This is a really important fact about today's banking, and with a further focus on commercial mortgages; not all banks take the same view of each business sector! As a result, you get different rates and different terms.
It therefore begs the question: how do you know for sure your mortgage is with the best bank for your sector? If you've been loyal to one bank for many years, you may be completely unaware that the marketplace offers a better solution all round.
1. One leading bank offers 80% LTV on owner occupier mortgages, and another only 70% LTV.
2. One bank offers 15 year fixed terms for commercial property investors, another will only fix for 5 years.
3. One bank is the clear market leader in manufacturing, offering 1% better in general than most of the others.
So how do you know for sure? The easiest way to find out is to use the best comparison offering in today's marketplace; a non-fee commercial finance specialist.
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16 Facts At a click and a glance
1 - Why going into the High Street branch is not the best way to source a commercial mortgage, business loan, or business banking manager
2 - Brand loyalty does not pay. I'll explain why your current bank is not incentivised to offer a better deal
3 - Bank managers that understand your business do still exist, but they are not where you used to find them. Find out where they are, and how to access them
4 - The good news about Business Bank Credit policies: the criteria for assessing businesses is changing regularly, and in the main terms are improving
5 - Why your perfect borrowing history is of little relevance, and why its not personal
6 - You can profit from moving bank, right now, by accessing a much misunderstood fund, as well as improved terms
7 - Different banks like different sectors: what's happened
8 - State-owned banks: an update on where they are
9 - Privately owned banks: an update on where they are
10 - Interest only commercial mortgages: today's marketplace
11 - How a change of mindset can be of great help
12 - Why banks want to know your inside leg measurement, and why it’s not personal
13 - How to work out if a bank will lend to you, right now
14 - Debt service cover: what it means, why its important and the good news coming your way
15 - Why you may need to bank with more than one from now on
16 - If your business does not own property, nor wish to buy one, there are other, new, niche financiers available that can help with your requirements.
About Chris Davidson
Chris Davidson is Managing Director of Discover & Invest Ltd.
He believes passionately in providing businesses with market-leading financial insights that have a positive impact on the bottom line. As a result, Chris helps get the best rates and terms available at any one time.