Moneyfacts.co.uk has revealed that, when it comes to getting the best deal from a mortgage provider, size doesnt always matter.
Rachel McKay, mortgage analyst from Moneyfacts.co.uk, says: “While consumers may assume larger and well known lenders offer the best deals, be more cost effective and generally pass on the benefits of their corporate wealth to their customers, this is certainly not always the case.
“Also when you compare arrangement fees, this is an area where large companies could reflect their standing by passing on cost savings to their clients. However in the above example, Bank of Scotland were also charging the highest arrangement fee with some 18 smaller lenders offering both lower interest rates and fees as shown in a Moneyfacts residential mortgage search carried out on November 10.
“It is important that the customer realises there is a huge choice when it comes to mortgage providers, and as the information above shows, biggest doesnt always mean the best deal.”