The
less scrupulous mortgage
lenders are those who try to sucker you in with a very low interest rate but
are using it to trick you into paying their higher insurance premiums.
And
they'll trying to force you to stay with them by charging nasty penalties
if you leave - say after they've decided to raise your interest rate to unreasonable
levels because they feel like pleasing their shareholders.
The
best type ofmortgage
lendersare those who charge a reasonable interest rate and
don't try to tie
you in. Why not? Because they understand customer inertia and know that most
of us stay with our mortgage
lenders or bank anyway.
They
know that most of us will buy their insurance policies because we can't be bothered
to save "only" a hundred pounds a year by shopping around. That's if
they're actually bothered about making a profit.
Unlike
the PLCs, Building Societies do not have the
huge pressure of making profits to pass on to their shareholders...
They like to make a profit. But they don't have the same
pressure that the likes of Enron used to think was a good
thing. Ask
yourself whose side your lender will be on. Their
borrowers - ie you - or their shareholders? To read more
about Building Socities
click
here
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