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Customer Retentions for Mortgages?
SanguineOnSaturn
Posts: 81 Forumite
I've secured an offer to re-mortgage with a different lender at more favourable rates than my existing lender has showing for their switch rates. I was just wondering if there was ever any movement on rates (matching offer or near) in order to retain existing customers or if this is not a thing with mortgages?
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Its not a thing. But rates seem to be dropping quite a bit this week, I have seen some decrease by around 0.8% today, so if you are not completing for a few weeks, you could find your lender is competing by the time you do want to complete.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Thanks. My existing lender already dropped theirs 0.5 for existing customers to switch which has gone some way to reduce the difference. I have an ERC until 28th Feb but my offer is valid for 6 months so I guess I just wait and see over next 3 months. I didn't think haggling would work but its good to know for sure!
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