Loyalty can be an expensive habit

If you only visit your own bank or building society when it comes to taking out a mortgage you`re only going to be offered the deals from just one bank or building society. You won`t be offered a range of deals from the thousands on the market.

We can often be fiercely loyal individuals, take football teams for example, you wouldn`t change the team you support during the local derby just because the opposing side were odds-on favourite at the bookies.

Even when it comes to our weekly shopping, we tend to stick to buying the same brands we`ve bought for years and those are often what we saw our parents buy before us. There`s a sense of trust and of safety about the brands we like to buy.

Now this article isn`t intended as a lesson on human behavioral psychology, but it does highlight our predictability when it comes to what we buy. This isn`t a problem when it comes to deciding which brand of toothpaste to buy, the difference between the various brands is usually pennies. But when it comes to taking out a mortgage, insurance or other large financial commitment, the difference can be thousands of pounds.

Let`s take a simple example; assuming the interest is calculated once a year on a mortgage of £100,000 with an annual percentage rate (APR) of 5% the yearly interest total is £5,000.

That same example using an interest rate of 4.5% would be £4,500 – that`s a £500 difference over just 1 year, over 5 years that would be a rather handsome £2,500 – Whose pocket would you rather that was in?

We`ve yet to find a bank or building society that will give someone a bespoke mortgage deal based on how loyal they have been. In fact you get more of a reward for your loyalty from your local supermarket!

Checking all the latest deals on offer from your high-street lenders just won`t do either; firstly, it would take you all day (or longer) to go to all of them and collect their literature on their mortgage deals and even longer to then go through and compare them all. Secondly, by the time you`ve done this the deals may have changed and thirdly not all lenders have a high-street presence so how do you find them?

The answer is simple; Let us do it for you

Visit our website at http://www.mmmortgages.co.uk

We save our customers time and money, time and time again – Loyalty rewarded!

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