Customer Retentions for Mortgages?

SanguineOnSaturn

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?

ACG

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. 

SanguineOnSaturn

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!