Moneyfacts has carried out its half-yearly survey of mortgage interest charged by the Moneyfacts Top 35 mortgage Lenders.
The Moneyfacts survey shows the total interest paid on a standard variable rate mortgage of £100,000 between July 1 2003 and June 31 2004.
HSBC has knocked Egg off pole position, but the increases in Bank base rate have pushed the cost of borrowing up overall. Compared with last year, the amount of interest charged by HSBC on a mortgage of £100,000, has increased by £103.22. The cost of borrowing with Egg has increased by £133.52 over the year.
HSBC is again the only high street bank to appear in the top 20, but the mutuals continue to dominate, taking 13 of the top 20 positions.
A bank may head the table but banks also offer the least value for money. They take five bottom places with Clydesdale Bank the worst, charging £1,150.96 more interest than the cheapest lender.
Jane Dawson of Moneyfacts says: “With interest rates on the rise, many borrowers will be checking whether they are getting a good deal or not. Consumers are much more financially aware now than a few years ago and much more likely to take their business elsewhere.
Figures are based on the rates paid by the majority of the lenders' existing borrowers over the last year. The Top 35 is based on mortgage assets and the latest full year's accounts.
THE TOP 35 MORTGAGE LENDERS
Interest Repayments for the last year
Total annual interest repayment on a £100,000 standard variable rate mortgage
HSBC - £4,704.75
Egg - £4,706.12
Nationwide - £4,864.18
West Bromwich (borrowers of five years and more) - £4,928.36
Intelligent Finance - £4,937.98
Skipton (borrowers of two years and more) - £5,040.42
Direct Line - £5,091.69
Newcastle (borrowers of five years and more) - £5,281.36
Standard Life Bank (at 95%) - £5,333.88
Britannia BS (borrowers over 10 years) - £5,370.48
Northern Rock (borrowers of seven years and more) - £5,510.34
Coventry BS (borrowers of 61 months and more) - £5,538.64
Mortgage Express (at 95%) - £5,566.26
Yorkshire - £5,566.94
Britannia (borrowers five to 10 years) - £5,570.49
Principality - £5,646.26
Portman - £5,688.64
Chelsea - £5,731.39
West Bromwich - (borrowers under five years) £5,753.50
Derbyshire - £5,756.26
Leeds & Holbeck - £5,759.70
Northern Rock (borrowers under seven years) - £5,760.36
Norwich and Peterborough - £5,760.49
Halifax - £5,762.02
Cheltenham & Gloucester - £5,770.49
Britannia (borrowers under five years) - £5,770.49
Cheshire - £5,783.14
Abbey - £5,787.21
Yorkshire Bank - £5,787.62
Skipton (borrowers under two years) - £5,790.44
Newcastle (borrowers under five years) - £5,793.39
Coventry (borrowers under 61 months) - £5,798.63
Alliance & Leicester - £5,809.13
Barclays Bank - £5,810.49
The Woolwich - £5,810.49
Bristol & West - £5,810.49
The Mortgage Business - £5,811.58
Bank of Scotland Mortgages - £5,832.79
NatWest Mortgage Services - £5,842.13
Royal Bank of Scotland - £5,842.13
Bank of Ireland Mortgages - £5,848.74
Clydesdale Bank - £5,855.71