Lenders offer more loyalty mortgages
A number of lenders have introduced loyalty mortgages designed to offer more attractive rates to customers if the switch their current account as part of the deal. Santander, Woolwich and The Co-operative Bank all offer discounts to their banking customers.
To qualify for a loyalty mortgage, you generally have to open a current account and it must have been open for a few months before you can apply. Trinity Financial can access Barclays new two-year fixed rate at 2.69% if you have a 30% deposit - although you must have paid at least £800 in to a Barclays current account for the last three-months.
Last week Halifax made changes to their current account mortgages and they now offer a £150 discount if you switch your banking to them, this used to be 0.2% off of the interest rate.
June 24, 2011
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