10
May
Consumers 'can get good mortgage deals through their banks'
Consumers may be able to achieve better mortgage deals if they go
through their own banks, it has been suggested.
According to new research from Defaqto, the typical product that
lenders offer to existing customers is between 0.05 and 0.2 per
cent cheaper than their rate for other people.
Additionally, in some cases there are reduced fees and also higher
loan-to-value ratios available to people who already hold accounts
with them.
Commenting on the issue, Kevin Bray from Defaqto said: "The banks
are clearly keen to further their ambitions of becoming one-stop
shops for all their customers' personal financial product
needs."
Offering discounted loans is one way in which they are trying to
achieve this, he added.
Meanwhile, the firm also found that the number of home loans
available has risen from 1,686 in July 2009 to 2,948 at
present.
Recently, the Council of Mortgage Lenders revealed that lending
increased by £0.3 billion in March compared with the previous
month.
