Switching to the new deal

NOVAMET21

Hi, the fixed rate for my mortgage is coming to an end in few months time. Santander will offer me to switch to a new deal. Currently the rate is 1.84% for LTV of less than 75%. I'm not sure if they will offer me 1.84% straight away but do you think they will be able to match their online rate to keep my mortgage with them?

Thrugelmir

Santander won't change their internal rules to keep your business.

mightyreds

Is that the best rate you can get? Would you not look to remortgage with someone else for a better deal?

NOVAMET21

Yes, I would consider to re-mortgage with another lender if the rate they offer me is not very competitive.

kingstreet

Where have you got 1.84% from?

If that's a new borrower deal, it won't apply to you. You need to ask about customer retention products which are not published on the website AFAIK.

frazell

Just looking at a comparison website and the 1.84% fixed for 2-years is listed but only has a fee of £35 with £250 cashback.

Santanders best rate is 1.49% fixed for 2-years but the fee for that one is £1030 with £250 cashback.

You pay your money you take your choice. I don't see why they can't offer you the lower rate if you are happy to pay the additional fee. Or as mentioned above, shop around other lenders.

amnblog

As Kingstreet says, the published new borrowing rates are not available to existing borrowers.

Our poster will get a letter offering a range of retention rates. They are unlikely to match best market rates.

Thrugelmir

agurung wrote: »

Yes, I would consider to re-mortgage with another lender if the rate they offer me is not very competitive.

Have you factored in all the other costs involved in remortgaging?

frazell

amnblog wrote: »

As Kingstreet says, the published new borrowing rates are not available to existing borrowers.

Our poster will get a letter offering a range of retention rates. They are unlikely to match best market rates.

The rates that I listed were best remortgage rates available from the comparison site.

Granted they may not be retention rates, but at least the OP can understand the baseline that Santander would offer a new customer remortgage and go from there.

getmore4less

Don't Santander let you look for retention deals online 4 months ahead?

they could check the offers on-line if they meet the criteria

http://www.santander.co.uk/uk/mortgages/existing-mortgage-customers-changing-deals

NOVAMET21

Thrugelmir wrote: »

Have you factored in all the other costs involved in remortgaging?

I thought lenders such as Nationwide offers free valuation and free legal fees when remortgaging with them.


If I decide to go with Nationwide directly then would I still need to appoint a solicitor and pay their fees? This will be my first time trying to re-mortgage and I still don't understand the offer of free legal costs. Will Nationwide pay the fees to my solicitor or will they have their own appointed solicitor to help with the remortgaging?


I understand that Santander won't offer me 1.84% for the new deal but would the rate be close to that?
(e.g. 1.99% or 2.09%)