Mortgage giant Halifax has found that sneaky money making schemes don’t always pay.

The UK’s biggest mortgage lender has revealed that its share of the new mortgages market slumped to 8 per cent in the first six months of the year, compared to a 20 per cent share of outstanding home loans.

It admits this is partly because it backtracked on its policy of offering new customers better deals than existing ones.

But - surprise, surprise - upping its rates for newbies didn’t help it retain existing customers or attract new ones, so Halifax has gone back to its old ways of offering the latter better rates and terms.

Could it be that customers are getting wise to the fact that the big banks don’t necessarily offer the best deals, whether you’re an existing customer or a new one?

With mortgages, as with all other financial services, it pays to shop around.

This entry was posted on Wednesday, June 13th, 2007 at 11:24 am and is filed under UK Mortgages, UK Personal Finance, ReMortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.