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Santander has recently launched of a new zero-charge account, available exclusively to customers who have their mortgage with the bank.

This is a clever product – not only does it entice people to take out a mortgage with Santander but it is also a great way of helping customers get by during these tough times.

Antonio Horta-Osorio, chief executive of Santander UK, says: "Our new approach is one based on simplicity: the more business you do with us, the more we will offer you in return."

The problem with this product is that it is just one lender – to be eligible for the account you need to have an Abbey or Alliance & Leicester mortgage . This means for some, it is the perfect mortgage and the perfect current account but for others these mortgages are not the right choice, regardless of the perks.

A good mortgage adviser will always tell his or her customers that there is only one right mortgage for them. That's why a whole of market broker is so important – they can search through the whole of the UK mortgage market and choose for a wide range of lenders, all offering a host of home loans. The more you have to choose from, the better chance you have of finding the one right mortgage.

To be enticed by a single lender just because they are offering a nice perk is dangerous. It may be that a Santander loan is exactly what you need but then again, the best mortgage for you could well come from another lender. You just don't know – that' why you need to talk to a mortgage professional.

A mortgage is a big, complicated financial product. It is not just a rate, not just a loan – it can do many things to help your finances and in turn make your life easier. To choose a loan purely on a gimmick or a perk is foolhardy indeed.

SOURCE: Santander, 20/11/09

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