UK Money News
4th January 2008
Mortgage market competition 'increasing'
Anyone looking to compare mortgages is likely to welcome news from one personal finance industry analyst which suggests that the market is becoming increasingly competitive.
This week, Defaqto has released research indicating that banks and building societies are competing to offer the cheapest mortgages to attract more customers.
The survey conducted by the firm suggested that, in terms of standard variable rate mortgages, HSBC holds on to poll position, followed by Skipton and Nationwide - both building societies.
HSBC borrowers paid an average of £3361.99 gross interest for their mortgage during 2007 - some £532.29 cheaper than the most expensive deal available.
David Black, principal consultant on banking at Defaqto, remarks: "While it is acknowledged that standard variable rate mortgages are only one type of mortgage, their importance may be increasing due to the knock-on effects of the credit crunch, making it more difficult to obtain attractive alternative deals."
In April last year, price comparisons site Moneyfacts.co.uk stated that even in times of rising interest rates, staying on their existing standard variable rate mortgages continues to make sense for some borrowers - particularly those with only a few years left to pay off on their product.
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