In recent months, banks and building societies have offered existing customers preferential terms on mortgages. Santander, for example, offers current account customers 0.1 per cent off the standard rate or £500 off the standard booking.
While such products may interest those going direct, they can also appeal to borrowers using a broker. Advisers can clearly see who their customer banks with when they present documents for identification purposes.
Advisers can obtain existing customer deals by looking at the offers listed on their sourcing system. This is a prime reason to stay close to business development managers at the key lenders so that they know what is available.
It is not just monetary savings that can be made by sourcing a mortgage through a customer’s bank or building society. Obtaining such products can speed up the packaging time as the lender will be able to get the information needed to make a lending decision much more quickly.
Of course, even if a customer has an account with a bank or building society, better offers may still be available elsewhere. There are some excellent deals at the moment, particularly from the smaller, regional societies.