Your Mortgage Awards

2007-2008

The Your Mortgage Awards celebrate those lenders and associated product providers that have excelled in their field over the past year

The UK mortgage and housing markets have had an interesting 12 months. Steadily rising interest rates in the first eight months of the year pushed up costs for any borrower not locked into a fixed rate, and made life even more difficult for first-time buyers. The widely reported credit crunch that followed in the latter half of the year increased borrowing costs for sub-prime mortgage borrowers, and posed a significant challenge for lenders in that and other sectors.

The changing economic environment was overlaid by the compulsory introduction of Home Information Packs for sellers of three- and four-bed properties, which undoubtedly skewed the market. Yet still house prices continued to rise in most parts of the country, with average annual property price inflation hitting double figures. The buy to let market grew strongly, to represent more than 11 per cent of the total mortgage market. And 2007 saw the most significant consolidation in the mortgage industry for some years, with the merger of Nationwide and Portman building societies.

There is no doubt that 2007 has been a busy year for the lending community, with plenty of hurdles to overcome for lenders and borrowers alike. The most impressive players have risen to the challenges the market has thrown at them this year, consistently providing great products combined with excellent service to mortgage borrowers. It is these lenders that the Your Mortgage Awards recognise.

These awards have now been running for 18 years, and are widely respected as the definitive consumer mortgage awards in the UK. Many congratulations to all of the winners, and keep up the good work in 2008.

Pauline McCallion
Editor