looking for a first mortgage

kpwll

Our son is interested in purchasing a house, he has financial ties with 1 bank & 1 building society (1 for his isa, the other, his main, has his wages paid into etc).
If he was to approach both to see which would
1) offer him a mortgage,
2) the best terms,
would this go against him in any way?

Thank you

Thrugelmir

There's no harm in enquiring and building knowledge.

kingstreet

How will he know if one of those two organisations are offering him the best deal?

He should research the market for what he's looking for and speak to an independent mortgage broker for commission paying deals and concentrate on direct lenders/products himself, then compare what he has when he finishes his research.

Comparison sites and the FCA's money advice sites will provide back-up information.

If he goes direct to the two you mention, he'll probably end up with two nice folders telling him how wonderful the two lenders are, with two credit searches on his credit history and still no idea of where he can get the best deal for him.

ACG

In the mortgage world there is no such thing as loyalty.

Having a history with a bank does not mean you will be accepted or that you will get a great rate. A house is a huge investment, researching the market and getting the best deal for you (your son) could potentially save you thousands.