The 10 largest mortgage lenders in the United Kingdom accounted for approximately 83 percent of the total market, with the top three alone accounting for 42 percent in 2022. Lloyds Banking Group had the largest market share of gross mortgage lending, with nearly 53 billion British pounds in lending in 2022. HSBC, which is the largest UK bank by total assets, ranked sixth.
Development of the mortgage market
The UK mortgage market has increased steadily since 2010. Mortgage lending has grown year-on-year, except for 2020, when the coronavirus pandemic paralyzed the country. Almost 1.6 trillion British pounds is outstanding in mortgage lending to individuals, with the top three mortgage lenders accounting for approximately 45 percent of the total amount outstanding.
The end of low interest rates
In 2021, mortgage rates saw some of their lowest levels since recording began by the Bank of England. For a long time, this was particularly good news for first-time homebuyers and those remortgaging their property. Nevertheless, due to the rising inflation, mortgage rates started to rise in the second half of the year, resulting in the 10-year rate doubling in 2022.