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Switching from A&L to SAntander (Abbey) Mortgage
tom2000000
Posts: 1 Newbie
Hi,
I have come to the end of a 2 year fixed rate with A&L and am now on their SVR of 4.99%. I have just seen that Abbey's SVR is only 4.24%. Now the two banks are part of the same company, should I be able to easily switch providers? It would mean a saving of around £80 per month.
I rang A&L and they isaid it would be possible if I pay a £295 early redemption charge.
Is there any way around this fee, and do you think it would be worthwhile me switching, or is it likely that A&L will also bring down their SVR inline with abbey?
I dont think I can get any other deals anywhere else as Im in negative equity!
Any advice would be much appreciated! Thanks.
I have come to the end of a 2 year fixed rate with A&L and am now on their SVR of 4.99%. I have just seen that Abbey's SVR is only 4.24%. Now the two banks are part of the same company, should I be able to easily switch providers? It would mean a saving of around £80 per month.
I rang A&L and they isaid it would be possible if I pay a £295 early redemption charge.
Is there any way around this fee, and do you think it would be worthwhile me switching, or is it likely that A&L will also bring down their SVR inline with abbey?
I dont think I can get any other deals anywhere else as Im in negative equity!
Any advice would be much appreciated! Thanks.
0
Comments
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The £295 is not an Early Repayment Charge - it is the "exit fee".
This fee is paid to close the mortgage down - so if you leave A&L it is payable.
If you want to go to Abbey you would need to go through the standard re-mortgage process - and being in negative equity, it would not happen.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Aren't Alliance and Leicester part of Santander?.....0
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Same group - currently different lenders - different rates and different policies (although becoming very similar)I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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By the end of the year A&L will be Santander(new name for Abbey) and the two company's rates should(i say should!) be the same....Neil0
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