Advice for remortgaging with current lender.

adamsfo

Hi
I'm currently living abroad and want to remortgage my property. My fixed rate transfers to SVR in July so I need to act fast. The complication is that as I'm overseas it is more difficult for me to change providers, thus I'm leaning towards staying with my current institution (standard life bank).
Does anyone have advice on how to successfully remortgage with an existing provider? Looking at the market, their advertised rates don't look that great (>6.5%). How does one negotiate / barter and get satisfaction? Any golden rules?
:beer:

_Andy_

Mortgage companies don't 'barter' or haggle over rates. You may find they have some rates which are for customer retention- give them a ring and find out. But they won't haggle over them.

herbiesjp

Andy is spot on

They are the ones lending the money, they dictate the terms they lend the money on (depending on the cost to the bank of the funding and how profitbale they wish to be in their margins).

All lenders will have the attitude of, if you do not like what we offer, then there are plenty lenders elsewhere.

However in the current climate it is not that easy!

adamsfo

Thanks for the replies guys. Perhaps I wasn't clear earlier. I want to find out if there are preferred rates designed to retain customers and stop them switching providers. What I would love to figure out from other MSExpert boarders is if there is any strategic way of getting to these rates as opposed to just asking 'have you any rates designed to retain by business'? For example, other financial companies offer to at least match rates in other business verticals.
:money:

adamsfo

I'm not convinced that lenders will / should have this attitude in the present financial climate herbiesjp. I also firmly believe that financial institutions should take care of their existing customers as well as focus on new business acquisition - that's what I'm hoping will be their attitude when we talk.

herbiesjp

Unfortunately that is not how ot works I'm afraid

Hence why there are always people on the board asking the same question

Some lenders offer the same deals to both new and existing clients, whilst most other lenders offer higher rates as business rentention products

adamsfo

I'll let you know how I get on, and share any useful learnings.