this trade-off in more detail.
Comparing lenders
The table below is a general starting point, not a guarantee of acceptance. It's meant to narrow your search rather than replace a proper comparison of a wide range of lenders against your actual circumstances.
If your circumstances are more complex, our guides on first-time buyer mortgages and fixed rate mortgages go into more detail on specific scenarios. If you're worried about affordability or existing debt, free and impartial guidance is also available from MoneyHelper on 0800 138 7777.
You can approach lenders directly, or use a mortgage broker to compare a wide range of lenders on your behalf. Going direct can suit borrowers with simple, straightforward circumstances who are comfortable researching the market themselves.
A broker tends to be more useful if your circumstances are anything other than straightforward, since they can compare a wide range of lenders and match you to ones likely to accept your application, rather than you approaching lenders one at a time. Brokers are authorised and regulated by the Financial Conduct Authority, and most broker sales are advised, meaning the broker takes responsibility for recommending a suitable product.
Our mortgage broker vs going direct guide sets out the full trade-offs if you want to weigh this up in more detail.
Comparing the market properly takes time. An advisor can shortcut the process.
Comparing lenders
Work out what you can afford
Use an affordability calculator to get a realistic sense of your budget before you start comparing individual lenders.
Check your credit report
Review your credit file for errors or issues you weren't aware of, since these affect which lenders are likely to accept you.
Get a mortgage in principle
A mortgage in principle from one or more lenders gives you an early indication of how much they might lend, without a full application.
Compare rates, fees, and criteria across lenders
Look at the full cost of each deal, not just the headline rate, and check the eligibility criteria against your own circumstances.
Speak to an advisor before you apply
An advisor can compare a wide range of lenders on your behalf and flag anything in your application that might cause delays.
A few mistakes come up repeatedly when people compare mortgage lenders on their own:
Common questions
There isn't a single cheapest lender for everyone, since the overall cost depends on your deposit, the loan-to-value you need, and the fees attached to each product. A lender that's competitive at a 60% loan-to-value might not be competitive at 90%. Comparing a wide range of lenders against your own deposit and circumstances is more useful than looking for one lender that's cheapest across the board.
Not necessarily. A lower rate sometimes comes with a higher arrangement fee, a shorter fixed period, or stricter criteria, all of which affect the overall cost and suitability of the deal. It's worth comparing the full package, including fees and flexibility features, rather than the rate alone.
You can get a mortgage in principle from more than one lender, since these usually use a soft credit search that doesn't affect your credit score. However, submitting full applications to multiple lenders at once involves hard credit searches, which can affect your credit score if done too frequently. It's generally better to narrow your options down first, then submit a full application to your preferred lender.
No. Each lender sets its own criteria for income, deposit, credit history, employment status, and the type of property it will lend on. This is why one lender might decline an application that another lender accepts without issue, even with identical circumstances.
There's no fixed number, but comparing only one or two lenders risks missing a deal or a set of criteria that would have suited you better. A broker can compare a wide range of lenders in one go, which is usually quicker than approaching several lenders individually yourself.
Yes, in some cases. A number of lenders only distribute certain mortgage products through brokers rather than offering them directly to the public, particularly deals aimed at self-employed applicants, adverse credit, or other complex circumstances. Going direct alone may not show you the full range of options available.
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Mortgages
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