A&L tops the league in competitive lending

Alliance & Leicester was the most consistently competitive mortgage lender during the final quarter of 2009.

The group, which failed to have a single product in a best buy table during the third quarter, knocked HSBC off the top spot as competition began to return to the mortgage market, according to website realpricecomparison.com.

Nationalised bank Northern Rock and some smaller regional building societies also made it into the top 10 most competitive lenders during the three months to the end of December.

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The website monitored best buy tables across a range of mortgage categories on a weekly basis, and awarded lenders a point for each time they appeared.

A&L, which is part of Spanish banking giant Santander, had the most appearances at 23, followed by internet bank first direct at 19 and Barclays' lending arm Woolwich at 15.

HSBC, which was the most competitive lender during the third quarter, slipped to fourth place with 14 appearances, down from 23 during the previous three months.

Royal Bank of Scotland and NatWest dropped out of the table altogether after coming second and third respectively during the third quarter.

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None of the Lloyds Banking Group brands, including Halifax and Cheltenham & Gloucester, managed to make it on to the best buy tables during the period, while Nationwide had only four mentions.

Northern Rock was the 10th most competitive lender during the quarter with five best buy mentions, while Principality Building Society got nine, Mansfield Building Society had eight and Britannia scored seven.

Francis Ghiloni, commercial director at realpricecomparison.com, said: "It is encouraging to see more lenders becoming competitive and changes in the top 10 with three new lenders coming in.

"Alliance & Leicester's emergence as the most competitive lender is particularly good news for the broker sector as it demonstrates strong products are available through intermediaries and it is also pleasing to see Northern Rock offering strong products again.

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"Increased competition in the mortgage market is the key to continued recovery in 2010 and a return to growth in the market."Nicky Burridge

Alliance & Leicester was the most consistently competitive mortgage lender during the final quarter of 2009.

The group, which failed to have a single product in a best buy table during the third quarter, knocked HSBC off the top spot as competition began to return to the mortgage market, according to website realpricecomparison.com.

Nationalised bank Northern Rock and some smaller regional building societies also made it into the top 10 most competitive lenders during the three months to the end of December.

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The website monitored best buy tables across a range of mortgage categories on a weekly basis, and awarded lenders a point for each time they appeared.

A&L, which is part of Spanish banking giant Santander, had the most appearances at 23, followed by internet bank first direct at 19 and Barclays' lending arm Woolwich at 15.

HSBC, which was the most competitive lender during the third quarter, slipped to fourth place with 14 appearances, down from 23 during the previous three months.

Royal Bank of Scotland and NatWest dropped out of the table altogether after coming second and third respectively during the third quarter.

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None of the Lloyds Banking Group brands, including Halifax and Cheltenham & Gloucester, managed to make it on to the best buy tables during the period, while Nationwide had only four mentions.

Northern Rock was the 10th most competitive lender during the quarter with five best buy mentions, while Principality Building Society got nine, Mansfield Building Society had eight and Britannia scored seven.

Francis Ghiloni, commercial director at realpricecomparison.com, said: "It is encouraging to see more lenders becoming competitive and changes in the top 10 with three new lenders coming in.

"Alliance & Leicester's emergence as the most competitive lender is particularly good news for the broker sector as it demonstrates strong products are available through intermediaries and it is also pleasing to see Northern Rock offering strong products again.

"Increased competition in the mortgage market is the key to continued recovery in 2010 and a return to growth in the market."