Is this normal? Rate hike after met with mortgage advisor....

charlieboy_80

I'm kind of new to this mortgage thing, but something doesn't seem right to me.

I'm a first time buyer and my Santander mortgage is up for renewal. I clicked through the links and took a screen shot of the offers available. The very next day, I met with my mortgage advisor for advice on what to do next. He had a printout of all the options available from Santander. I was told that the options on his printout were exactly the same that I could get myself from that bank.

After he left, I compared the printout to my screenshot, and noticed that every offer he showed me was 0.1% higher. I know that's not a lot, but £35 per month times 24 or 36 months is potentially over £1000 more expensive!

I then went onto Santander's website - the same place I went before to look for what deals were available, and noticed that the offers available were all at this new higher rate, and my screen-shotted lower rate had been replaced.

Is this normal? Do offers go up and down on a daily basis? Or is it possible, that by having a mortgage advisor look into rates available, has that sent a signal to Santander to charge us more regardless? Our advisor doesn't charge us anything, but I know he gets a commission from the bank if we sign through him.

Have other people ever noticed this?

Neutrinno

Yes, it's completely normal and usual for rates to change on regular basis. No correlation between your broker looking into the rates and Santander changing them.

dunstonh

Is this normal?

Yes. Rate changes occur whenever the lender feels a rate change is necessary. You were just unlucky in picking a day that they changed.

Do offers go up and down on a daily basis?

I have known rates change three times in a day. So, yes, they can change when needed.

Or is it possible, that by having a mortgage advisor look into rates available, has that sent a signal to Santander to charge us more regardless?

You seeing a mortgage adviser has not caused Santander to put up their mortgage rates for every customer. I'm afraid you are not that important on their finances. It is actually cheaper for Santander to retail mortgages via a broker.

AnotherJoe

charlieboy_80 wrote: »

Is this normal? Do offers go up and down on a daily basis? Or is it possible, that by having a mortgage advisor look into rates available, has that sent a signal to Santander to charge us more regardless? Our advisor doesn't charge us anything, but I know he gets a commission from the bank if we sign through him.

Have other people ever noticed this?

Well, not daily but obviously they do change and when they change between one day and the next this is what you'd see.

Lokolo

The rate I had got went down 2 weeks after remortgaging. Works both ways.

Exodi

charlieboy_80 wrote: »

Is this normal? Do offers go up and down on a daily basis? Or is it possible, that by having a mortgage advisor look into rates available, has that sent a signal to Santander to charge us more regardless? Our advisor doesn't charge us anything, but I know he gets a commission from the bank if we sign through him.

Hahahahahah. I think you're right.

dimbo61

Can you check on the Santander website what offers they have for existing customers ?
Is the mortgage advisor looking at new deals for new customers to Santander ?
Most retention deals have No fees but rates can be slightly higher.

ACG

As above, nothing new to add really but the rates going up or down has nothing to do with your broker - if only we were that influential!

It is just a case of them wanting to increase or decrease the flow of business/profitability.

amnblog

dimbo61 wrote: »

Can you check on the Santander website what offers they have for existing customers ?
Is the mortgage advisor looking at new deals for new customers to Santander ?
Most retention deals have No fees but rates can be slightly higher.

You cannot because Santander do not publish generic rates for existing customers.

Customers each get their own specific offers which are we can see from the tale above can change without notice.