NatWest won't match a competitors deal

TomBridges

Hi all,

Our current deal with NatWest is expiring soon, and I rang to see what deals they had going.

When I mentioned that their best deal was more expensive than another provider, I was told that they have to treat all customers whether new or existing the same, and in no way could they ever match a competitors deal.

This is the first time we're remortgaging, so perhaps I'm wrong about this, but I would have thought they would want to keep my custom?

They're only £20/month more expensive, but that won't stop me from switching.

Anyone else out there having similar problems negotiating with their existing provider?

Cheers,
Tom

Bantex_2

If you don.t like it, take your business elsewhere. Just make sure the deal is available to you first though.

Leon_W

Realistically a lender cannot do a "deal" with an existing customer.


The administration alone would be a nightmare with individual Key Features and whole computer systems having to sort out penny perfect calculations just for one customer ? Not going to happen I'm afraid.


Lenders have their products set up first. It's entirely up to you whether you apply for it or not.

ACG

They dont haggle.
They have their offering, its a case of taking it or switching.

If you do decide to switch, dont forget to factor in any fees - it may mean that £20 a month saving drops over the course of the deal, you then have to decide if its worth the hassle or not.

sinizterguy

As said, if you don't like it, take the competitor's deal.

Do make sure that the fees for the new product won't be more expensive than the saving you make within the fix period.

vw100

Leon_W wrote: »

Realistically a lender cannot do a "deal" with an existing customer.


The administration alone would be a nightmare with individual Key Features and whole computer systems having to sort out penny perfect calculations just for one customer ? Not going to happen I'm afraid.


Lenders have their products set up first. It's entirely up to you whether you apply for it or not.

Yep mortgage deals are just what products they have on offer. All will be listed on their websites and literature. One selects a product they have available or move to another lender.

Thrugelmir

TomBridges wrote: »

They're only £20/month more expensive, but that won't stop me from switching.

Anyone else out there having similar problems negotiating with their existing provider?

Remortgaging might be a more expensive exercise than you are budgeting for.

Is the follow SVR better or worse?

Do you attempt to negotiate at the Supermarket till when you pay for your shopping ?

Charlton_King

Strikes me that the rule has become pretty general. Institutions simply will not offer their existing customers the same deal as they will to attract new business.

This is now so widespread over especially the financial sector but also utilities, media - virtually anything by way of a service which you sign up for over a period - that you have to expect it as a given.

The not so hidden implication is: a large proportion of people are stupid and will either forget or simply not bother switching at the end of any deal. If we had a better education system or a less inbred population, you would find less of this around. It's the (relatively) educated classes making money out of the (relatively) uneducated.

sheffield_lad

Halifax existing get alternative deals to new customers.


a newbie can get 5yr fix while existing can only have a max of 4yrs. grrr

Thrugelmir

Charlton_King wrote: »

Strikes me that the rule has become pretty general. Institutions simply will not offer their existing customers the same deal as they will to attract new business.

With regards to mortgages has to put into context of

• Limited Funds
• Lenders make more profit at beginning of mortgage
• New borrowers will borrow more
• Lenders have a target market of customer

ethank

This market does not work like that. Lenders have particular target markets in mind and price accordingly.