Egg came top out of 35 lenders, with £2,978.64. HSBC came second and Nationwide came third.
Melanie Stewart, head of research at Moneyfacts, said: "The lowest base rate for more than 40 years has helped all borrowers substantially. Egg demonstrate that their customers are reaping these dividends. For the first time, borrowers will pay just less than £3,000 in the total annual interest on a typical £50,000 standard variable rate mortgage. And, Nationwide’s policy of fair pricing for both new and existing customers has meant that it moved into third position. Compared with Abbey National, Egg’s customers paid £553.07 less in mortgage interest payments over the year. However, if you applied to change to one of the new rates available from Abbey National you could have saved around £300."
