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Building societies dominate best buy tables

Building societies are now dominating best buy tables with 83 per cent of the most competitively priced products being offered by mutuals, according to analysis by Castle Trust.

Figures show 33 out of 40 best buy mortgage deals across fixed, variable and buy-to-let deals are provided by building societies. This compares to 18 out of 40 in 2008.

Average rates on building society best buy mortgages are currently 3.26 per cent compared with 6.2 per cent in 208 and lower than the 3.81 per cent in October 2012, when Funding for Lending started to take effect.

Data from the Building Societies Association shows mutuals advanced £2.5bn in February, representing 21.5 per cent of the mortgage market.This is nearly double the 12.9 per cent market share building societies occupied in 2009, their lowest share in a decade.

Castle Trust chief executive Sean Oldfield says: “The strong recovery since 2009 means building societies’ market share is the highest since 1999 . They are competing strongly against bigger banks and are proving to be innovative and responsive to the demands of the market.”

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