Best Bank to use for MortgageThe best bank for the mortgage
When you are fighting to find a mortgage, a home savings bank can be a good place to begin. Every fifth mortgage loan in the UK is provided through a home savings bank. There are five good ways to get a mortgage from a home savings bank: Strong interest rate - Bausparkassen offer some of the best interest rate products on the markets.
When we look at two-year fixed-rate mortgage loans from the five cheapest offers currently available, four are provided by home loan and savings associations. The Chelsea Construction Society currently offers a 1.74% transaction, the Yorkshire Construction Society a 1.94% and 1.99% transaction and the Norwich and Peterborough Construction Society a 1.99% transaction.
Client services - Bausparkassen have a good record of offering good client services. Figures from the GfK NOP research organization last year showed that 22% of home loan and savings clients believe that their providers value them as clients rather than bank clients. 17% of the Bausparkasse's clients were more likely to believe that their supplier had been acting in their best interest.
Resilience - Bausparkassen tend to give loans to clients that look a little riskier than a bank. Over the past few month, a number of bausparkassen have introduced a range of bausparkassen targeted at first-time purchasers and those with small deposit requirements. Over half of the 95% mortgage loans on the mortgage loan and savings markets are provided by bausparkassen.
Services for the locals - Many bausparkassen have items that are only available to the locals. So the Cumberland Buildings Society, for example, only provides certain services, such as its 95% five-year fixed-rate mortgage, to clients living near a subsidiary. Also, for those items that are available to everyone, they will give up to 15% more to clients who reside in their business area.
Unlike a bank, bausparkassen are held by their members, and instead of payment to stockholders, all earnings are reinvested in the company.