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Biggest mortgage firms 'not always the best'

Home loans seekers looking to buy property in the current economic downturn should try a smaller lender rather than a high street giant, Moneyfacts.co.uk has suggested.

In its latest research, which lists the top 250 mortgages currently on the market, the financial website has found loans offered by boutique firms tend to offer better value.

Moneyfacts.co.uk found that just 27 per cent of the 250 loans were offered by the top ten lenders - a surprisingly small proportion, considering that these firms hold a 75 per cent market share.

Commenting, mortgage analyst at the website Denise Harvey said: "Post credit crunch some of the larger lenders have appeared to have suffered the most, previously they had been able to fund a large section of their lending through the money markets, but today that just isn't possible."

She added: "From the results it is clear that the larger institutions with smaller subsidiary companies such as RBS Group with brands such as First Active, Natwest and Direct Line and its Irish subsidiary Ulster Bank are offering more competitive mortgages."

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