Mortgage Strategy - Half-year results show banks are losing share to smaller lenders
The top six lenders are losing market share to smaller players as they have been slower to relax their criteria post-MMR, say brokers.
In the months leading up to the MMR, in April 2014, there was a general tightening of criteria across the market, especially in areas like interest-only, self-employed and lending into retirement.
Royal Bank of Scotland, Lloyds and Santander have published their mortgage lending figures so far and all of them experienced a year-on-year decline in lending. RBS’ lending is down 7.1 per cent, Santander’s is down 7 per cent and Lloyds’ is down 19.1 per cent.
Trinity Financial products and communications manager Aaron Strutt says: “The bigger banks have said to us they are losing deals to some of the smaller lenders and there is a lot more competition with rates and criteria.
“Not everybody can tick all of the boxes with the big lenders, so then you would probably go to one of the lenders with more lenient criteria.”
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