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HSBC cheapest mortgage lender for 2007

03/01/2008

New data indicates that HSBC have been the cheapest mortgage lenders during 2007.

Defaqto have put together new data, edifying that mortgage holders who borrowed from HSBC during 2007 compensated £3361.98 in interest. Leaving a £73.08 step downwards comparison with the second cheapest lender which was Skipton.

David Black, consultant of banking at Defaqto commented: "In 2007 there were three increases in Bank [of England] base rates and one decrease so it is not surprising that the average cost of servicing a standard variable rate mortgage for the largest lenders rose last year by 14 per cent over the cost in 2006." "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," he spoke.

Analysing this, which was set on a £50,000 mortgage on the standard variable rate for current mortgage holders, Nationwide was given third position for being the cheapest lender.

These were the top three lenders for 2007.


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