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Mortgage News
HSBC offers cheapest mortgage - 03/01/2008
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The cheapest mortgage provided by UK banks and building societies can be found at HSBC, a new Defaqto survey has shown.
According to the research, which was based on the total gross interest payable on a interest-only mortgage worth £50,000, the difference between the cheapest and most expensive mortgage deals on the UK market was £532.39.
"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," said David Black, principal consultant of banking at Defaqto.
The most expensive mortgage was found at the Bank of Scotland. Borrowers with a mortgage from HSBC paid £3,361.99 for their mortgage in 2007, while those holding a Bank of Scotland mortgage paid £3,894.38.
Building societies rounded out the top three lowest-costing mortgages, with Skipton and Nationwide taking second and third place, respectively.
The research did not take rates set out by specialist providers into account and also did not include loyalty or privilege rates.
In related mortgage news, last week Leeds Building Society was among the mortgage providers offering a post-Christmas sale aimed at the many consumers coming out of a fixed-rate deal in 2008.
© Adfero
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