You may or may not have heard of the term “Dual Pricing*. This Is where the mortgage products available to an individual are different in branch to those available via a Mortgage Broker, Last week we saw a purchaser return to us as the product being offered by the lender directly was more expensive than the guideline repayment we had provided. it is worth remembering that on occasion products do differ between brokers and the branch and a small increase in interest rate can make a difference to a purchaser’s budget. In this instance we saved the individual (a First Time Buver) more than £20 per month and obtained £250 cashback to help with moving costs.
Mortgage Market Update – 4th May 2023