What does lender mean?

A lender is a financial institution, individual or group that offers people money on the understanding that it will be paid back. Often, a loan will be paid back using monthly repayments but it could also be repaid as a lump sum.

Each lender will have its own criteria for deciding whether or not to approve someone for a loan and what deals to offer them.

Just one kind of lender is a mortgage lender. Mortgage lenders are financial institutions, such as banks or building societies, that offer people mortgages to help them buy homes – such as Nationwide, Natwest and Bath Building Society. There are over 100 mortgage lenders in the UK alone, some of which specialise in niche areas such as lending to students or lending to the self-employed.

Nuts About Money tip

To find the right mortgage lender for you, we’d always recommend working with an independent mortgage broker. They’ll know what different lenders are looking for and will be able to search the market for the best deals for you.

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