1 Nov

Small providers 'beat banks for best mortgage deals'

Small providers 'beat banks for best mortgage deals'

Homebuyers can expect to receive a better mortgage deal from a smaller provider than they can from a high street bank, it as been claimed.

According to a poll conducted by Moneyfacts.co.uk, of the 250 deals deemed to be the best in the UK, just 27 were from the firms that the Council of Mortgage Lenders considers the country's top ten largest lenders.

However, 70 per cent of the list was comprised of mortgages offered by smaller providers and building societies, prompting the company to warn homebuyers against simply prompting for a recognisable name when looking for the best deal.

Julia Harris, Moneyfacts.co.uk's mortgage expert, said: "While some deals offered by [the main] mortgage providers may offer the best solution to an individual customers needs, the findings show that, for the majority of borrowers, the deals from building societies and smaller lenders are winning hands down.

She added: "Making one of your biggest financial decisions should not be based upon brand or the perceived convenience of your existing lender. It should be about finding the most competitive and suitable deal."

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