HSBC voted Britain’s best bank for mortgages

HSBC has for the sixth year running been recognised for giving better value to its mortgage customers in recent years than any other UK bank.

The latest awards, from leading homebuyers’ magazine What Mortgage, have named HSBC the ‘best value national bank’ for mortgage borrowing over five years. The award follows hot on the heels of Defaqto’s annual mortgage survey, which earlier this year named HSBC the best overall mortgage lender.

The What Mortgage award was based on the amount of interest charged on a typical £100,000 interest-only mortgage over the last 5 years. What Mortgage figures showed that over the five year period - the typical length of time a borrower will keep a mortgage - HSBC customers would have paid £25,883 in interest. This is £965 cheaper than Intelligent Finance who came second and a huge £5,718 less than last placed Bank of Scotland, which charged £31,601 in interest over the same period.

Rob Chesters, head of mortgages at HSBC said “HSBC is committed to offering long term value and these awards show that our success is no flash in the pan. We have consistently been ranked the best value bank for mortgages for the last six years but the real winners are our customers, who continue to enjoy great value throughout the life of their mortgage.”