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 mform.co.uk 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 mform.co.uk, 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.”