The Survey shows the total interest paid on a standard variable rate mortgage of £100,000 between 1 January and 31 December 2004.
HSBC remains top of the table for the second time running and is again the only high street bank to appear in the top ten. HSBC is closely followed by Egg, with Nationwide taking third place.
Mutuals and direct lenders continue to dominate the table, with mutuals being placed in thirteen of the top twenty positions (65 per cent).
Increases in Bank base rate have pushed the cost of borrowing up overall. Compared with the July 2004 Survey, the amount of interest charged by HSBC has increased by £577. Looking at the most expensive provider in the Moneyfacts Survey, The Mortgage Business, has increased interest by £623.67 and over the period, the lender charged a huge £1173.50 more than HSBC.
Samantha Owens, Mortgage Research Editor at Moneyfacts comments on the Survey results: “Lenders such as Egg, Nationwide BS and Intelligent Finance offer a smaller range of products than some of the lenders that feature lower in the chart. These lenders have short-term market leading products but do not always offer the best deal for those customers paying the standard variable rate.
“Borrowers who do not wish to switch their deal repeatedly may do well to look at the lenders who feature high in this survey.”
