In this brief guide, we are going to provide a list of mortgage companies who serve in the UK.
List of mortgage companies in the UK
Ahli United Bank
Al Rayan Bank
Bank of China
Bank of Ireland
Bath Building Society
Beverly Building Society
Brown Shipley Private Bank
Buckinghamshire Building Society
Cambridge Building Society
Chelsea Building Society
Co-operative Financial Services
Coutts & Co
Coventry Building Society
Darlington Building Society
Dudley Building Society
Earl Shilton Building Society
Ecology Building Society
Family Building Society
First Trust Bank
Foundation Home Loans
Hanley Economic Building Society
Harpenden Building Society
Hinckley & Rugby Building Society
Holmesdale Building Society
Investec Specialist Bank
Ipswich Building Society
Keystone Property Finance
Leeds Building Society
Leek United Building Society
Loughborough Building Society
Mansfield Building Society
Market Harborough Building Society
Marsden Building Society
Melton Mowbray Building Society
Monmouthshire Building Society
Nationwide Building Society
New Street Mortgages
Newbury Building Society
Newcastle Building Society
Nottingham Building Society
Penrith Building Society
Platform Home Loans
Progressive Building Society
Royal Bank of Scotland
Saffron Building Society
Scottish Building Society
Scottish Widows Bank
Secure Trust Bank
Skipton Building society
Stafford Railway Building Society
State Bank of India
Swansea Building Society
Teachers Building Society
The Co-operative Bank
The Mortgage Lender
The Mortgage Works
Tipton & Coseley Building Society
UBS Private Bank
Vernon Building Society
West Bromwich Building Society
Yorkshire Building Society
List of mortgage companies who don’t use mortgage brokers
The Co-operative Bank
Yorkshire Building Society
Government schemes to get a mortgage
To get a mortgage these are the government schemes which may enable you to get a mortgage. You can check if you are eligible for these government schemes by using a government scheme eligibility calculator.
- Lifetime ISA– gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA– gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy- same as above.
- Right to acquire- same as above.
Depending on where you live, you may also be able to take advantage of home buying schemes provided by your local council. Example: In Norwich, the local councils provide the Norwich home options scheme.
Use a mortgage broker
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.
This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle.
This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your mortgage is indeed a possibility before you make a full mortgage application.
Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month.
It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.
Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.
They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.
In this brief guide, we provided a list of mortgage companies who serve in the UK.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.