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Lenders
of the year 2003
Top
Lender of the Year with the best-value mortgage over ten years is
Penrith Building Society. The society - which also took the award
in 2002 - falls into our local lenders category and has just one
branch in Cumbria. Much of its business is done with local people
but it will lend up to 75 per cent loan to value (LTV) on properties
in the rest of England and Wales.
As in previous years, most of the top ten lenders over ten years
are small building societies. These lenders don't have to spend
much to maintain their branch networks and pass the savings onto
the customer. If you're looking for a good deal over the long term,
you might not find it on your local high-street.
The 2003 Best National Lender of the Year can't be found on any
high street. This year's winner is First Direct - top of the Best
Centralised Lender category over ten years and the best value lender
offering UK-wide coverage. This is the third year running First
Direct has won the Best National Lender award - proof it is offering
consistent value.
Over the following pages you will find a breakdown of the results
with lenders honoured in five categories: Best National Building
Society; Best National Bank; Best Regional Lender; Best Local Lender;
and Best Centralised Lender. There are lots of factors that will
influence your choice of lender but if getting value for money concerns
you, these lenders will fit the bill.
The figures below are based on the amount of money a borrower would
have paid to each lender on a £80,000 interest-only mortgage
over ten years
| Top
ten lenders over ten years |
| Lender |
Amount paid |
| Penrith
BS |
£55,099.14 |
| Stafford
Railway BS |
£55,280.03 |
| Buckinghamshire
BS |
£55,475.31 |
| First
Direct |
£55,738.72 |
| Saffron
Walden BS |
£56,151.19 |
| Chorley
& District BS |
£56,191.49 |
| Cumberland
BS |
£56,382.23 |
| National
Counties BS |
£56,412.30 |
| Kent
Reliance BS |
£56,425.30 |
| Cambridge
BS |
£56,642.76 |
Click
here for an explanation of how the awards are calculated.
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