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HSBC named top mortgage provider for 2008

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by Gill Montia
HSBC named top mortgage provider for 2008

HSBC has been named the most consistently competitive mortgage provider of 2008 by mform.co.uk, the independent mortgage adviser.

The bank has weathered the credit crisis well because of its focus on emerging markets business and has not so far been in need of direct government support.

According to mform, this has allowed the lender to dominate the UK mortgage market throughout 2008, stealing the title of top mortgage lender from Furness Building Society which received the accolade in 2007.

Second place in the league table went to Yorkshire Building Society and other regional building societies such as Newcastle, Furness, Tipton and Mansfield are present in the top 10.

Cheltenham & Gloucester, the mortgage lending arm of Lloyds TSB, has improved its performance since October’s Government bank bail out and Halifax, which will shortly be merging with Lloyds TSB is also listed in the top 10.

In December, Lloyds TSB and Cheltenham & Gloucester took first and second place respectively, followed by the Bank of Ireland in third place and Britannia at fourth place.

mform monitors mortgages across all product sectors and bases its assessment on the true cost of a mortgage, including all fees.

Each time a lender appears in the top 10 they are awarded a point.

In 2008, HSBC scored 89, followed by the building societies: Yorkshire with 70, Newcastle with 41 and Furness with 40.

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News posted: January 7, 2009

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