HSBC was found to have offered the best standard variable mortgage in 2005, according to new research by Defaqto.

HSBC was found to have offered the best standard variable mortgage in 2005, according to new research by Defaqto.

People who borrowed £50,000 with the bank would have achieved savings of more than £100 during the 12 month period.

Intelligent Finance's standard variable mortgage was the second-best option and Nationwide Building Society's product took third position.

In order to calculate with mortgage provider offered the cheapest option, Defaqto surveyed the top 30 UK lenders.

Bank of Scotland offered the most expensive standard variable option, with was £574.66 more costly than HSBC's product over the course of the year.

"Although standard variable rate mortgages are only one type of mortgage, they do represent an important benchmark in competitiveness," said a David Black, head of banking at Defaqto.

Defaqto is an independent producer of business research and its products are used by a range of UK-based banks, building societies and investment houses.