Loyalty rewarded?

By THIS IS MONEY
Updated:

 

Are there any mortgage providers who allow current customers to apply for special offers that target new borrowers? I can't seem to find any. JM, London

James Cotton at mortgage broker London and Country replies: Once a specific deal comes to an end, your mortgage will typically revert to a lender's high Standard Variable Rate and sometimes, you are not offered anything else.

Many lenders however do offer a certain range of mortgage products to existing borrowers, but although these are often called 'loyalty' schemes, the rates are not always as competitive as those offered to new customers.

Lenders including Nationwide, Cheltenham & Gloucester and Yorkshire Building Society do allow you to access all their current mortgage products once your deal with them comes to an end and it is always worth checking what your existing lender will offer you whatever its policy.

More importantly, you should compare any scheme you are offered with what is available in the rest of the market to make sure you are getting the best possible deal.

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