Remortgage rates vs website rates

mose_2

Hi Santander have offered me 3.99% 5 year fix, on the website there is a 3.49% 5 year fix for 70% ltv, I know this is for new customers.
My question is is this rate fixed for remortgage customers no matter the ltv? We are around the 70% mark. How do they work out remortgage rates?

kingstreet

Existing customers are offered customer retention rates, often not as good as the products for new borrowers.

Remortgage products are for new borrowers, so they are often better.

Remortgage rates are costed the same way as all other products. The lender's treasury team calculates a rate swap in the money market and the cost of the funding, plus costs, plus profit goes into setting the rate.

Thrugelmir

The property would need to be professionally inspected and valued in order to determine the LTV.

mose_2

So would there be no way of getting the lower rate?

Thrugelmir

mose wrote: »

So would there be no way of getting the lower rate?

Not as an existing customer.

mose_2

Ok thanks.

KeithyT

I've posted this on another thread but was offered a similar 3.99% 5 year fixed deal as an existing customer by Santander on Friday. Phoned them today after mulling it over and looking at the same website rates you allude to. Today I was offered 3.69% 5 year fixed. Might be worth a follow up call?