Competition remains fierce in the mortgage market and despite many banks claiming to launch their lowest products ever, research by Moneyfacts.co.uk shows building societies are the winners when it comes to the mortgage rate war.
Finance expert Charlotte Nelson, comments: ” Building societies are making their mark on the mortgage market, leaving the banks behind in their wake.
“It seems that despite mortgage rates falling to record lows, banks are still failing to compete on cost.
“In fact, the average two-year fixed rate at 75 per cent loan-to-value provided by building societies is a massive 0.58 per cent lower than offered by banks.
“Building societies also have a lot more flexibility when it comes to their approach to underwriting, allowing them to opt for a more personal approach.”
Source: heraldscotland