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.”