HSBC offers 'cheapest mortgage in the UK'

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HSBC offers homeowners the cheapest mortgage deal in the UK, according to new research by a leading data collection firm.

Defaqto's study found that the bank was closely followed by Skipton building society and Nationwide for offering standard variable rate mortgages or an equivalent to existing borrowers.

The survey also indicated that Bank of Scotland, the Royal Bank of Scotland and Clydesdale Bank offered the worst deals based on the amount of interest payable on a £50,000 loan.

Discussing the results, Defaqto's principal consultant of banking, David Black, said: "While it is acknowledged that standard variable rate mortgages are only one type of mortgage, their importance may be increasing due to the knock-on effects of the credit crunch, making it more difficult to obtain attractive alternative deals."

The study on standard variable mortgages has come after the head of residential lending at Mortgage Express claimed that fixed rate loans were becoming increasingly popular.

Tim Anson said that consumers prefer the certainty which the mortgage type provides to them in comparison to other loans.

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