Building societies are leading the mortgage market with innovative products, mortgage brokers say, while state-supported banks have less competitive rates than the rest of the market.
Mortgage deals from bailed-out banks account for just eight out of 50 best-buy products currently on offer, according to figures from realpricecomparison.com. Research from Moneyfacts showed that over the past 12 months, Cheltenham & Gloucester (C&G), Halifax and Northern Rock have consistently charged higher rates on their two-year fixed-rate mortgage deals than the rest of the market.
“Many hoped that the state-owned banks would be at the front of the queue for unlocking the mortgage market, but this isn’t the case,” said Michelle Slade of Moneyfacts.
Source – Financial Times
Justin Moy