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Small mortgage lenders offer best deals

Fri, 28 Mar 2008

Anyone trying to find a mortgage might want to steer clear of the big mortgage lenders, one expert has claimed.

Louise Cumming, head of mortgage services at moneysupermarket.com explained that because of the credit crunch, many smaller mortgage lenders now offer the best deals.

She said: "What you're seeing now from a best buy point of view is some of the smaller building societies having the best deals. That's extensively because of the way building societies are able to fund what they're offering."

However, she added that as smaller mortgage lenders tend to have a limited amount of funds available to offer borrowers, they tend to only offer their best deals for a short period of time.

Recent research carried out by Moneyfacts.co.uk found that of the top 250 mortgage deals on the market at the time of the study, only 68 (27 per cent) are offered by the ten biggest mortgage lenders.
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