Building societies triumphed overall once again in the MoneyFacts Group survey of 35 lenders which calculated the total interest paid on a standard variable rate mortgage of £100,000 up to July this year.
Mutuals snapped up thirteen of the top twenty positions and two internet banks, Egg - last year’s top lender - and Intelligent Finance (IF) also secured a place in the top ten.
Rachel Blackmore, head of external affairs at the Building Societies Association (BSA), commented: “This shows that building societies deliver better value to members because they don’t have to pay dividends to shareholders.”
Best and worst value lender interest repayments for the last year
Total annual interest repayment on a £100,000 standard variable rate mortgage
Top 10 lenders on table
HSBC £4,704.75
Egg £4,706.12
Nationwide BS £4,864.18
West Bromwich BS (borrowers of 5 years and more) £4,928.36
Intelligent Finance £4,937.98
Skipton BS (borrowers of 2 years and more) £5,040.42
Direct Line £5,091.69
Newcastle BS (borrowers of 5 years and more) £5,281.36
Standard Life Bank (at 95 per cent) £5,333.88
Britannia BS (borrowers over 10 yrs) £5,370.48
Bottom 10 lenders of the table
Alliance & Leicester £5,809.13
Barclays Bank £5,810.49
Woolwich £5,810.49
Bristol & West £5,810.49
The Mortgage Business £5,811.58
Bank of Scotland Mortgages £5,832.79
NatWest Mortgage Services £5,842.13
Royal Bank of Scotland £5,842.13
Bank of Ireland Mortgages £5,848.74
Clydesdale Bank £5,855.71
Source: MoneyFacts. Compiled 16 June 2004
