Re-mortgaging with same bank

matthewr

Hi guys,

I currently have a mortgage with Abbey in which the cheap rate runs out in october. I recently had a letter from the abbey telling me to call them when it comes to remortgaging and they will see what they can do for a new rate.

I decided to phone them anyway and the woman said call back in July and we will offer you a new deal

I just wanted to ask anyone if they have found these offers to ever be any good or am i better to just head for a mortgage advisor?

Thanks, Matt

homer_j_3

It really depends on what you want.

My experience with a lot of people in your situation is that you are just looking for a quote beater.

You need to ask whether you want advice or not and ensure you get an adviser that just doesn't take your order. So, in reality, if you want advice you want to get a broker that will work out firstly whether any of the deals you are offered meet your needs and secondly whether there is anything better out there that will do the job properly.

I would always say that getting advice is the answer but people are often put off by this because of the emphasis being on quote beater approach rather than an advice requirement

I am not sure how many other advisers would concur with me on here but I am usually pleasantly surprised if I do not hear, I am looking for a cheaper payment/deal being mentioned within the first 3 sentences of asking what I can do.

jusgaz

My current deal runs out at the end of June. I've been to four different advisors who told me to accept the new deal offered by my current mortgage provider (RBS). It put my mind at rest so I would recommend seeing at least a couple of advisors for your own peace of mind.

homer_j_3

Jusgaz,

I don't particularly find the RBS a competitive lender and I am surprised about this, however, if your circumstances have changed or you relied on a larger income multiple to start with or even a small mortgage, I can appreciate why you may be being told this.

The point, I would make is that everybody is different and I appreciate that jusgaz has done the right thing (to a certain degree) I would say there is benefit in investing 1 hour of your time with a decent broker to ensure that you get what you want.

jusgaz

RBS have offered me 5.69% fixed for 5 years (129k outstanding, no large income multiple) and my circumstances haven't altered since I took out the mortgage. My point is that I think it's well worth taking advice from several brokers before accepting an offer from your current lender. If they had advised me against it then I would certainly have looked elsewhere.