Traditionally, mortgage lending has been offered by building societies. However, in recent years the distinction between building societies and banks has been reduced. Many Building societies have demutualised and operate like a bank. The big 5 banks have also increasingly stepped into the mortgage business.
The biggest mortgage lender in the UK is the Halifax (which has merged with the Bank of Scotland) To form HBOS.
- Halifax – Bank of Scotland 21%
- Nationwide 20%
- Northern Rock – 17%
- Bradford and Bingley 9%
- Woolwich 8%
Top 10 Mortgage lenders include the big 5 plus
- Alliance and Leicester
- Standard Life
- Abbey Mortgages
To find the best mortgage and remortgage deal, it is often best to go to an independent mortgage adviser who can look through the different options available.
In 2007 HBOS, the Halifax and Bank of Scotland have experienced a loss of market share.