Do lenders match deals if they want your business..?

Deals_2

i read that if you have to remortgage one should get deals elsewhere and then come back to the initial lender and see if they can match it. anyone tried this. the company i am dealing with is mortgage express.

dunstonh

lenders do not arrange deals on that basis. The decisions on how the money is lent is made at a much higher level and the money bought to finance the deals is done on bulk and terms set to cover that.

payless

That is certainly the general way of things... although I did recently suggest a client speak direct to a particular lender ( due to his / firm's existing relationship ) and they did come up with an improved deal

Cazza

Always worth a try but I've not heard of it working I'm afraid! Some lenders do offer slightly cheaper arrangement fees for existing borrowers though, Nationwide for example. That angle may be worth having a go at!

MortgageMamma

From my experience, Mortgage Express are not ones for negotiating on renewal business, in fact I think their retention deals are very poor

What type of a mortgage do you have with them? Have you considered using a broker to research the market and see if they can come up with something much better for you?

dunstonh

There was a site launched around this time last year that attempted to get lenders to negotiate for borrowers. However, the deals that were offered were identical to the deals brokers got. That coupled with a lot errors that got it given the nickname mortgagebungles led it to quickly vanish from the scenes. Despite it getting massive launch coverage in the press.

MortgageMamma

dunstonh wrote:

There was a site launched around this time last year that attempted to get lenders to negotiate for borrowers. However, the deals that were offered were identical to the deals brokers got. That coupled with a lot errors that got it given the nickname mortgagebungles led it to quickly vanish from the scenes. Despite it getting massive launch coverage in the press.

:rotfl:mortgagebungles indeed!

dunstonh

That was about the time you started posting here MM. Do you remember all the hype on the forums? It was on the news and working lunch etc. The thing that was going to revolutionise the industry and kill off mortgage advisers....

Well, we are all still here. What about you mortgage bungles?

MortgageMamma

Yes I remember

I was fairly new to being self employed and whole of market back then, and it put the fear of god into me! I thought oh no what have I done? I would have been better staying employed. Thank god for Andy S who held my hand, reassured me I could do it, kept me going and made me a bit more savvy or I'd have quit pretty quickly!