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Nationwide and Egg top the low interest league

Nationwide and Egg charge the lowest levels of mortgage interest among the top 35 providers, a Moneyfacts survey reveals.

For a £100,000 standard variable rate loan taken on January 1 2002, £4,700 interest would accrue over the year to December 31 2002 with both Nationwide and Egg.

HSBC is narrowly beaten into third place, with interest of £4,750.

Abbey National is the most expensive. With interest of £6,073 it charges £1,333 more for the year than the cheapest providers.

Melanie Stewart, head of research at Moneyfacts, says: “The top half of the table is once more dominated by mutual building societies and direct lenders with the exception of HSBC, who was the first lender to move away from traditional standard variable rates.

“Nationwide and HSBC&#39s commitment to fairness for all borrowers and Egg&#39s simplistic approach to mortgage lending continues to reap rewards.”


First Mortgage Options unveils expansion plans

Specialist mortgage packager First Mortgage Options plans to take on another 20 staff after the company&#39s business doubled in size during 2002. The vacancies will be created in the company&#39s rapidly expanding mortgage processing department. More jobs could be created if the company exceeds its targets. During the last year the Northwich-based FMO generated £120m […]

Woolwich joins Best Advice Mortgage Network panel

Newcastle-based packager Best Advice Mortgage Network has added the Woolwich to its panel of lenders. Under the terms of the deal, members of the Best Advice Mortgage Network will be able to access a wide range of products from the Woolwich. Richard Hall, managing director of Best Advice Mortgage Network, says: “The Woolwich is a […]

APS mortgage club grows membership by 200%

Manchester-based mortgage club APS Europe hopes to build on a successful first year after a 200% increase in membership over the last 12 months. In addition to attracting new introducers to the direct submission club throughout the course of the year, APS Europe&#39s panel of lenders grew from 30 at launch to 38 by December […]

New fee-free deal from The Derbyshire

Derbyshire Building Society has launched a new fee-free remortgage. The new three-year discount remortgage replaces The Derbyshire&#39s former three-year fixed rate remortgage product. It combines a three-year discount of 1.54% off the Derbyshire SVR with the waiving of fees and charges, to give a current rate of 4.15%. A key feature is that borrowers can […]

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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