But major lenders became more consistently competitive in Q1 2008, says mform.co.uk
Yorkshire Building Society was the most competitive mortgage lender during the first three months of 2008, analysis* by mform.co.uk reveals. Furness Building Society was second while Chorley and West Bromwich Building Societies were joint third.
Major lenders however are becoming more competitive with Abbey, HSBC and the Co-Operative Bank shooting up the reported results. Abbey wasn't even in the mform.co.uk top 10 during the last three months of 2007 demonstrating how quickly the mortgage market is changing.
The online mortgage company ranks best buy products across all product categories based on the true cost of a mortgage including all fees. Each time a lender appears in the top 10 in the three months to March 31 they were awarded a point and at the end of the period the most points signify those lenders consistently offering good value.
Yorkshire emerged the winner with a total score for the first three months of 2008 of 24 appearances narrowly ahead of Furness with 18 and Chorley and West Bromwich on 13. Furness Building Society, based in Barrow-in-Furness, Cumbria, was rated the most consistently competitive lender for 2007 by mform.co.uk.
Halifax scored just six points in the three months while Nationwide managed only four with Cheltenham and Gloucester achieved two points.
mform.co.uk monitors the value offered across the market and publishes quarterly reports outlining the consistently best lenders. In the three months to December 2007 the five most competitive lenders were Yorkshire Building Society, West Bromwich, Cumberland, Furness and Cheshire Building Societies.
Francis Ghiloni, mform.co.uk Marketing and Business Development Director, said: "The mortgage market has gone through an unprecedented period of turmoil in the past three months with products being withdrawn and tougher conditions being imposed on borrowers. Some lenders have effectively shut up shop.
"It has become tougher for borrowers to find the best deals and our analysis is designed to offer the best possible value to our customers by banishing the complexity that surrounds too many mortgage deals. It is clear that it is still possible for borrowers to source good deals.
"Borrowers need to understand that simply because a lender was excellent when they last bought a mortgage, it doesn't follow that they will still be the best. It changes every day which is why borrowers should search the market as widely as possible when sourcing a mortgage.
"It demonstrates that borrowers can cut their mortgage costs by using the internet to search out the best possible deals rather than relying on their current lender."
The top five for the first quarter of 2008 is outlined below with scores for the number of appearances by a lender in the mform.co.uk tables.
LENDER SCORE
Yorkshire BS 24
Furness 18
Chorley 13
West Bromwich 13
Abbey 12
Cheshire 12
Cumberland 12
HSBC 12
Newcastle 12
Co-Operative Bank 10
mform.co.uk offers a unique free service linking mortgage customers directly to the application systems of lenders. It is the only website which allows borrowers to search the whole market for the best products ranked on true cost and to apply directly to lenders.
The service is completely independent and is not influenced by commercial deals or advertisements. There are no distracting sponsored links and borrowers can also research mortgage product features and lenders' service levels.
mform.co.uk works with lenders by enabling them to link with informed mortgage customers and by reducing lenders' costs allows them to pass on savings to customers.
The service, which is free and easy to use, can be found at www.mform.co.uk.
* Research sourced on mform.co.uk
For more information:
mform.co.uk: Francis Ghiloni/Gordon Swan 0131 556 4845
Citigate Dewe Rogerson: Kevan Reilly/Jonathan Henderson on 0207 638 9571
About mform.co.uk
mform.co.uk enables people to simplify the process of choosing a mortgage by identifying the best ones for them based on a range of criteria, including cost and product features such as the ability to make over-payments.
The free service enables consumers to source personalised all-round best buys rather than deals based on headline interest rates or led by sponsorship deals and advertisements. . It provides information on the standard of service of lenders' application processes and there are no sponsored links promoting mortgage products.
Jonathan Henderson
Citigate Dewe Rogerson
3 London Wall Buildings
London Wall
London EC2M 5SY
Switchboard: 0207 638 9571
Direct Line: 0207 282 1057
Direct Fax: 0207 282 1042
Email jonathan.henderson@citigatedr.co.uk
