What Mortgage Awards 2007
WHAT MORTGAGE - 1ST MAY 2007
Choosing the right mortgage isn’t easy – that’s why we make our annual awards to lenders offering consistently good-value products and to advisers who give the best service to help you with your mortgage decisions. What Mortgage reveals this year’s winners.
There are over 100 mortgage lenders big and small, all competing for your custom, which can make it hard to choose the best. But if a lender or adviser boasts a What Mortgage award you can be sure that it’s a lender in its field.
The aim of the awards is to show how lenders compare with their peers. When the awards were launched over ten years ago it was decided that the best way to compare lenders was to look at their standard variable rates (SVRs). We still do this even though most borrowers won’t choose an SVR deal, as we believe it represents a good measure of competitiveness.
This year we have chosen to make awards to lenders that provide the most competitive rate over five years. And Stafford Railway Building Society has emerged top lender for the fourth year in a row, which just proves that you don’t have to be big to be best, as the Society has just one branch.
Borrowers are becoming increasingly sensitive to interest rates, and here at What Mortgage we are always encouraging readers to remortgage to get a better deal. We have therefore decided it’s time to recognise those lenders that provide good value through a combination of rates and fees and for the first time are handing out awards to lenders for offering good-value products.
Last year What Mortgage decided to include a category for mortgage advisers. More than half of borrowers now consult a mortgage adviser, which is why it’s important to highlight the advisers who are doing a good job in helping you to choose the best mortgage. This is why we are including advisers again this year.
A new category in this year’s awards is for insurance. Most of us will need to take out some form of protection insurance when we buy a home, but as insurance can often be an afterthought, many borrowers end up with expensive deals, or, in the case of mortgage payment protection insurance that is often inadequate for their needs. This is why we are recognising those providers of mortgage payment protection insurance and life insurance who offer both and excellent level of cover and value for money.
All the lenders and advisers featured in this year’s awards deserve our attention, and we have given each winner the chance to explain to you what makes them so special.
Best Provider of Mortgage Payment Protection Insurance: British Insurance
“British Insurance is one of the UK’s leading independent online payment protection insurance providers.” Managing director Simon Burgess says he is passionate about securing the best products and prices for consumers – his firm regularly tops the national media’s best-buy tables.
“In November 2005, the company changed its name from Burgesses to British Insurance. Very few businesses receive permission from the Secretary of State to do this as they have to demonstrate ‘pre-eminence’ in their field. It’s widely recognised British Insurance has that ‘pre-eminence’ and consistently proves itself a market leader by offering mortgage payment protection insurance at less than half the price of many high street providers, and by providing wider cover and more extensive benefits.
“The no-nonsense website ensures consumers know exactly what they’re buying, with no hidden costs. The mortgage payment protection insurance policies offer ‘back to day one’ cover, a choice of cover options and age-related premiums. No wonder British Insurance is gaining a reputation as a company offering excellent products at highly competitive prices.
“The success of British Insurance can be attributed to the fact that if offers easily accessible, low-cost, simple, yet robust products. If it wasn’t the best in the market, it wouldn’t receive backing from the national media and other third-party endorsers. “Financially secure and described by supporters as ‘a safe pair of hands’, British Insurance is also the official payment protection insurance provider for members of the British Insurance Brokers’ Association.”
