Which is the best mortgage lender for low rate deals?
When borrowers ask which is the best mortgage lender for low rate deals? The answer may not include any of the 'new entrants' to the mortgage market between 2009 and 2011.
The State Bank of India recently became the latest 'new entrant' to the UK mortgage market and it is hoped that they will be more successful at offering competitive rates and approving mortgage deals then previous 'new entrants'.
New lenders to emerge in the past two years include the Bank of China, which started offering mortgages in July 2009. Since this time lenders such as Metro Bank have also sought a share of the UK mortgage market.
However, most new entrants have struggled to compete with established mortgage providers. They have failed to gain significant ground against the big banks and are in no way close to being 'the one' when borrowers ask which is the best mortgage lender for low rate deals?
When launched in 2010 Metro Bank promised to shake up UK high street banking, however last November it was revealed that in its first 15 months, only 100 mortgages had been advanced. Other 'new entrants' have also failed to shake things up.
The Bank of China is among those who will not feature on the 'which is the best mortgage lender' list because, while the bank has managed to offer competitive rates, its strict lending criteria which included a compulsory interview for all applicants at one of its five UK branches, has led to limited take up.
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