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Six out of 10 mortgages go to just three lenders

Up to six out of 10 mortgage applications are going to just three lenders, as fewer firms are in a position to offer the best deals.

Analysis from mortgage comparison website shows that 17 lenders out of 90 have been dominating site applications in the last month.

Top lenders for purchases and remortgages include Principality, West Bromwich, Co-Operative Bank, with HSBC and First Direct also seeing a surge in applications.

Frances Ghiloni, marketing and business development director for, says: “The past month has been the most manic ever in the UK mortgage market with undprecedented uncertainty for borrowers, let alone lenders who’ve been rapidly repricing and pulling products.”

He adds: “Some lenders are now effectively bypassing brokers and going direct. In these turbulent times online services have been able to provide an effective conduit for lenders, borrowers, and even brokers too.”


RBS defends £12bn rights issue

The Royal Bank of Scotland has defended its decision to launch an unprecedented £12bn rights issue today.

Bank of England’s £50bn liquidity initiative leaves building societies and specialist lenders out in the cold

The Bank of England has launched its scheme to allow banks to swap temporarily their mortgage-backed and other securities for UK Treasury Bills, though the size of the package, estimated to stand at £50bn has not been confirmed, and it is not clear how the package will help the bulk of the UK building societies and specialist lenders have been left out in the cold.

Don’t hold your breath for fresh liquidity

At the Council of Mortgage Lenders’ recent annual lunch, Steven Crawshaw, chairman of the CML, asked the rhetorical question – what interventions by the tripartite authority, in collaboration with the mortgage industry, could help rather than hinder the market?


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