Mortgage News
HSBC tops Evaluate best buy list
HSBC was the most consistently competitive mortgage lender during the third quarter of 2009 with only RBS and NatWest coming close, according to new analysis from Evaluate Technologies.
HSBC received a top score of 23 in Evaluate’s Lender of the Quarter analysis, significantly ahead of Royal bank of Scotland (RBS) on 18 and NatWest on 17. Other major lenders including Britannia, Abbey and Woolwich also featured among the top 10.
The independent online mortgage service ranked mortgage deals across all product categories and each time a lender appeared in the top 10 in the three months to 30 September they were awarded a point with the lender with the most points ranked as offering consistently good value.
HSBC has introduced a number of best-buy products – most notably its1.99% discount deal. Bailed-out RBS group were close to topping the best-buy lists, Lloyds Banking Group struggled with Halifax scoring just two points and Cheltenham and Gloucester nowhere to be seen. Similarly, Northern Rock did not feature.
A number of the smaller regional building societies performed well. Chelsea Building Society and Leek United Building Society both scored 3 points while Market Harborough scored 2.
Julie Speed, national accounts director at Evaluate, said it had witnessed the beginnings of a “high street rate war” in September.
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“While HSBC’s discount deal has seen off the competitors over the last quarter, the introduction of a 1.98% deal from Woolwich in September may spark further competition in the market. It will be interesting to see whether HSBC can maintain the top spot in the coming months.”
She added: “Regional building societies have continued to show that they play an important part in the mortgage market. A number of smaller building societies have come out with products capable of challenging the big high street banks.”