Loyalty rate

FirstTimer4Me

Our 2 year deal finishes November, new rate quoted:

2.69% = 2yrs,
2.97% = 5yrs.

Although been with Nat West for 15 years, NW mortgage advisor unable to offer "loyalty" rate :mad::mad:

Mortgage advisor stated I'd probably get a lower rate elsewhere :rotfl:

Does loyalty counts for nothing these days? :(

ACG

Same for most lenders.
Same for most products - sky, mobile phones, energy bills etc. They pull you in with a good deal and then rely on your preference for an easy life to stay in exchange for paying marginally more.

Thrugelmir

FirstTimer4Me wrote: »

Although been with Nat West for 15 years, NW mortgage advisor unable to offer "loyalty" rate :mad::mad:

I've shopped at Tesco's for decade. Still don't give me a discount card.Your choice to remain with the lender. As with anything in life. Shop around.

What's a loyalty rate? Does your employer pay you less as the years pass?

FirstTimer4Me

Thrugelmir wrote: »

Does your employer pay you less as the years pass?

haha, I'll remember that quote

I naively thought I'd get a rate reflecting the length of time we'd been with them, rather than the advertised market rate

Thrugelmir

FirstTimer4Me wrote: »

I naively thought I'd get a rate reflecting the length of time we'd been with them, rather than the advertised market rate

Mortgage lending margins and bottom line profitability is actually very low. Giving away money makes no commercial sense. Rates being competitive in the market place is a sufficient force to win and retain business.