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Opposition scrambled as Egg named cheapest lender

Egg and HSBC offered the cheapest mortgage deals last year, according to financial products research company Defaqto.

Its annual survey of mortgage costs show that Egg charged the least interest on a loan of £50,000 over one year, based on standard variable rates, with payments totalling £2,370. HSBC borrowers would have paid £2,375 on the same size of loan.

In third place was Nationwide, whose customers paid £2,420.

Intelligent Finance would have charged its borrowers £2,425 and Standard Life Bank £2,500.

Abbey National came out worst of the 30 biggest lenders in the UK, charging its borrowers £3,036 in interest over the past year.

Defaqto says variable-rate mortgages were significantly less expensive in 2002 than 2001.

However, the variability in cost between the most and least expensive loans was as wide as ever.

Group commercial director Mark Hayes-Newington says: “An unchanged base rate and increased competition were good news for mortgage payers in 2002, particularly those able to take advantage of the many deals on offer.”

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