Mortgage discounts for borrowers who ask

Almost 40 per cent of mortgages sold in July featured an ongoing rate discount, according to Kristy Sheppard, Head of Corporate Affairs at listed broking chain Mortgage Choice.

“Half of all home buyers will soon be choosing the big savings of discount mortgages,” said Sheppard. “Brokers regularly negotiate discounts of around 0.7-0.8 per cent for customers and these days can often obtain a discount of up to 1 per cent off.”

“This also applies to customers who work together as a borrowing team, like friends, work colleagues, siblings, parents etc who approach a lender either directly or through their broker to say each party becoming a customer relies on the special deal put forward to them as a group,” said Sheppard.

Source: Courier Mail