Across England and Wales just under two-thirds of properties are owner occupied, of which just over half are owned with a mortgage. The Financial Services Authority estimate the outstanding value of all residential mortgage loans is just over £1,417 billion. Which is why it's important to choose the right lender for your mortgage.
Every year Which? survey thousands of members of the public to reveal the mortgage lenders that are leading the way in terms of both deals and customer service. Based on a combination of the June 2018 customer satisfaction survey results and their own expert deal analysis, a set of lenders have been named as Which? Recommended Providers - meaning they're currently the best mortgage lenders out there.
Principality tops the league of UK mortgage lenders for customer satisfaction, at 80% with First Direct and Nationwide tied for second place at 77%.
Which? surveyed 3,500 home-owners asking them to rate their mortgage provider on customer service, the mortgage application process, value for money and online access. Fourteen companies received scores of 70% or above. The top nine are listed above, with the mainstream high street lenders Natwest, HSBC, TSB and Santander all scoring 70%.
In order to be named a Which? Recommended Provider, mortgage lenders must:
- have achieved a top customer score in a Which? customer satisfaction survey.
- consistently offer table-topping mortgage deals over various product types.
- be fully covered by the FSCS (Financial Services Compensation Scheme) and FCA (Financial Conduct Authority) banking standards regime.
However, while these providers are great all-rounders, the best mortgage lender for you will depend on your individual circumstances - for example, some lenders are more willing to give mortgages to self-employed homebuyers, while others specialise in guarantor mortgages or solutions for people with a poor credit rating.