Money News
The background of rising interest rates appears to be playing to mutual lenders' strengths. For the first time in 18 months there are four building societies in Moneyextra.com's monthly table of most popular mortgage lenders.
Nationwide Building Society continues to hold the top slot in the table for most popular mortgage lender - a position it has held for the whole of 2005 and the current year so far. However, for the month of October it was joined in the top ten by three other building societies: Coventry BS, Skipton BS and Portman BS.
The last occasion when four building societies made it into the top ten at the same time was May 2005, when Nationwide BS, Chelsea BS, Coventry BS and Stroud & Swindon BS were in the top ten.
Robin Amlôt of Moneyextra.com said, "It's early days yet but it's possible that, against the backdrop of rising base rates, building societies may once again be able to play their strengths - focussing on delivering quality deals to members without having to worry about generating returns for shareholders."
The average value of properties being searched against on Moneyextra.com rose in September by 1.9% month on month to £217,162, although that's still just below a peak of £217,248 registered three months earlier, in June.
The average value of mortgages completed by AWD Moneyextra customers fell by 8.9% between August and September to £134,292.44 - its lowest level since January. The overall average value of home loans completed during the first nine months (Jan-Sept 06) was £141,544.56.
13 October 2006 © Moneyextra.com
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