Will current lender give me better deal?

tutter_1

Hi all,

I have just come out of my fixed 2 year term at 4.49% with the Abbey, and jumped onto a lifestyle rate which is something like 0.5% below base.

I phoned them the other day, to find out deals for 'existing customers', and frankly compared to what is currently on the market it was awful. For example the only fixed deal they would offer me as 3 yrs fixed at somewherein the region of 6%, and the discounted, etc was not much better either.  :(

The quetsion I have is, if I say I am thinking about leaving, are they likely to offer me anything better to keep me?  

I know they have better offers for new customers, and are they still allowed to offer different rates to existing customers. of should I start looking else where.

Robert_Sterling_3

No idle threats.
Find a mortgage that is better than you are offered by your current lender.  Coose the best such offer.  Tell you lender exactly what you intend to do.  If they do not make what you consider to be a competitive offer then transfer elswhere.

[Deleted User]

I agree wholehartedly with Robert_Shilling! Money is a commodity like most other things and there is no need to pay more for it than we have to.

I have had a look at a website suggested elsewhere on the forum (Charcolonline) and have been horrified/ astounded/ delighted at what I saw there.

Our present lender has offered us 2 "deals", a 5.6% Fixed deal until 31/1/07 or a 1.24% discount off the society's variable rate for 5 years. I have been on the phone to them complaining that they are offering better deals to "folk walking in off the street", whereas we have been with them for about 15 years but it makes no difference.

They say these are the only deals available for existing customers and tried to "helpfully point out" that we would "have to fill in forms" if we wanted a mortgage from someone else - I'd happily fill in forms all day, every day, to make the kinds of savings that are available.

Until societies/companies try as hard to keep existing customers as they do to attract new ones, we just have to do the research and switch provider. I'll probably get a couple of quotes and get back to our present lender to give the one last chance to give us a better deal, but I'm not optimistic.

All the best!

WR

Freddie_Snowbits

There is two options.

Option 1, sit still, do nought and let them fleece you ;D ;D ;D ;D ;D ;D

Option 2, walk down the high street, you remember where it is don't you?. Go into those Banks and Building Socities and tell them. 'My mortgage is with X, they are good/bad/awfull. They really want to rip me off/fill my boots! Now, nice young lass/man, what does yous offer me in the way of a decent deal on me mortgage.

Then sit and wait!
;D ;D ;D ;D

td

I asked the Woolwich for the best deal they could give me before I looked elsewhere and it amounted to nothing - am now looking around for a better deal - it makes me more determined when they are just plain unhelpful.

td x