Getting Rate Reduction on Fixed while in contract

monkeydust_2

Was very interested to read in the latest MSE update that this is possible. Has any tried this successfully (or not) with Abbey and care to share?

Thanks
MD

happybroker

there are some lenders who will waive early repayment charges to get rid of customers but I'm very dubious as to how many will simply give you a better deal whilst you are tied in on a deal.

it's interesting that the person that emailed Martin about their success didn't post anything on this board. I don't doubt that they mailed Martin, I would love to know which lender it was though.

monkeydust_2

Willing to give this a shot but what tactics should one employ here ..."Help im struggling on my repayment...?" ... would they really care unless I gave them something in return.

happybroker

they probably wouldn't care no...it's a sorry state of affairs.

Martin is recommending the "i've been a loyal customer" approach but loyalty rarely comes into it with the banks despite the fact it costs them 4 or 5 times as much to attract a new customer than keep an existing one.

good luck though, keep us posted.