Value league topped by first direct mortgage

www.moneynews.co.uk > Mortgages > Value league topped by first direct mortgage

Value league topped by first direct mortgage

Mon 9th Jan 2006

A £150,000 first direct mortgage leads the pack for best value products, analysts have said.

An annual study by the financial information group Moneyfacts discovered that the lender performed better than both ordinary banks and building societies, This is Money reports.

The first direct standard variable rate (SVR) at 5.5 per cent on a £150,000 mortgage was better value than what most competitors could provide, according to the study.

Among the top five value providers in the survey of 108 lenders were first direct, Stafford Railway Building Society, internet bank Egg, Harpenden Building Society and HSBC.

Darren Cook, head of mortgages at Moneyfacts, said: "While a number of lenders outside the top 20 may offer some market-leading fixed rate or discounted deals, these are often offset against a higher SVR to protect their bottom line."

The first direct mortgage services are provided under the HSBC bank umbrella.

Related News : Mortgages
	Brits 'failing to grasp the importance of an interest in mortgages'
	BBA highlights mortgage lending growth
	Are interest-free mortgages a bad idea?
	Buy-to-let mortgages are 'more profitable'
	House price performance to impact lenders' criteria
	More Brits 'to choose long-term mortgages'
	Offset mortgages 'are the future'
	UK house prices 'set to fall'
	Hybrid mortgages 'are a good deal' for FTBs
	UK public expects house price increase