HSBC Best For Loans In Survey
We have reported recently on the growing competition amongst the large high street banks, many of whom are now offering attractive home owner loan deals to what has become known as the “super prime” cases, that is those borrowers with a perfect credit history and who only require a low loan to value of around 60 per cent.
A new survey from Evaluate Technologies, an online home owner loan service, has announced that HSBC has come out on top for the most consistency when it comes to offering the best loan deals to its customers.
The survey was conducted over the three months leading up to the end of September this year amongst all home owner loan providers. Each time a lender’s loan product appeared in the top ten best buys tables, that lender received one point towards their overall score. By the end of the third quarter of the year, HSBC came out as the clear winner, with a total of 23 points, with its nearest rival being the Royal Bank of Scotland with 18 points and then Nat West with 17 points.
Interestingly enough, of the banks which have received government loans to bail them out, the Lloyds banking group only scored two points and Northern Rock did not score any at all.
Julie Speed of Evaluate Technologies said “We’ve seen the beginnings of a high street rate war in September. While HSBC’s discount deal has seen off the competitors over the last quarter, the introduction of a 1.98 per cent deal from Woolwich in September may spark further competition in the market.
It will be interesting to see whether the HSBC can maintain the top spot in the coming months. Regional building societies have continued to show that they play an important part in the mortgage market. A number of smaller building societies have come out with products capable of challenging the big high street banks.”
