A & L Rip off for existing customers

wymondham

Don't each bank have a number or mortgages they like to have ongoing, and introduce these sort of things if they have too many and need to reduce?

maveli

It is true that you are better off by 45.00 this year. But you could be loosing 250.00 everytime you re-mortgage with A &L during the life of the mortgage. So I will sacrifice 45.00 this year and move to HSBC's +.23 life tracker, no early repayment charge and exit fee.

maveli

those who favoured a&L, have a look at their new offer for existing customer. The new tracker rate is 5.94 with 1% set up fee.

Dan_Collins_2

Why is it that we call a lender making money out of us a rip off? Thats what they do, money making machines!

dunstonh

Dan_Collins wrote: »

Why is it that we call a lender making money out of us a rip off? Thats what they do, money making machines!

Those that call them a rip off must be unemployed and living off the taxpayer. They have to be because if they were employed/self employed it would mean people would have to pay them or their employer for services/products that they supply. Then they would understand the need for profit.

maveli

dunstonh wrote: »

Those that call them a rip off must be unemployed and living off the taxpayer. They have to be because if they were employed/self employed it would mean people would have to pay them or their employer for services/products that they supply. Then they would understand the need for profit.

I thought this site is for money saving and for that reason to highlight those lenders who rip off customers in the name of profit.

Hope you guys will apply the same "profit theory" for bank charges and mortgage exit fees.

Unfortunately some people have to be unemployed and depend on the tax payers.

PS: A & L stopped charging extra £250.00 as mortgage review fee for existing customers. But still they are expensive with 5.94% and 1% of mortgage amount as booking fee.

Dan_Collins_2

maveli wrote: »

I thought this site is for money saving and for that reason to highlight those lenders who rip off customers in the name of profit.

Hope you guys will apply the same "profit theory" for bank charges and mortgage exit fees.

Unfortunately some people have to be unemployed and depend on the tax payers.

PS: A & L stopped charging extra £250.00 as mortgage review fee for existing customers. But still they are expensive with 5.94% and 1% of mortgage amount as booking fee.

This site is for money saving and expressing opinion! In my opinion Banks are money making machines. I was trying to say that banks are like any other business, I bet you buy a coffee for like £2-£3 without blinking! This is a rip off in the name of profit!

I agree that some banks charges are high, but if you dont like it you either have to move banks or fight it!

dmg24

dunstonh wrote: »

Those that call them a rip off must be unemployed and living off the taxpayer. They have to be because if they were employed/self employed it would mean people would have to pay them or their employer for services/products that they supply. Then they would understand the need for profit.

Uncalled for dunstonh. The majority of unemployed have worked and some point, and most do not choose to be claiming state benefits.

dunstonh

Its the strength of language used. Not so much in this thread (and I have already made my opinion about this charge) but in some others we have seen. A large number of posters will have fees or charges for the services or products they or their employer offers yet when they get charged them its a rip off. When they charge them to someone else its not.

Banks are retailers and you should expect to pay for services. When I had my patio laid the estimates varied by many thousands of pounds. Yet at times on this site people are more worried about £25 or £50. The term rip off has to be put in perspective. I would love to know the occupations of some of these posters as I am sure we could rip holes in their charges/fees too.

MarkyMarkD

maveli wrote: »

It is true that you are better off by 45.00 this year. But you could be loosing 250.00 everytime you re-mortgage with A &L during the life of the mortgage. So I will sacrifice 45.00 this year and move to HSBC's +.23 life tracker, no early repayment charge and exit fee.

Firstly, you can't remortgage with the same lender - it's a product switch.

Secondly, your logic is fine if you want to stay with one lender for life. A lifetime tracker is a relatively good deal, on a smaller mortgage.

But for a long time you could have switched from one sub-BBR tracker to another with A&L, and paid only a £250 switcher fee and a £499 (or similar) product fee. That is way cheaper than lifetime BBR+0.23% for anyone with a big mortgage.

What is best for one borrower is not best for another, necessarily.