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September 13, 2018
Building societies are leading the way when it comes to customer service and value for money, according to a new survey.
The customer satisfaction survey from Which? polled 3500 customers to get their thoughts on lenders’ and Principality Building Society came out on top with 80% customers saying they did not experience any problems with their mortgage.
First Direct and Nationwide came in second place with a score of 77% while Virgin Money (76%) and Coventry (75%) completed the top five.
Halifax has relaunched its £1000 cashback offer for first-time buyers and home movers who complete before 4 November 2018.
Remortgage customers, meanwhile, can get £250 cashback.
Andy Bickers, mortgages director at Halifax, said: “Our £1,000 cashback offer was welcomed by borrowers when we launched it earlier this year, so we have made it available again for home buyers and remortgage customers this autumn. It will support customers at what can be an expensive time and help with any unexpected costs for those remortgaging to us.”
Paula Higgins, chief executive, HomeOwners Alliance says: “A £1,000 bonus will no doubt be welcome for buyers and movers but it’s important not to be swayed by extras like this when taking out a mortgage. It’s a huge financial commitment and one that should be entered into only after careful consideration and after seeking advice from a broker. Consumers must look at the overall costs of their mortgage”
The UK remortgaging boom is continuing with latest figures showing there were 46,900 new homeowner remortgages completed in the month, up 23.1% on the same month a year earlier. There was £8.7bn of remortgaging, up 26.1% more year-on-year. Meanwhile, 31,400 new first-time buyer mortgages were completed in July, just 1% more than in the same month a year earlier.
Jackie Bennett, Director of Mortgages at UK Finance said: “The residential remortgaging market saw its strongest July in over a decade, as homeowners pre-empted the latest Bank of England rate rise by locking into attractive fixed-rate deals.
“There was also considerable growth in remortgaging in the buy-to-let sector, showing that while recent tax and regulatory changes are impacting on new purchases, many existing landlords remain in the market”
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