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remortgage with present provider or change
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Angela33
Posts: 1 Newbie
Currently with Halifax have been paying base rate of 7.25% for last two years, realise now i could of changed this with them earlier now!! Have an appointment shortly to look at this to get back to a lower rate, as you can see i have been paying over the odds for the last two years. Can i negiotiate with them a deal offering me cash back also as well as the lower rate, or best to move to another provider?:question:
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You cannot renegotiate a deal witha lender to get cashback because you have been on their standard variable rate for two years. If they have a cashback deal then thats an option but it would only be a very tiny amount, couple of hundred quid say. Have you thought about using a broker to compare all the lenders for you, thats what I did and it didnt cost anythingA word is not a crystal, transparent and unchanged, it is the skin of a living thought and may vary greatly in colour and content according to the circumstances and the time in which it is used.0
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Halifax have some pretty good retention products so it's best to talk to them first (or a broker who can arrange retentions (most can)).
Once you have that information then you can compare it against what other lenders are offering in the market (again, a broker would be best positioned for this)
As to any cash back. No Chance ! It's not Halifaxs' fault that you didn't have one eye on the ball is it ? To illustrate my point, your 6 mnth interest free period on your credit card runs out and then the balance gets charged at 18%, if you don't switch again to another card, whos fault is that ?
And as for whether it's better to change or not then this depends on too many factors to list here.0 -
Hi Angela.
You probably can change with your current mortgage lender but if it's worth doing is another story!!
It really depends on what the balance is on your mortgage as to if it's worthwhile. Arrangement fees on mortgages have shot up in the last few years, so if you have a smallish mortgage you might not get the moneyback that you pay for the arrangement fee.
You may be able to get a cashback deal with your current lender but be wary of them - there's no such thing as a free lunch. I seem to remember that a certain midlands mortgage lender offered a free car with their mortgages a few years ago - but you more than paid for it with the interest rates and early redemption periods!!!
Do some research on the Halifax website - it will probably give you some information on there on their existing client products.0 -
I'm sorry if I've got this wrong, but what I thought the original poster wanted was some cash back because they have been paying the standard variable rate for two years and somehow considered themselves ripped off.
If I have read this wrong I apologise in advance.0 -
I'm sorry if I've got this wrong, but what I thought the original poster wanted was some cash back because they have been paying the standard variable rate for two years and somehow considered themselves ripped off.
If I have read this wrong I apologise in advance.
Nope, that was me not reading the post correctly!! (makes mental note to do this in future...........)0
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