Best mortgage from own bank?

davei_2

Old school people tell me this like i'm stupid: "You'll never get a better deal than you will from your own bank".

Is that true in today's day and age?

For example in my case (I happen to be with Barclays)

Customer for 20 years
My current account
Joint Account
Savings account
Wife moved her account

Credit card with them.

Does any of that matter when choosing\applying for mortgage? Does this perceived loyalty actually mean anything to them?

Thanks.

grifferz

I doubt it. The days of personal bankers knowing who the customer is and actually having a relationship are gone. It's not very likely that there will be a person in your local branch who has any form of decision-making power over any mortgage application you would make.

There may be some offers for current account holders that are better. The process may be easier if you're already a customer. But you would have to check the market to see if any of those things make a difference.

stator

If you are a borderline case you might be more likely to be accepted by your own bank (assuming a positive history with them).
Otherwise you're unlikely to get a better deal so shop around.

somethingcorporate

The simple answer is no, unless your bank already offer market-leading deals you would possible stand an improved change of getting them.

Otherwise use a broker or just shop around yourself.

amnblog

Old school advice does not apply in the modern world.