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rbs ripping off existing customers
97shipman
Posts: 2 Newbie
So, the best deal I can get switch my existing buy to let mortgage with RBS to a 2 year fee free fix is 3.28%. However, as a new customer I could get 2.22%, over 1% and nearly a third cheaper. I pointed out to a nice customer services operator that the RBS website says "get the best rates available when you switch' and that this wasn't true as the best rates seemed to be reserved for new customers and that the bank was neglecting their existing ones. The response was that the statement on 'best rate available' was specific to your circumstances and that new customers were given better rates as they typically had additional costs when compared to an existing customer. Total claptrap and yet another example of multi-nationals not looking after their existing customer base. Seems the only way to get the best deals on anything is to keep on moving.
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Comments
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Sounds like its remortgage time for you then....I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
Yep, lots of better deals out there than RBS are offering me to stay with them0
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So, the best deal I can get switch my existing buy to let mortgage with RBS to a 2 year fee free fix is 3.28%. However, as a new customer I could get 2.22%, over 1% and nearly a third cheaper. I pointed out to a nice customer services operator that the RBS website says "get the best rates available when you switch' and that this wasn't true as the best rates seemed to be reserved for new customers and that the bank was neglecting their existing ones. The response was that the statement on 'best rate available' was specific to your circumstances and that new customers were given better rates as they typically had additional costs when compared to an existing customer. Total claptrap and yet another example of multi-nationals not looking after their existing customer base. Seems the only way to get the best deals on anything is to keep on moving.
Yes, it may be annoying, but they aren't ripping you or anyone else off. They are entitled to set their fees at whatever level they wish (and believe makes the best business sense). Indeed, they have a fiduciary duty to maximise returns to shareholders.
You currently have a deal with them which they have honoured. You now wish to take out a new deal and they have offered you a new deal, but you don't like it. You are free to take your custom elsewhere. You are not being ripped off.0
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