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When choosing the best mortgage, size doesn’t matter!

When choosing the best mortgage, size doesn’t matter!

Category: Mortgages

Updated: 31/10/2008
First Published: 31/10/2007

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

An exclusive survey by Moneyfacts.co.uk reveals that Building Societies offer 70% of the top 250 mortgages available today and that those looking for a mortgage may well be better off going to a building society than to one of the larger banks or mortgage lenders.

It is shocking to see that so few of the top priced mortgage deals are offered by the largest mortgage lenders. The Royal Bank of Scotland Group under the brands of First Active and Direct Line lead the way offering a meagre six out of the top 250 mortgage deals, and very disappointingly the largest lender the HBOS group, did not appear at all.

Despite the vast amount of information in the public domain and the still prominent role of the financial adviser, brand and high street values still seem to be winning mortgage customers.

While some mortgage deals offered by these providers may offer the best solution to an individual customers mortgage needs, the findings show that, for the majority of borrowers, the mortgage deals from building societies and smaller lenders are winning hands down.

Getting a mortgage is probably the biggest financial decision you'll ever take, and it should not be based upon brand or the perceived convenience of your existing lender. It should be about finding the most competitive mortgage deal that's suitable for your individual needs.

Take the time to shop around for your mortgage, and don't assume that bigger means better. In fact when choosing a mortgage quite the opposite is true, both with building societies dominating the field and the lack of large lenders appearing in the top 250 products.

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.