However the firm has stressed the importance of communicating to the customer that even though their existing lender was excellent when they took out their current mortgage, it does not mean they will be the best when the time comes to remortgage.
According to the Mform.co.uk, whose research ranked best buy products based on the true cost including all fees across the year, building societies scooped all top ten places for 2007 with Furness BS coming out as the clear winner.
Skipton BS and Britannia took second and third place in the table. Giraffe, owned by Bank of Ireland, came out as the highest-placed bank at number 11, whilst Abbey was the highest placed of the major lenders in 17th position.
Halifax, the nation's biggest mortgage lender, was ranked 36th in the market after failing to make it into any top 10's until July.
Mform.co.uk monitors the value offered across the market and publishes quarterly reports outlining the consistently best lenders. The three months to the end of December 2007 showed Yorkshire Building Society as the most competitive lender with West Bromwich Building Society as runner up and the Catholic Building Society at number 10.
Francis Ghiloni, mform.co.uk marketing and business development director, said: “It is striking that none of the biggest lenders figure in the top 10 for consistently competitive products. This is in part due to regional lenders broadening their customer base by using the internet, while borrowers can cut their mortgage costs by using the internet to search out the best possible deals.”
The rest of the top ten mortgage lenders was made up by Nottingham BS, Darlington BS, Coventry BS, Yorkshire BS, Cumberland BS, West Bromwich BS and Cheshire BS.
