Many people go direct to their bank or building society to get a mortgage, but this may not be the best thing to do. When you go to a bank or building society to arrange your mortgage they are only able to offer you their deals, regardless of whether or not their rates are the best.
I recently saw a client who went into branch to sort out their mortgage and then came to see me afterwards to see if I could beat the rate they were given.
(2 year fixed rate, £110,250 mortgage, 35 year mortgage term, no product fee and a free property valuation)
The rate the client was given in branch: 2.91% £418.78/month
The broker exclusive rate from the same bank as the clients went to: 2.28% £381.26/month
Great! A saving of £37.52 a month. But what if we researched further to find the best available deal for this client?
The best rate on the market was: 2.08% £369.76/month
The difference between the best rate on the market and the mortgage product offered at the bank was £49.02 per month, or put better well over £1000 saving for the 2 year fixed rate period.
It can take as little as a phone call to see the rate we may be able to get you, and it could save you a considerable amount in the long run. We also don’t charge you a fee to arrange your mortgage so it isn’t going to cost you a penny to try!