Need a mortgage? Why going to one bank - even your bank - is not the solution.

Often people think ‘their’ bank will lend them more or will give them a good deal solely because they’ve banked with them in the past. Sometimes this is the case, but you’d be best served to have a broker check out what you can get with other lenders as well. While some high income earners that do a lot of banking are assigned a dedicated client manager, most people would not have one and ‘your’ bank wouldn’t have a clue who you are if the power went out, nor would you be a big enough fish to have them make an exception on the eligibility criteria they apply to anyone else that walked in from the street. There are banks that do have benefits for people that have banked with them before. Your broker will be able to take that into account while comparing the market for you. As buying an overpriced car from ‘your dealer’ because they give you a free radio is not a good idea, going with ‘your bank’ just because you’ve been with them before could be a costly mistake. Especially because you’re now looking at probably the biggest purchase you’ve made up to this point. And hey, if your broker comes back with a few different options; you can still decide to go with your bank after all. At least you’ve made an informed decision!

#finance