Remortgaged with same provider and still charged £1000!

moodyskipper

I am currently with the C&G and I am about to renew my mortage with them as they are offering the best deal and they want to charge me £1000 for staying with them. Surely this isn't right. Can anyone help me out here. They aren't doing anything other than changing the dates on my mortgage account from October 2008 to October 2010.

_Andy_

Yes it is 'right'. If you want a lower rate this will come at a price - the arrangement fee. The fact you're already with them isn't relevant.

If you don't want to pay a fee, you don't have to - choose a deal that has no fee.

http://www.cheltglos.co.uk/mortgages/fixed-rates/

adandem

I suppose they can do it if it's policy, you be better off going elsewhere though and paying the fee.

Is the rate competitive? I've seen lots of 5 year deals with the same or lower fees for new customers.

minimike2

If its the best deal, then I dont understand what the problem is.

You havent re-mortgaged, you are taking a loyalty deal that has a £1000 arrangement fee.

Like Andy says, take a fee free product. Better yet, stay on SVR then you dont have to do anything.

Sim_2

I think this is a fair point - a new customer remortgaging would get free valuation and legal. Yet an already proven good customer with a falling LTV and cheaper admin. costs pays exactly the same. How often is there scope for negotiation with the providers?

koexelek

Hardly any lender will give an existing customer a decent new deal without a new arrangement fee these days.

Surprising as it may seem, the lenders want to make as much money as they can out of their borrowers

Gorgeous_George

I think the £1,000 is of the new deal. HowEVER,

Gorgeous_George

I think the £1,000 is part of the new deal. However, if new customers would not be charged the same fee for the same deal, then you could plead for a 'new customer' deal.GG

koexelek

Gorgeous_George wrote: »

I think the £1,000 is of the new deal. However, if new customers would not be charged the same fee for the same deal, then you could plead for a 'new customer' deal.GG

C & G are quite fair that way...

they charge the new customers as well as thei existing ones

No slight on C & G though. Nearly all lenders are like that these days

Gorgeous_George

koexelek wrote: »

C & G are quite fair that way...

they charge the new customers as well as thei existing ones

No slight on C & G though. Nearly all lenders are like that these days

People really should see a mortgage as a 25 year product.GG