Furness Building Society offered most competitive mortgage deals in 2007

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by Kay Murchie

A report compiled by mform.co.uk has established that the biggest mortgage lenders were not necessarily the most competitive last year.

The report took into account best buy products from a range of categories, awarding points to lenders each time they were ranked in the top ten.

It was revealed that Furness Building Society offered the most competitive mortgage deals throughout 2007 with Skipton in second place and Britannia in third. Abbey was ranked the highest among the largest lenders in 17th place while Nationwide was 20th.

Abbey defended its position in the list and said it has recently slashed rates on its fixed-rate mortgage deals and that their products were extremely competitive.

Francis Ghiloni of mform.co.uk commented that regional lenders have broadened their customer base by using the internet while borrowers can reduce their mortgage repayments by using the internet to look for the best possible deals.