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Posts Tagged ‘Mortgage Advice London’

The latest free mortgage advice from London brokers is to stick with your current lender. Yes, it is official, the best mortgage deals are being offered to existing customers. It stands to reason that mainstream financial institutions should want to keep hold of their customers when they are looking for a new loan product, and it makes sense that as an already loyal customer that anyone who wants to take out a mortgage should be offered some sort of reward for their loyalty.

There are currently 2,948 mortgage deals available according to a financial research company, but 25% of these are only available to existing customers. These deals give current account holders an opportunity to take advantage of mortgage deals that are 0.05% to 0.20% cheaper than the lender’s typical variable rate deals.

This is not the only advantage of taking out a mortgage with your current financial establishment, it is likely you will be offered reduced fees and possibly higher LTV mortgages than are usually offered to new customers. These hidden benefits mean that it is worth talking to someone at your local bank to get free mortgage advice that could save you money when buying a property in London.

The trend of offering exclusive deals to existing customers could not only help the banks build their businesses back up, but it can also help improve the property market by making mortgages more affordable for borrowers. The move could also help lenders avoid approving what could turn out to be a bad debt.

If an existing customer has proved themselves capable of managing their finances, then it is more likely they will be able to keep up mortgage repayments. Lenders will feel more assured about the type of mortgage deals that can be offered to customers based on their past borrowing and banking habits.