coventry

assesser

Hi all
This may seem a daft question, I hear a lot about retension products from your mortgage provider when your current deal is coming to an end.
When looking on line at the Coventry it only mentions re mortgaging products, are these one and the same
Thanks in advance

anniecave

A retention product would mean if you stayed with your current provider.

In the sense that mortgage websites use, remortgage means that you already have a mortgage on the property where you are living, but that you are taking out a replacement mortgage (usually for less years) for the remaining balance due to be paid. A remortgage could be with your current mortgage provider or a different provider.

assesser

Thank you, what I really wanted to know is are the rates for retention roughly the same as re mortgaging rates, or existing customer rates

xyz123

assesser wrote: »

Thank you, what I really wanted to know is are the rates for retention roughly the same as re mortgaging rates, or existing customer rates

Not all lenders advertise retention deals on website so only way to find out is to call them if u r at such situation.

amnblog

You may even be with a lender that offers rates specific to the borrower.

Speak to your lender, or a mortgage broker.

kingstreet

From Coventry criteria;-

In line with our pledges, we allow existing customers to change to any of our new business products at any time (ERCs may still apply).

Existing borrowers can apply to transfer to any mortgage from our current range and take advantage of the same competitive products as new customers (subject to our lending policy, fees may apply). Existing borrowers can also apply for one of our exclusive transfer products below, some of which may be fee-free, subject to our lending policy.

kingstreet

anniecave wrote: »

A remortgage could be with your current mortgage provider or a different provider.

As no change to the mortgage deed would be required, a customer retention product is not a remortgage.

As you have said, a remortgage is a new mortgage from a new lender to replace the old one. A new mortgage deed would be required.