Moneyfacts has revealed that state-funded banks charged higher than average rates on their products over the last year, despite the Bank of England base rate remaining at 0.5%.
In a study of the average two-year fixed-rate mortgages at 75% LTV offered by the main banks over the last year, Moneyfacts found that Cheltenham & Gloucester (C&G), Halifax and Northern Rock were the most uncompetitive banks. In March 2010, the average charged was 4.57% from C&G, 4.37% from Northern Rock and 4.27% from Halifax while the market average stood at 4.19%. Michelle Slade, spokesperson for Moneyfacts, said that some State-funded banks appeared to be more preoccupied with removing themselves from Government ownership rather than offering competitive rates. Research from R...
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