remortgage - abbey not offering me a good deal to stay

mystic_bertie

hi
my current mortgage is up on april 4th, that will have been my 2 year term with abbey up, i called them up to see what they can offer me, lets say im not impressed, i cant even stay on the same rate it only applies to new customers.

house value - 125,000 approx guess
loan reqd - 68,000
term - 23 years
wages - 28k gross

i am looking for another 2 year deal, would prefer to stay with abbey but its not a good offer they are giving me, the best they offered was a flexible tracker at 0.75% above the base rate = 6%, setup fee £199, payments of £455. Strange though this was the best deal and it has no tie ins or redemption.

my payments are £429 at the moment and i dont want them going up

if i moved lender what fees will end up with, are there any valuation fees or legal fees etc.

any advice is greatly appreciated

herbiesjp

You will definitely find other deals out there, and a few more lenders are reducing their fixed rates shortly

Are you confident on going it alone? Have to spoken to any brokers?

mystic_bertie

herbiesjp wrote: »

You will definitely find other deals out there, and a few more lenders are reducing their fixed rates shortly

Are you confident on going it alone? Have to spoken to any brokers?

yes im confident going it alone providing i can find a deal im happy with, arranged my last mortgage myself and at the time the abbey was one of the best for me over the 2 yr period on an overall cost basis.


i was on moneysupermarket, the results give you an overall cost over 2 years but they dont seem to include arrangement fees or valuation fees, which i find annoying as these should be included in the overall cost.

moneyextra site does not seem to come up with many results, what is the best comparison site these days for mortgages.

SantanderAbbey

mystic_bertie wrote: »

hi
my current mortgage is up on april 4th, that will have been my 2 year term with abbey up, i called them up to see what they can offer me, lets say im not impressed, i cant even stay on the same rate it only applies to new customers.

house value - 125,000 approx guess
loan reqd - 68,000
term - 23 years
wages - 28k gross

i am looking for another 2 year deal, would prefer to stay with abbey but its not a good offer they are giving me, the best they offered was a flexible tracker at 0.75% above the base rate = 6%, setup fee £199, payments of £455. Strange though this was the best deal and it has no tie ins or redemption.

my payments are £429 at the moment and i dont want them going up

if i moved lender what fees will end up with, are there any valuation fees or legal fees etc.

any advice is greatly appreciated

That is not the lowest rate on offer, i assure you of that, although you will pay higher fees for lower rates.

MortgageMamma

Abbey are notoriously bad for customer retention deals, if you are looking for a "lender for life" i.e. one that will just come back as competitive every time your deal ends try Nationwide or First Active (part of the royal bank of scotland group)

herbiesjp

mystic_bertie wrote: »

yes im confident going it alone providing i can find a deal im happy with, arranged my last mortgage myself and at the time the abbey was one of the best for me over the 2 yr period on an overall cost basis.


i was on moneysupermarket, the results give you an overall cost over 2 years but they dont seem to include arrangement fees or valuation fees, which i find annoying as these should be included in the overall cost.

moneyextra site does not seem to come up with many results, what is the best comparison site these days for mortgages.

I thought they were the best ones for the general public. The only other way I suppose would be via a fee free whole of market adviser, and the sourcing systems they use

mystic_bertie

i may need to try a broker but i tend to stay clear of them, i always think they have alternative motives than giving you the best deal.

if i go back and tell abbey i have a better deal with x lender are they likely to offer me something better to stay or are they to stubborn?

i have looked at first active and nationwide but the best tracker seems to be with nationwide on their fee free deal and theres £250 cashback. is there any downsides to this mortgage?

herbiesjp

mystic_bertie wrote: »

i may need to try a broker but i tend to stay clear of them, i always think they have alternative motives than giving you the best deal.

if i go back and tell abbey i have a better deal with x lender are they likely to offer me something better to stay or are they to stubborn?

i have looked at first active and nationwide but the best tracker seems to be with nationwide on their fee free deal and theres £250 cashback. is there any downsides to this mortgage?

I can only talk for myself, but with all the compliance that brokers have to satisfy nowadays I would think it very difficult to not give the best deal. A good adviser should go over several options with you, and then show you the research and where you product is in that list. They would also need to write a letter to you detailing why that mortgage was the most suitable to you.

Abbey will turn round and say take our deal or leave it. They do not renegotiate their deals.

Downsides would only become apparent depending on what exactly you want from the mortgage - so difficult to say.

SantanderAbbey

MortgageMamma wrote: »

Abbey are notoriously bad for customer retention deals, if you are looking for a "lender for life" i.e. one that will just come back as competitive every time your deal ends try Nationwide or First Active (part of the royal bank of scotland group)

Entitled to your opinion.

Nationwide 2yr fix 5.44% as a new customer.

Abbey 2 yr fix 5.14% as a retention deal. (Its there)