Mutuals accounting for 40% of best-buy mortgages
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Building societies still offer 40% of all best-buy mortgage deals according to analysis from Evaluate Technologies.
The analysis looked at the ten best deals across nine product categories and at varying loan to values.
Banks continue to dominate best-buy tables on tracker products but when it comes to fixed rate deals building societies offer five out of ten of the best fixed deals at 60% loan-to-value and seven out of ten of the best deals at 75%.
Evaluate says Yorkshire Building Society in particular has a strong range, with its products accounting for 14% of all best-buy deals on the market and the society currently offers the two most competitive products to borrowers looking to take out a two year fix with a 75% LTV. By contrast Chelsea Building Society, which is now merging with Yorkshire, appears just once in the best-buy tables.
Nationwide and Principality Building Societies feature prominently with six and five of the most competitive deals respectively. The Norwich & Peterborough did not feature in any of the best-buy tables.
When it comes to higher LTV products, Saffron and Vernon Building Societies both have products available at 90% LTV.
Julie Speed, national accounts director at Evaluate Technologies, says: “There’s been a period of consolidation in the sector which has seen a number of smaller players fall into the hands of larger owners. Despite a reduction in the number of providers the quality of choice has remained high with building societies providing a large number of best-buy products. Yorkshire Building Society offers a range of highly competitive products which serves all borrowers.”
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