First time mortgage with own bank?

tocc15

Hi,
I'm hoping to take out a first time mortgage over the coming months, and am feeling a bit baffled with all of the information out there. I've been a customer at the same bank for the past 10 years+, and I was wondering if, because of this, I might be able to argue my way to a better mortgage deal with them, as they have direct access to information on my current and savings accounts, and can therefore easily see my spending habits. I also discovered recently that my credit score with one of the big three credit agencies is 'poor', which I assume is because I've moved between rental properties several times over the past few years. This seems like a good reason to stick with a bank that 'knows me' rather than try to convince one to take me on on the basis of the information provided by the credit agencies alone.
Does this sound sensible?
Thanks in advance!

Thrugelmir

tocc15 wrote: »

I might be able to argue my way to a better mortgage deal with them,

Lenders offer products. Borrowers choose one , apply and receive mortgage offers.

There's no negotiation.

kingstreet

You'll be offered whatever products you bank has available and will have no idea if that is good, bad or indifferent.

No-one has a 'credit score', it's made-up by the Credit Reference Agencies. If one has negative information about you, how do you know that isn't the CRA which is supplying data to your bank?

No-one is that bothered about your spending habits. If you do a lot of gambling maybe, but the hype of a few years ago suggesting you had to eat nothing but beans on toast for three months before you apply was just that, hype.

An independent broker would be a far more sensible first source of advice and knowledge.

tocc15

Ah, OK, thanks very much for the prompt responses.

Superscrooge

As it is the first time you have taken out a mortgage and you admit to feeling a bit baffled with all the information, I too believe it would be sensible to consult an independent mortgage broker.

Rather than me try and explain all the advantages, have a read of the below article

https://moneyfacts.co.uk/guides/mortgages/why-use-a-mortgage-broker180511/

ashe

+1 to use a broker. They will guide you through the process and help you make sense of it all - try asking friends or facebook for recommendations for tone that they have used, read reviews etc

Ours was bang on in terms of timescales, suggestions, what would happen next etc