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HSBC heads Moneyfacts loan league

HSBC tops Moneyfacts’ table of the top 35 mortgage lenders for the second year in a row.

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.”

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