Renegotiating a better interest deal than advertised

paakofi

We are going to the bank tomorrow to finalise a mortgage deal and wondering whether there it is possible there are any other mortgage products that what is usually advertised.

What I'd like to know for instance is whether anyone has ever negotiated any deal other than when the providers usually have listed.

Have you tried it before? Did it work? Did you perhaps work for a mortgage provider and have any insight into any special offers you could give to customers?

chivers1977

Sorry there will be no negotiation. You will be able to select from the products available. You may wish to speak with a broker who can check the whole market for you. I work for a lender so know that this is the case!

opinions4u

paakofi wrote: »

We are going to the bank tomorrow to finalise a mortgage deal and wondering whether there it is possible there are any other mortgage products that what is usually advertised.

In a more upbeat market, lenders may retain "under the counter" offers which can be introduced at key trigger moments (e.g. enquiring about new deal, request for settlement figures etc). We are not in an upbeat market.

We are in a market where lenders have lost some or all of their wholesale funding.

This means they need to reduce the size of their mortgage books.

This means some lenders are actually paying selected (usually higher risk) customers to move away!

There won't be any special deals to make you stay if you make it clear you have no intention of accepting the deals they offer.

_Andy_

paakofi wrote: »

We are going to the bank tomorrow to finalise a mortgage deal and wondering whether there it is possible there are any other mortgage products that what is usually advertised.

What I'd like to know for instance is whether anyone has ever negotiated any deal other than when the providers usually have listed.

Have you tried it before? Did it work? Did you perhaps work for a mortgage provider and have any insight into any special offers you could give to customers?

Don't embarass yourself. There isn't any negotiation.

dwsjarcmcd

Another reason why you can't barter with lenders is that they need to set them up on their systems to produce KFI's and offer documentation. All of this is time consuming and expensive and they will not build a product for one person.

As has been said above, no chance!

Dan_1976

Go on try it!

Say in a fake east london gruff voice "hey guv, got anything under the counter" then wink a lot! Post the response!

paakofi

Thank you everyone but I think I'll go with Dan1976's suggestion

I'm off there in about half an hour so I guess it's 3.99% for the next two years then!

Ex_Gas_Guzzler

When i rang A&L as my morg deal was coming to an end they offered me better rates than the ones on the site. I have low LTV though?
Good luck

Dan_1976

Abbey had better rates for existing clients in the morning. THey would have a daily budget for the products.

luckyfool

Ex_Gas_Guzzler wrote: »

When i rang A&L as my morg deal was coming to an end they offered me better rates than the ones on the site. I have low LTV though?
Good luck

It's common for some lenders to have some special products reserved for existing customers switching deals, not so common for them to get involved in haggling to create special products for home movers or remortgagors.

TEDDYRUKSPIN

paakofi wrote: »

We are going to the bank tomorrow to finalise a mortgage deal and wondering whether there it is possible there are any other mortgage products that what is usually advertised.

What I'd like to know for instance is whether anyone has ever negotiated any deal other than when the providers usually have listed.

Have you tried it before? Did it work? Did you perhaps work for a mortgage provider and have any insight into any special offers you could give to customers?

Give some credit for you asking this! :rotfl::rotfl::rotfl::rotfl::rotfl:

Contrary to belief, you can actually only negotiate an offer with your existing provider. They can sometimes carry out a deal only if they believe or deem that they can make any money off you.

Regarding normal negotiations, the word, " Ya taking the P!" is coming across. :eek: