Mortgage Retention Offers

chuckalicious_2

Hello all,

I wondered if anyone had had any experience of your current mortgage lender offering you a retention deal to keep you as a customer.

We are with Alliance & Leicester and have a deal ending in October 2011, but we are looking at moving products/lenders in May 2011 and taking the hit on the early redemption fee. I asked A&L what they could do to keep us as customers, and they said they have retention deals for existing customers but they can't give me any examples until Feb 11 as we would be after a fixed rate.

Has anyone been offered such retention deals and if so what are they like in terms of comparison to other products?

Thanks

Thrugelmir

chuckalicious wrote: »

Has anyone been offered such retention deals and if so what are they like in terms of comparison to other products?

One would assume marginally better with a slight discount for being a preferential rate.

Depending upon your personal circumstances better deals may be available. Though a combination of ERC and a product fee for remortgaging might not be saved in a 6 month time frame. So you need to crunch the numbers.

afro_2

chuckalicious wrote: »

We are with Alliance & Leicester and have a deal ending in October 2011, but we are looking at moving products/lenders in May 2011 and taking the hit on the early redemption fee. I asked A&L what they could do to keep us as customers, and they said they have retention deals for existing customers but they can't give me any examples until Feb 11 as we would be after a fixed rate.

I have a 5yr fix with A&L ending at a similar time, I'd be interested to hear what sort of deals might be available... Did they mention anything specific?

Never thought there would be mortgage retention deals!

chuckalicious_2

Hi Afro,

they didn't mention anything specific, other than they do offer incentive deals to existing customers who are planning to leave for a better rate. As I was looking for a longer fixed rate for a May uptake, they couldn't tell me anything this far in advance.

I'd be happy to stay with them if it was good enough offer and they waive the early redemption fee. Wishful thinking me thinks tho!