Mortgage broker Trussle has hit back over claims that mortgages from building societies are cheaper than mortgages from banks. In several european countries we see the pension and insurance players offering the best rates, we expect this also to come increasingly in the UK
Trussle CEO and founder Ishaan Malhi said “it’s a shame to see the myth of headline rates perpetuated in the mortgage market” responding to research from Moneyfacts. “When we wrap in all the extra fees and incentives linked to the mortgage products currently on the market, it is banks not building societies that turn out to be cheapest for borrowers. "Of the 30 banks currently offering a two year fixed product, the most competitive product from each lender would cost you an average of £14,014 over two years, far less than the average of £14,596 by the 34 building societies. It’s the same story in the five year fixed market.