The Moneyfacts survey shows the total interest paid on a standard variable rate mortgage of £100,000 between 1 July 2003 and 31 June 2004.
HSBC has knocked Egg off pole position, but the increases in Bank base rate have pushed the cost of borrowing up overall. Compared with last year, the amount of interest charged by HSBC on a mortgage of £100K, has increased by £103.22. The cost of borrowing with Egg has increased by £133.52 over the year.
HSBC is again the only high street bank to appear in the top twenty, but the mutuals continue to dominate, taking thirteen of the top twenty positions (65%).
A bank may head the table but banks also offer the least value for money. They take five bottom places with Clydesdale Bank the worst, charging £1,150.96 more interest than the cheapest lender.
Jane Dawson of Moneyfacts commented: “With interest rates on the rise, many borrowers will be checking whether they are getting a good deal or not. Consumers are much more financially aware now than a few years ago and much more likely to take their business elsewhere.
For anyone wishing to review their mortgage arrangements, Moneyfacts offers a fully interactive, whole of market search at www.moneyfacts.co.uk. The site is completely independent and there is also a free Ask the Expert facility for those needing any help.”
Figures are based on the rates paid by the majority of the lenders’ existing borrowers over the last year.
The Top 35 is based on mortgage assets and the latest full year’s accounts.
Source: Moneyfacts
TOP 35 MORTGAGE LENDERS
Interest Repayments for the last year
Total annual interest repayment on a £100,000 standard variable rate mortgage
HSBC £4,704.75
Egg £4,706.12
Nationwide BS £4,864.18
West Bromwich BS (borrowers of 5 yrs & more) £4,928.36
Intelligent Finance £4,937.98
Skipton BS (borrowers of 2 yrs & more) £5,040.42
Direct Line £5,091.69
Newcastle BS (borrowers of 5 yrs & more) £5,281.36
Standard Life Bank (at 95%) £5,333.88
Britannia BS (borrowers over 10 yrs) £5,370.48
Northern Rock (borrowers of 7 yrs & more) £5,510.34
Coventry BS (borrowers of 61 months & more) £5,538.64
Mortgage Express (at 95%) £5,566.26
Yorkshire BS £5,566.94
Britannia BS (borrowers 5 to 10yrs) £5,570.49
Principality BS £5,646.26
Portman BS £5,688.64
Chelsea BS £5,731.39
West Bromwich BS (borrowers under 5 yrs) £5,753.50
Derbyshire BS £5,756.26
Leeds & Holbeck BS £5,759.70
Northern Rock (borrowers under 7 yrs) £5,760.36
Norwich & Peterborough BS £5,760.49
Halifax £5,762.02
Cheltenham & Gloucester £5,770.49
Britannia BS (borrowers under 5 yrs) £5,770.49
Cheshire BS £5,783.14
Abbey £5,787.21
Yorkshire Bank £5,787.62
Skipton BS (borrowers under 2 yrs) £5,790.44
Newcastle BS (borrowers under 5 yrs) £5,793.39
Coventry BS (borrowers under 61 mths) £5,798.63
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
Compiled 16th June 2004. Figures projected to 1.7.04.
