Do lenders ‘price match’ deals

BoBoDobie

Hi, do lenders ever ‘price match’ - I’m with the Halifax and due to end my current fixed rate deal in October. Santander has a better deal. Is there any point me speaking with the Halifax to see if they can match it before I switch or don’t they have that flexibility 

kingstreet

Nope. Products are carefully costed and there isn't the flexibility to play around with them. It's take it or leave it, I'm afraid.

DE_612183

BoBoDobie said:

Hi, do lenders ever ‘price match’ - I’m with the Halifax and due to end my current fixed rate deal in October. Santander has a better deal. Is there any point me speaking with the Halifax to see if they can match it before I switch or don’t they have that flexibility 

not usually - products  have a specific rat, and a budget - then a fixed number of people are added to that product - to get a different rate they'd need to create a new "bespoke" product.

It should be how the market goes, but the IT systems won't support it, and I would guess it would be unfair on people who pay a higher rate on the same product.

BoBoDobie

Fab thank you both. I thought it was probably a silly question 😄

MeteredOut

Even if someone at Halifax wanted to, computer would say no.

la531983

Also factor in the potential hassle in switching lender etc. How much is that worth?

BoBoDobie

la531983 said:

Also factor in the potential hassle in switching lender etc. How much is that worth?

Yes thank you. I’m reluctant to move lender as they’ve been really good, love their app, customer is great etc but I’d save approximately £1500 over the term of the mortgage if I switched.