Best mortgage deals 'provided by building societies'

01-Nov-2007

First time buyers looking to secure a more favourable mortgage deal stand a better chance of achieving their goals with a building society, Moneyfacts.co.uk has said.

A study from the financial website has found that building societies offer some 70 per cent of the top 250 deals on the market, with those considered to be the 'top lenders' according to the Council of Mortgage Lenders (CML) accounting for just 11 per cent of the best deals.

This amounts to just 27 of the top 250 products, highlighting the usefulness of shopping around or seeking first mortgage advice when looking to take out a new deal, according to Moneyfacts.

"While some deals offered by these providers may offer the best solution to an individual customers needs, the findings show that, for the majority of borrowers, the deals from building societies and smaller lenders are winning hands down," said Moneyfacts mortgage expert Julia Harris.

"Making one of your biggest financial decisions should not be based upon brand or the perceived convenience of your existing lender. It should be about finding the most competitive and suitable deal.

"Take the time to shop around, and don't assume that bigger means better. In fact when choosing a mortgage quite the opposite is true, both with building societies dominating the field and the lack of large lenders appearing in the top 250 products," Ms Harris advised.

Over 170,000 buy-to-let mortgages were taken out in the first half of 2007, according to the latest CML figures.

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