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    • agurung
    • By agurung 21st Sep 16, 3:03 PM
    • 38Posts
    • 6Thanks
    agurung
    Switching to the new deal
    • #1
    • 21st Sep 16, 3:03 PM
    Switching to the new deal 21st Sep 16 at 3:03 PM
    Hi, the fixed rate for my mortgage is coming to an end in few months time. Santander will offer me to switch to a new deal. Currently the rate is 1.84% for LTV of less than 75%. I'm not sure if they will offer me 1.84% straight away but do you think they will be able to match their online rate to keep my mortgage with them?
Page 1
    • Thrugelmir
    • By Thrugelmir 21st Sep 16, 3:15 PM
    • 49,914 Posts
    • 41,595 Thanks
    Thrugelmir
    • #2
    • 21st Sep 16, 3:15 PM
    • #2
    • 21st Sep 16, 3:15 PM
    Santander won't change their internal rules to keep your business.
    A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against a rainy day.
    • mightyreds
    • By mightyreds 21st Sep 16, 3:22 PM
    • 74 Posts
    • 30 Thanks
    mightyreds
    • #3
    • 21st Sep 16, 3:22 PM
    • #3
    • 21st Sep 16, 3:22 PM
    Is that the best rate you can get? Would you not look to remortgage with someone else for a better deal?
    • agurung
    • By agurung 21st Sep 16, 3:45 PM
    • 38 Posts
    • 6 Thanks
    agurung
    • #4
    • 21st Sep 16, 3:45 PM
    • #4
    • 21st Sep 16, 3:45 PM
    Yes, I would consider to re-mortgage with another lender if the rate they offer me is not very competitive.
    • kingstreet
    • By kingstreet 21st Sep 16, 3:55 PM
    • 29,615 Posts
    • 15,706 Thanks
    kingstreet
    • #5
    • 21st Sep 16, 3:55 PM
    • #5
    • 21st Sep 16, 3:55 PM
    Where have you got 1.84% from?

    If that's a new borrower deal, it won't apply to you. You need to ask about customer retention products which are not published on the website AFAIK.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • frazell
    • By frazell 21st Sep 16, 4:56 PM
    • 143 Posts
    • 87 Thanks
    frazell
    • #6
    • 21st Sep 16, 4:56 PM
    • #6
    • 21st Sep 16, 4:56 PM
    Just looking at a comparison website and the 1.84% fixed for 2-years is listed but only has a fee of 35 with 250 cashback.

    Santanders best rate is 1.49% fixed for 2-years but the fee for that one is 1030 with 250 cashback.

    You pay your money you take your choice. I don't see why they can't offer you the lower rate if you are happy to pay the additional fee. Or as mentioned above, shop around other lenders.
    Last edited by frazell; 21-09-2016 at 5:04 PM.
    • amnblog
    • By amnblog 21st Sep 16, 8:41 PM
    • 8,623 Posts
    • 3,232 Thanks
    amnblog
    • #7
    • 21st Sep 16, 8:41 PM
    • #7
    • 21st Sep 16, 8:41 PM
    As Kingstreet says, the published new borrowing rates are not available to existing borrowers.

    Our poster will get a letter offering a range of retention rates. They are unlikely to match best market rates.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Thrugelmir
    • By Thrugelmir 21st Sep 16, 8:51 PM
    • 49,914 Posts
    • 41,595 Thanks
    Thrugelmir
    • #8
    • 21st Sep 16, 8:51 PM
    • #8
    • 21st Sep 16, 8:51 PM
    Yes, I would consider to re-mortgage with another lender if the rate they offer me is not very competitive.
    Originally posted by agurung
    Have you factored in all the other costs involved in remortgaging?
    A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against a rainy day.
    • frazell
    • By frazell 22nd Sep 16, 9:25 AM
    • 143 Posts
    • 87 Thanks
    frazell
    • #9
    • 22nd Sep 16, 9:25 AM
    • #9
    • 22nd Sep 16, 9:25 AM
    As Kingstreet says, the published new borrowing rates are not available to existing borrowers.

    Our poster will get a letter offering a range of retention rates. They are unlikely to match best market rates.
    Originally posted by amnblog
    The rates that I listed were best remortgage rates available from the comparison site.

    Granted they may not be retention rates, but at least the OP can understand the baseline that Santander would offer a new customer remortgage and go from there.
    • getmore4less
    • By getmore4less 22nd Sep 16, 10:14 AM
    • 25,555 Posts
    • 15,468 Thanks
    getmore4less
    Don't Santander let you look for retention deals online 4 months ahead?

    they could check the offers on-line if they meet the criteria

    http://www.santander.co.uk/uk/mortgages/existing-mortgage-customers-changing-deals
    • agurung
    • By agurung 22nd Sep 16, 10:29 AM
    • 38 Posts
    • 6 Thanks
    agurung
    Have you factored in all the other costs involved in remortgaging?
    Originally posted by Thrugelmir

    I thought lenders such as Nationwide offers free valuation and free legal fees when remortgaging with them.


    If I decide to go with Nationwide directly then would I still need to appoint a solicitor and pay their fees? This will be my first time trying to re-mortgage and I still don't understand the offer of free legal costs. Will Nationwide pay the fees to my solicitor or will they have their own appointed solicitor to help with the remortgaging?


    I understand that Santander won't offer me 1.84% for the new deal but would the rate be close to that?
    (e.g. 1.99% or 2.09%)
    • getmore4less
    • By getmore4less 22nd Sep 16, 11:55 AM
    • 25,555 Posts
    • 15,468 Thanks
    getmore4less
    Some lenders are totally fee free you just let them do all the work using their panel solicitor.


    One for the brokers, do the lender(solicitor) do full checks when taking on new property that is already mortgaged or just assume it will be OK and just swap the deed?
    • amnblog
    • By amnblog 22nd Sep 16, 12:08 PM
    • 8,623 Posts
    • 3,232 Thanks
    amnblog
    just assume it will be OK
    Originally posted by getmore4less
    Ah, the Regulator's favourite phrase.

    'I just assumed it would be OK'

    A new Lender is a new mortgage - a new mortgage needs to be underwritten and the legal position checked.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • kingstreet
    • By kingstreet 22nd Sep 16, 12:35 PM
    • 29,615 Posts
    • 15,706 Thanks
    kingstreet
    Some lenders are totally fee free you just let them do all the work using their panel solicitor.


    One for the brokers, do the lender(solicitor) do full checks when taking on new property that is already mortgaged or just assume it will be OK and just swap the deed?
    Originally posted by getmore4less
    On a remortgage the solicitor is permitted to purchase insurance and not do local searches.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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