Moneyfacts’ survey calculates the total interest paid on a standard variable-rate mortgage of 100,000 between January 1 and December 31, 2004.
HSBC’s total annual interest repayment is 5,261.75. Egg follows with an annual repayment of 5,283.44 and Nationwide is third with 5,512.68.
The Mortgage Business is the most expensive provider with an annual repayment of 6,435.25.
Mutuals and direct lenders dominate the table, with mutuals in 13 of the top 20 positions.
Moneyfacts mortgage research editor Samantha Owens says: “Lenders such as Egg, Nationwide and Intelligent Finance offer a smaller range of products than some lenders that feature lower in the chart. These lenders have short-term market-leading products but do not always offer the best deal for customers paying the SVR.”
The Mortgage Business director sales & marketing Mark Bergin says: “We came back to the market at M-Day and did not want to do anything to upset the applecart. It was a deliberate strategy not to come back with cutting-edge prices.”