Building societies dominate the mortgage best buy tables

Building societies are offering the cheapest mortgage rates in the market with 83% of the most competitively priced mortgages available through mutuals, according to Castle Trust. Figures show 33 out of 40 residential and buy-to-let mortgages are provided by building societies. Both banks and building societies continue to lower their mortgage rates and this week a host of banks made changes. Abbey for Intermediaries, Aldermore Bank, Virgin Money and Metro Bank all improved mortgage rates by up to 0.55%. Anthony Emmerson, a director at Trinity Financial, said: “The Funding for Lending Scheme is still helping banks and building societies to lower their rates. There is a huge amount of competition in the market as the lenders look to increase their market share and we are helping more clients to get best buy mortgages.” April 5, 2013