Such news may not be much of a surprise but there is also evidence to suggest that these mortgages may not be advertised and are on an enquiry only basis.
As a result of new analysis by Defaqto, it emerges that since 2008 mortgage lenders have almost tripled the amount of mortgages that they limit to existing customers only. This figure breaks down to 11.8% of said mortgages being given to those members with current accounts, 9.3% to existing mortgage borrowers and 1.2% to existing members or savers.
Not only are mortgage lenders offering discounted borrowing rates, but certain lenders are also offering incentives such as reduced fees/deposits and even, in some cases, higher percentage mortages.
Typically, a lender may be prepared to offer a charge for an existing customer that is 0.2% lower than their generally available rate.
Mortgage lenders known to be offering such benefits to existing customers include (but are not limited to): Halifax, Barclays, Nationwide, Santander, HSBC and Royal Bank of Scotland.
Stephen Ludlow comments: "Landlords looking to expand their portfolio may be unaware of the rates their current lender or bank can offer them. The rates may not be published, so it is worth a telephone call."
Landlords looking to expand their portfolio may be unaware of the rates their bank can offer them...
Posted 15th January 2016