Help Needed Urgently!!!

errolflynn

For anyone with advice about this situation I would be grateful. My mortgage is due for renewal with Yorkshire Building Society and I am restricted to taking out only the list entitled "current mortgage borrowers" all of which have no fees attached but higher interest rates!! I have the choice of 4 of an available 10 fixed rate products.
I have asked repeatedly for them to be flexible and let me obtain a very similar product to the one I look like buying, but they insist they can't and its not fair on other customers. I am a customer for 6 years with no missed payments - surely I deserve better and surely I'm within my rights to request any product with them!!

Please Help!!

LisaT186

Most lenders have a range of products for existing customers and a range for new customers. Some are mirrors of each other with different admin fees and some are totally different. The lender designs their products dependent on the rate they are able to borrow at / funds are invested at, plus a profit margin and enough to cover costs.

You do not have the right to insist on a particular product, only to accept or decline what they are offering. If you are unhappy, how about looking at the market through a broker to see what else you could get on a remortgage and working out what makes the most financial sense.

Addiscomber

Exactly the same thing happened with us but with Abbey. Length of time as a good paying customer counts for zilch - probably in our case because we have never taken up any of the constant offers of extra loans etc, and so they prefer to suck in new customers who might be tempted, and thus give them more moneymaking opportunities. A lot of these lenders are a long way from the comparatively friendly building society that they started out as :mad:

We consulted a fees free whole of market broker and are re- mortgaging (today as it happens :j ) at over 1.25% less than they would offer us, despite not being particularly attractive to a new lender because of our comparatively small outstanding balance) I am afraid that we all have to play the system, but watch for the fees. There are deals that have high application fees but free valuations and legal charges. A good broker will find you something more suitable, but it doesn't hurt to do some research of your own so that you have an idea of what length of deal etc you want.

regularsaver1

They have declined your request, so you will need to look elsewhere, if you don't want one of their offered products

the products/rates are not negotiable

danjberry

you cant blame them for offering products with higher interets rates for existing customers over new customers as there are no fees attached and you wont have to go through the time and additional cost of remortgaging.

silvercar

danjberry wrote:

you cant blame them for offering products with higher interets rates for existing customers over new customers as there are no fees attached and you wont have to go through the time and additional cost of remortgaging.

Of course you can blame them, either they want your business or they don't!

I remember when my Halifax deal ended and they said that the best offer for existing customers was 6.99% when their SVR was 7%!

Coventry BS has always offered the same deals for existing as new customers. Why can't others do the same?

regularsaver1

Halifax and Nationwide do the same deals as new customers - I think a few others do now too

danjberry

silvercar wrote:

Of course you can blame them, either they want your business or they don't!

I remember when my Halifax deal ended and they said that the best offer for existing customers was 6.99% when their SVR was 7%!

Coventry BS has always offered the same deals for existing as new customers. Why can't others do the same?

then take your business elsewhere! simple as that. the fact is you are saving time, money or bother or all 3 by staying with them