Revealed: the lenders you want to ditch

Mortgage chain

Homeowners with mortgages from Accord, Bank of Ireland and Leeds Building Society are more likely to want to switch to a better deal over the coming year than customers of lenders including Cheltenham and Gloucester, HSBC, First Direct and Birmingham Midshires.

According to the Moneywise Consumer Opinion Survey 2014, which surveyed 35,000 people nationwide, 25% of Accord customers would like to switch, closely followed by Bank of Ireland at 23% and Leeds Building Society at 21%. The desire to switch was also high (at just below 20%) for customers of big name lenders including Halifax, Santander, NatWest and RBS.

By comparison, fewer customers wanted to ditch lenders including Cheltenham & Gloucester, First Direct, HSBC and Birmingham Midshires, all of which had a rate of 10% or less.

Unsurprisingly, those borrowers that wanted to switch deals were more likely to be unsatisfied with the rate they were paying on their mortgage.

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If you are looking to switch to a better rate, borrowers with a 60% deposit can get a two-year fix at 1.48% from The West Brom. However, fees are high at £2,400 plus a £99 booking fee meaning borrowers with smaller loans may be better off paying a higher rate on a deal with a lower fee. Yorkshire Building Society is offering a two-year fix at 1.84% on loans up to 65% of the property's value. Its fees are more reasonable at £845 on completion plus a £130 booking fee.

Alternatively if you are happy not to fix, HSBC is offering a two-year discounted variable at 1.49% for a £999 fee on loans up to 60% while Furness Building Society is offering a two-year discounted variable rate of 1.5% on loans up to 70% for the same fee. If a higher rate/lower fee deal suits you better, Barnsley Building Society has a two-year tracker currently at 1.84%. Its fee is £345 for completion and £130 for arrangement.

The Consumer Opinion Survey forms the basis of the Moneywise Customer Service Awards 2014, which recognise the very best financial services companies in Britain. The winners will be announced at the awards ceremony on 12 June 2014 and will be published soon after at