mortgage with your bank - captive audience?

welshguy_456

I was in my local halifax branch yesterday and out of the blue the person over the counter asked if I would like to meet the mortgage advisor to see about a mortgage with them etc

I am saving a deposit for a house so I thought why not so up I went.

I just wanted to ask do most of you have your mortgage with your bank as it the mortgage advisor I met seemed to put across 'I am YOUR mortgage advisor and I will deal with eveything for you' but I thought to myself, well, couldn't I go elsewhere if I really wanted to?

She told me she wasn't charging me a 'fee' etc so do the banks just assume they have a captive audience to sell you whatever they want as long as your banking with them?

In the end I was told I was a A plus (which I know could mean nothing) and would be offered just under 95k on a 2 year deal at 5.99% with a 10% deposit or a 4.64% if I had 15% - I just think that there could be a better deal....

Thanks!
Chris

squeeks

Find an independent mortgage advisor, that covers the whole of the market.

There is a whole section on it in the links above.

Quickly punching the numbers into the online form for first direct, their headline rates for 10% mortgage appear to be a % or two lower.. if you can actually get those rates is another matter. There are probably much better rates out there at the moment.

Go and find an advisor (or three!), which aren't tied to an institution and see what they have to say.

ACG

There is no set way.

Some people have their mortgage with their banks for a number of reasons - ease of having things in one place or just because they offer a good rate or didnt know otherwise.

Some people prefer to shop around the different banks, others prefer to go to advisors who have access to banks, building societies and private lenders etc.

there is no set way its down to each person.