Can You Negotiating rate with existing Mortgage Lender?

united4ever

Natwest in particular.....saw a mortgage advisor who suggested calling the Natwest and trying to see if they can improve their offer.

2 year fix ending soon they offered us 2.54% fix with no fees or 1.74% fix with £995 fee. We are currently on 2.99%. Since they already offered us this they won't come down will they? Mortgage advisor showed us they have lots of cheaper products for new customers.

If there is any chance of negotiating....how would you put the case across on the phone? Tell them you have slightly better dealls elsewhere and if you can match it I will stay with you? Not going to work is it?

The mortgage advisor was struggling a bit since we have 5k on cards which won't get cleared until March. The other option is to go on SVR until March, clear cards and then submit application but would mean paying an extra 100 quid interest a month through Jan, Feb, March.

Mainly my question is how to negotiate on the phone (if at all possible).

kingstreet

Their customer retention products can be viewed and compared online.

There is no negotiation. You have products open to your LTV band and borrower type and it's take it or leave it.

David_White

They won't negotiate I'm afraid, it's not the same as cancelling your Sky package

Neutrinno

Mortgages aren't up for negotiation unfortunately. Could the adviser not suggest any other lender then because you were failing affordability? In the long run; depending on what other deals he suggests it may be worth just waiting until you have cleared your cards in the next few months.

united4ever

ImRob wrote: »

Mortgages aren't up for negotiation unfortunately. Could the adviser not suggest any other lender then because you were failing affordability? In the long run; depending on what other deals he suggests it may be worth just waiting until you have cleared your cards in the next few months.

Pretty much yes, I may ask the Nat west if they have a 1 year fix. Maybe save myself the 300 pound higher interest rate over the winter months and then look for a longer fix next autumn. Do 1 year fixes exist and if so do they tend to have better interest rates than 2 year fixes?

kingstreet

Are you an existing NatWest borrower looking for a new product as your current one is ending?

If so, you can see all the deals open to you here;-

http://personal.natwest.com/personal/mortgages/switch-mortgage-deal.html

You will need your account number and can change online without advice and without any further status or affordability checks.