HSBC was the most consistently competitive mortgage lender during 2008 with only Yorkshire Building Society coming anywhere close as a rival, according to analysis by www.mform.co.uk.

The bank – which did not take part in the Government banking bail-out – was able to use its financial strength to dominate throughout the year, according to Mform.

However smaller regional building societies such as Newcastle, Furness, Tipton and Mansfield all made it into the top ten despite the ongoing turmoil in the mortgage market which has forced many lenders to stop chasing new business.

And Lloyds TSB’s lending arm, Cheltenham & Gloucester (C&G), became more consistently competitive following the Government banking bailout while HBOS-owned Halifax, which is soon to be taken over by Lloyds TSB, also made the top ten.

Lloyds TSB and C&G were the top two most competitive lenders in December with Bank of Ireland (BoI) at number three and Britannia at number four.

The rankings for the most consistently competitive lenders through 2008 saw HSBC at number one followed by Yorkshire Building Society at number two with Newcastle, Furness and Nationwide making up the top five. Furness was the most competitive lender in 2007 in the Mform rankings.

Francis Ghiloni, mform.co.uk’s marketing and business development director, said: “HSBC’s financial strength and apparent relative immunity from the ongoing financial crisis has enabled it to stay ahead of rivals as the most consistently competitive. It is striking that it has achieved this by going direct to the consumer rather than using brokers and borrowers should take notice that the best deals are now available direct.”