Negotiating with existing lender

galileo

Does anyone know whether lenders, specifically the Abbey, are amenable to negotiating on rates.

My existing deal ends in August and the best they can offer on a product switching basis is 6.09% fixed for 2 or 3 years. If you point out to them some of the rates contained in the best buy tables and that, unless they lower their offer you will switch elsewhere, does anyone know whether there is room for manoevre?

minimike2

I dont know any lenders that deviate at all from thier product range.

Its a take it or leave it world.

UK007BullDog

Nope.... they will say "take it or leave it". You still have 4 months so a lot of things can still happen.

How much is your mortgage? What is the property worth?

You need to look at the overall cost of switching compared to what the existing lender has to offer. Dont just look at the interest rate.

dwsjarcmcd

galileo wrote: »

Does anyone know whether lenders, specifically the Abbey, are amenable to negotiating on rates.

My existing deal ends in August and the best they can offer on a product switching basis is 6.09% fixed for 2 or 3 years. If you point out to them some of the rates contained in the best buy tables and that, unless they lower their offer you will switch elsewhere, does anyone know whether there is room for manoevre?

No in a million years. Lenders would be quite happy for you to take you business elsewhere in the current climate. They will only lend if they can make a good margin on it.

Dan_Collins_2

Aks them about the products under the counter with those mucker DVD's?! LOL Seriously though, a client of mine was offered a very good deal by abbey. You need to call early in the day and start off by asking for a redemption figure. Also mention that your friend had been offered a 5.63% 5 year fixed on Monday this week ;-)

That cant let them all go, they need the income still, they would rather keep you then have a new one!

galileo

Mortgage is 138k and property worth about 160k...