Mortgage madness

Reece16

Can anyone shed some light on this one?

I have a £38k mortgage extension with the Derbyshire on a 4.99% fixed repayment basis costing £525 a month.

The fixed rate is ending this month and so they gave me a quote to switch to a further 3yr fix at £.59% quoting £519 a month. Job done!

Yesterday we went through the telephone application and they quoted £529 a month for the same product stating the variance was because "their system" works out the interest on a daily basis. I told the chap it was nuts for me to accept a deal that is 4.59% compared to 4.99% but which would cost me £10 a month more. He had no answer for me.

I plan to re-arrange taking on the 4.59% fixed rate product on the day after this months final mortgage payment at 4.99% has gone through their system and hope to get a re-quoted at a rate of circa £515 a month.

Has anyone else encountered this issue? Surely the mortagage provider should advise their customer as to the best day to take on a remortgage product.

kingstreet

You are not asking for or receiving advice, in the appropriate sense of the word. You are asking them for a product. They are telling you what you can have. There is no advice involved.

Only someone authorised to give advice is abler to do so. Most lender employees aren't.