Does loyalty to your bank give you a better deal?
Is it easier to get a mortgage if you apply through the bank where your personal/business account is?
We are often asked this question and there is common perception that loyalty to your own bank pays off.
Whilst it can be worth checking their best products, it is very important to compare it to other lenders to see if it is indeed the best deal you can get.
Lenders may have exclusive products for their own customers, but it is not a guaranteed option.
Often, another lender may have a better interest rate for you and be sure that no lender will ever tell you that their competition may offer you something much better Each bank will only offer the best they have but is it the most attractive option you can get?!
If you contact a broker, they can collect all the details needed to do a thorough research to see how your bank’s deal compares to others.
Also, although verification checks may be easier sometimes with the bank where you have your own account, many lenders now access systems which can identify customers very quickly. Don’t assume that your own bank will be less thorough with their checks as any regulated lender has to do the due diligence checks to make sure customer’s circumstances meet their criteria.
Before you decide which mortgage lender is best for you, always speak to a suitably qualified broker.
Should you have any questions, do get in touch.