10 May

Consumers 'can get good mortgage deals through their banks'

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.
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