Majority of mortgage applications 'going to three lenders'

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The majority of mortgage applications made in the UK in the past month have been made to three lenders, according to new research.

Mform's research found that six out of ten applications have gone to West Bromwich Building Society, the Principality and the Co-operative Bank due to the firms' competitive deals.

The study also found that lenders including HSBC have also experienced an increase in interest, along with the likes of Halifax.

Francis Ghiloni, the website's marketing and business development director, stated that the past has been "the most manic ever" in the UK's mortgage market.

He added that the sector has shifted "dramatically" with lenders now "effectively bypassing brokers and going direct".

Mr Ghiloni has previously stated that borrowers should calculate the "true cost" of their home loans before committing to a deal, after research found that fees on the best fixed-rate deals have doubled in the past year.

According to the website, fees on the most competitive three-year fixed-rate deals have risen from £578 to £1,132.

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