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Cheapest SVR lenders named
Fri, 02 Jan 2009
First Direct, Direct Line and HSBC offered the cheapest standard variable rate (SVR) mortgages during 2008, it has been revealed.

Data released by Defaqto shows that people with a First Direct SVR mortgage will have paid £5,918.16 in interest over the last 12 months, £1,468.42 cheaper than the most expensive deal.

Commenting on the figures, David Black, principal consultant of banking at Defaqto, explained that SVR deals are now more important to customers due to a fall in the number of remortgage products on offer.

"This is particularly the case for those with high loan-to-values as the best new deals tend to be restricted to those seeking mortgages for no more than 60 per cent loan-to-value," he said.

Defaqto also found that Nationwide and Skipton building societies were the mutuals which offer the cheapest SVR mortgages over the last year.

Last week, Leeds building society revealed it has cut the cost of a range of its mortgages, including fixed rate deals .

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