Building societies are dominating the mortgage best buy tables in the UK, offering 57.5% of the most competitive deals despite taking around 21% market share of gross mortgage lending, a new analysis shows.
A report from shared equity mortgage provider Castle Trust shows that 23 out of 40 mortgage best buy deals across fixed, variable and buy to let deals are provided by building societies, nearly a third higher than the 18 out of 40 best buy deals offered by building societies in 2008.
Average rates on building society best buy mortgages are currently 3.4% compared with 6.2% in 2008 and lower than the 3.81% in October 2012, when Funding for Lending started to take effect.
Building societies currently offering best buy deals include Marsden and Newbury for remortgages while Nottingham and Nationwide are competitive for fixed rates and Mansfield, Marsden, Hinckley & Rugby and National Counties are competitive for discounted rates. Coventry and Hinckley & Rugby also score well for variable rates.
This article is copyrighted by Property Wire - Premier global property news service