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Mortgage lending was higher in every quarter of 2016 compared to the previous year and as market fundamentals remain strong and buyer demand has continued to grow – despite the shocks of last year - financial analysts say this should support lending through 2017. However, with competition still fierce in the mortgage market and many banks claiming to launch their lowest products ever, research by independent experts at Moneyfacts.co.uk shows building societies are actually the winners when it comes to the mortgage rate war.
Finance expert Charlotte Nelson, comments: “Building societies are making their mark on the mortgage market, leaving the banks behind in their wake. It seems that despite mortgage rates falling to record lows, banks are still failing to compete on cost. In fact, the average two-year fixed rate at 75% loan-to-value provided by building societies is a massive 0.58% lower than that offered by banks.”
“Putting customers first is what mutuals strive for, which is clearly reflected by the fact that borrowers are being offered much lower rates compared to their banking rivals. Building societies also have a lot more flexibility when it comes to their approach to underwriting, allowing them to opt for a more personal approach. The gap between the banks and building societies suggests that now is the time for borrowers to look away from the big banks and consider something closer to home for a more competitive and cost-effective deal.”
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