Portman

save-a-lot

Hi

Currently with the Portman BS and on a good deal with them 4.79% fixed until May 06. I am now wanting to remortgage and I see that they offer a 5 year fixed rate at 4.59% and I want onto that. Sticking with them would be less hassle than all the form filling to remortgage with another lender.

Anybody here have experience of the Portman and whether an existing customer can tap into these deals??? or, more generally will an existing lender bend over backwards to keep your custom? what are your experiences??

Cheers

Phil

silvercar

No experience with the Portman.

I know that Coventry BS allow existing customers access to all new customer deals - saved me a bit when it came to remortgaging.

When I was with the Halifax they would not let me access the latest deals on remortgaging, don't know if things have changed now.

_Andy_

As far as I know Portman charge interest on an annual basis, which isn't ideal.
In terms of business retention, this will vary lender to lender. For example, the bank I work for will not bother doing much if the mortgage is sub £150k, and may also depend on what other products the customer has.
Portman's rates are generally very competitive but you need to factor in the implications of annual interest charging if you intend to make overpayments.

save-a-lot

Hi

Called up the Portman and they said to switch to this better rate I would have to borrow at least another £15.5K or move house . They said wait until April and they could start a process of switching us to a deal when our offer period is up (offer period is up in May 2006). I am going to start researching a move to another lender now I think, as if they offer an uncompetitive deal in April, then I would end up paying the standard rate with them whilst arranging a move to another more competitive lender.

Cheers
Phil

slojo

Just finishing a fixed deal (2 yrs 4.49%) with Portman and they offered me a new 2 year 4.99% fix which I was not too happy with considering the 2 yr 4.3% rate they are offering new customers.

Spoke to them and they said that the new customer offers are not available to existing customers. They did offer me some other rates with fees attached but still none as good as the new customer rate. Bit disappointed TBH.

save-a-lot

It is better for both parties to retain the custom surely. I wanted to get on their 5 year fixed deal at 4.59% - but they won't let me unless I borrow more - very very disapointed in them. Now I have to move lenders I think, but that is a real pain to do with all the forms, utility bills, wage slips etc etc etc to send off... Aaaaaaaggggggghhhhhhhhhh :eek:

I just wish the Portman had made it easy and just switched us!

Phil

pennies2pounds_3

Is the 4.3% rate good then if as one of the previous posters said they charge interest annually? . I must admit I looked at that one because it was a low rate for 2 years.

itsfrommark

The Portman looks cheap at 4.3% but the true introductory rate shows otherwise which is about 4.91%. This is arrived at by factoring in all the fees over the period of the loan including discharge fees.

It's worth checking this out on one of the calculators such as on offer at

http://www.mortgagegenie.co.uk

which is promoted elsewhere on this site , best of luck, Mark