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Best national banks 2003 This year, as in 2002, the national banks category is dominated by one lender - HSBC. The bank has topped the two, five and ten year tables suggesting it offers good value in the short, medium and long term. HSBC is one of the big four banks with more than 1,600 branches around the UK. It accepts applications from customers via its branches, the telephone, the internet and mortgage brokers and currently has around 400,000 mortgage customers on its books. "The secret of HSBC's appeal to homebuyers is simple," says Clive Wood, head of banking and mortgages at HSBC. "We offer long-term value combined with transparent, no-strings pricing." The basis for long-term value is a consistently low standard variable rate (SVR), or Home Buyer mortgage rate as HSBC calls it. This rate is guaranteed never to rise more than 1 per cent above the Bank of England Base Rate during the life of the loan. It is currently set at 4.60 per cent and, according to Wood, "has become the benchmark for value in the mortgage market." The second-placed lender over ten and five years is Bradford & Bingley. The bank offers now focuses on offering loans from other lenders through its IFA arm the MarketPlace. However, it maintains a small range of deals including two discount loans and three fixed-rate mortgages. These are available through the MarketPlace and to existing Bradford & Bingley customers. Tim Dawson, managing director of mortgages for the Bradford & Bingley Group, says; "It is always pleasing to receive such recognition, particularly as Bradford & Bingley always strives to provide value, whether it be to our existing mortgage customers or new customers through our MarketPlace proposition, providing choice and advise from across the market." Over two years the second-placed lender in this category is Halifax. Now part of the HBOS group, Halifax continues to offer its own deals and now claims to arrange one in every five mortgages in the UK. The bank makes efforts to ensure existing customers are getting a good deal. Spokesman Paul Fincham explains: "In recognition of changing circumstances, Halifax conducts an annual mortgage review with each of its borrowers to ensure that the mortgage continues to meet their requirements. If it does not then a more suitable solution will be offered." Last year, he says, 300,000 borrowers were moved to a better deal. Best National Banks
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here for an explanation of how the awards are calculated.
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