According to the results of a recent survey HSBC is the most competitive mortgage provider, having made forty two appearances in a top ten poll of mortgage providers by an online comparison site. The results were up to the end of September of this year, and resulted in the bank being dubbed the most consistently competitive mortgage provider during the third quarter of this year.

An official involved on the survey stated: ‘HSBC’s financial strength and apparent relative immunity from the ongoing financial crisis has enabled it to stay ahead of rivals as the most consistently competitive. It is striking that it has achieved this by going direct to the consumer rather than using brokers and borrowers should take notice that the best deals are now available direct. It will be interesting to see how this is reflected in the market share of HSBC at the end of the year.’

Over the past year it is claimed that both HSBC and its online subsidiary First Direct have been offering some of the most competitive tracker rate mortgages on the market. The lender has also continued to offer competitive rates to those with just a 10% deposit, whereas many other lenders have insisted on a higher level of deposit. Many of the mortgages offered by HSBC have also required low fees.

Over the past year getting a mortgage has become increasingly difficult and expensive because of the global credit crunch, but officials say that there are still some competitive deals on offer.

One official stated: ‘It is still possible to source good deals but borrowers need to understand that the rapid changes in the market make it essential to regularly monitor competitiveness.’

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