Turn to building societies for best rates

27th January 2017

Building societies are currently offering better fixed mortgage rates than banks, a study has found. Across different types of mortgage, building societies' rates are on average up to 0.66 percentage points lower than banks' equivalent rates. The biggest gap is where borrowers with a 25% deposit opt for a five-year fixed rate deal; the average rate offered by banks is 3%, while building societies' equivalent rate is 2.34%. Charlotte Nelson, finance expert at Moneyfacts, said that at the moment five out of six two-year fixed rate "best buys" were from building societies.

The Daily Telegraph (25/01/2017)