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YBS Offset BoE + 0.45% : Product transfer fee
dealseeker
Posts: 228 Forumite
I have an offset mortgage with YBS for BoE + 0.75%. There is another produt with a rate BoE + 0.45%.
YBS want to charge existing customers £195 to transfer to this better product. I have pushed them a couple of times but they won't budge on the fee. Has anyone else had any success in getting this transfer fee waived.
When I transferred fom a 5 year offset to full term mortgage a couple of years ago at same rate there was no additional charge made so don't see why it should cost so much now for processing? Only the rate charged is different. Obviously they would lose out in interest.... hence the charge.
Any ideas? I have only asked head office about this. I referred them to a competitive offset account with Newcastle Building Society but they were unphased.
Should I take this up with a branch? Any ideas of the argument for waiving the fee.
YBS want to charge existing customers £195 to transfer to this better product. I have pushed them a couple of times but they won't budge on the fee. Has anyone else had any success in getting this transfer fee waived.
When I transferred fom a 5 year offset to full term mortgage a couple of years ago at same rate there was no additional charge made so don't see why it should cost so much now for processing? Only the rate charged is different. Obviously they would lose out in interest.... hence the charge.
Any ideas? I have only asked head office about this. I referred them to a competitive offset account with Newcastle Building Society but they were unphased.
Should I take this up with a branch? Any ideas of the argument for waiving the fee.
Since light travels faster than sound, some people appear bright until you hear them speak. 
0
Comments
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I'm sorry I can't answer your question dealseeker - other than to say that, based on my 18 year relationship with YBS, I don't think you've any chance at all of getting them to waive the fee!
However, I'd like to ask a question of the offset fees...
I'm currently on the YBS = BOE tracker, and the BOE + 0.75% offset was going to be my next (and final) move.
I can switch for free to this product and, due to my very small mortgage, I'd discounted the BOE + 0.45% product because of the fees involved.
Can you clarify...is the £195 they've quoted you in addition to the product's £495 'normal' fee, making £690 in total? That's certainly how it reads to me at http://www.ybs.co.uk/mortgages/current_products/products/offset_ftt.jsp0
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