Building Societies offer the best mortgages
by Gill Montia
Moneyfacts.co.uk, the price comparison website, is applauding building societies in a survey showing that they offer 70% of the top 250 mortgages available today.
In its research, Moneyfacts covered the entire mortgage market, including fixed, discounted and variable rates, over various time periods.
The results are backed-up by figures from the Council of Mortgage Lenders, showing that only 27 (11%) of today’s top 250 top mortgages are offered by the ten leading UK lenders.
According to Julia Harris, Mortgage Expert at Moneyfacts, “The RBS Group under the brands of First Active and Direct Line lead the way offering a meagre six out of the top 250 deals, and very disappointingly the largest lender the HBOS group, did not appear at all”.
She goes on to point out that “While some deals offered by these providers may offer the best solution to an individual customers needs, the findings show that, for the majority of borrowers, the deals from building societies and smaller lenders are winning hands down”.
The survey confirms that borrowers should shop around and not make decisions based upon brand or the convenience of using an existing lender.
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