Three lenders 'dominate mortgage market'

New research has claimed that three mortgage lenders are currently dominating the sector.

The study by mform found that around 60 per cent of applications made in the UK over the past month have gone to the Principality, the West Bromwich Building Society and the Co-operative Bank.

Other providers that received a surge in interest over the time period included HSBC, Norwich & Peterborough Building Societies and Halifax.

Francis Ghiloni, mform''s marketing and business development director, described the past four weeks as "the most manic ever" in the UK mortgage market.

"Our analysis shows that borrowers have concentrated their applications on a relatively select group of lenders with around 17 out of the 90 available doing most of the business," he explained.

Previous research released by mform earlier this year found that application on the five most competitive fixed-rate mortgage deals in the UK have almost doubled in the past 12 months.

According to the study, average fees for three-year deals have increased from £578 to £1,132.

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