Remortgage with the same lender.

kingstreet

ruudy wrote: »

Fair point. It's just the terminology that many use but yes it's incorrect terminology.

I think its maybe safe to assume i'll probably be better off switching lender?

Dunno. You need to get the Nationwide products open to you and the remortgage products of other lenders and compare them.

ruudy

kingstreet wrote: »

Dunno. You need to get the Nationwide products open to you and the remortgage products of other lenders and compare them.

Thanks. Is the best approach normally just to be honest and say you're considering moving and ask for details of retention products?

kingstreet

ruudy wrote: »

Thanks. Is the best approach normally just to be honest and say you're considering moving and ask for details of retention products?

Yes. If they aren't to be found somewhere on the lender's website.

Have a look here;-

http://www.nationwide.co.uk/products/mortgages/existing-customer-switching/what-we-can-offer

ruudy

kingstreet wrote: »

Yes. If they aren't to be found somewhere on the lender's website.

Have a look here;-

http://www.nationwide.co.uk/products/mortgages/existing-customer-switching/what-we-can-offer

:beer: Feels a bit like haggling. Lol.

I wasn't aware of this, it seems like i need to speak to them about their loyalty options. Unfortunately the options listed on the search don't include existing borrowers looking to take out a similer product (tracker in my case).

The terms do state that they will only consider the same loan amount. I'm currently on an 85ltv and was looking to move to a 75 or 80ltv but to be honest their products are flexible enough anyway in terms of overpayments etc. and the additional funds would be better off in savings anyway (for now)

My current rate is 3.64%, the Santander rate i'm looking at is 1.99%. Quite a difference.

Jhoney_2

I saw this Santander deal and thought it was quite good, but as you found searching with your Lender, options listed are not for existing customers changing products, so I had to find something else.
All you pay back is the relevant of the cashback/val fee/legals incentives and £225 exit fees if you redeem it earlier than the 2yrs . There is no ERC on that, but there may be others as well.

ruudy

Jhoney wrote: »

I saw this Santander deal and thought it was quite good, but as you found searching with your Lender, options listed are not for existing customers changing products, so I had to find something else.
All you pay back is the relevant of the cashback/val fee/legals incentives and £225 exit fees if you redeem it earlier than the 2yrs . There is no ERC on that, but there may be others as well.

Thanks for the input. I didn't see the 225 exit fees. I'm going to have to take another look at the smaller prints. Probably pushing around 450 then to exit early.