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Best national building societies 2003

Top ten lenders over ten years Best national banks Best national building societies Best regional lenders Best centralised lenders Best local lenders Top lenders by category How the figures were calculated

Best national building societies 2003

The best national building societies category holds few surprises this year with the same three names taking first, second and third places as triumphed in 2002. This year, however, Yorkshire Building Society has dropped into second place over five and ten years, allowing Nationwide to sweep the board.

"We offer consistently low-rate deals together with a low ongoing rate," says Tim Hughes, Nationwide's head of external affairs. "This excellent value extends beyond just the headline rate and encompasses benefits such as no MIG (mortgage indemnity guarantee) or fees for high percentage borrowing." Other benefits highlighted by Hughes include daily interest calculations and low fees for new borrowers. He adds: "These products are provided with first class service through a national branch network, the internet and phone and by working with intermediaries."

Second-placed lender, Yorkshire Building Society has 131 branches across the UK and is the country's third-largest building society. "We are naturally very pleased that once again Yorkshire Building Society has been recognised as one of the best value lenders in the country," says David Anderson, chief executive of the society. "Our mutual status and low-cost operation enables us to provide genuine long-term value."

However, says Anderson, there is more to Yorkshire Building Society's mortgages than a low standard variable rate (SVR). He says: "We aim to combine this value with high-quality service and straightforward, transparent products, making the whole experience good enough that members recommend the Yorkshire to their friends and families."

Providing a good customer experience is also an objective for Yorkshire's near neighbour Skipton Building Society. The society came third in this category over ten and five years, but its consistently low SVR is just part of the story. "We also think that service is fast becoming a greater consideration for people looking for a mortgage," says Steve Aldous, general manager, sales and marketing. "Our nationwide network of 80 branches plays a part in making sure quality face-to-face advice from staff who care about what's important to the customer and recognise that buying a house is a stressful time when a helping hand is much appreciated."

Skipton's success is due in part to the loyalty scheme it offers long-standing borrowers - a scheme which has shaved £635.52 off the ten-year cost of a £80,000 interest-only mortgage.

Over 10 years
Rank	Lender	Total Cost
1	Nationwide BS	£56,957.38
2	Yorkshire BS	57,917.73
3	Skipton BS	£59,314.11
4	Britannia BS	£59,477.09
5	Chelsea BS	£59,989.02

Click here for an explanation of how the awards are calculated.