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  • FIRST POST
    • 97shipman
    • By 97shipman 4th Jan 18, 12:44 PM
    • 2Posts
    • 0Thanks
    97shipman
    rbs ripping off existing customers
    • #1
    • 4th Jan 18, 12:44 PM
    rbs ripping off existing customers 4th Jan 18 at 12:44 PM
    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.
Page 1
    • YHM
    • By YHM 4th Jan 18, 12:50 PM
    • 537 Posts
    • 198 Thanks
    YHM
    • #2
    • 4th Jan 18, 12:50 PM
    • #2
    • 4th Jan 18, 12:50 PM
    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 advice
    • 97shipman
    • By 97shipman 4th Jan 18, 12:53 PM
    • 2 Posts
    • 0 Thanks
    97shipman
    • #3
    • 4th Jan 18, 12:53 PM
    • #3
    • 4th Jan 18, 12:53 PM
    Yep, lots of better deals out there than RBS are offering me to stay with them
    • Nick_C
    • By Nick_C 4th Jan 18, 1:00 PM
    • 3,837 Posts
    • 5,273 Thanks
    Nick_C
    • #4
    • 4th Jan 18, 1:00 PM
    • #4
    • 4th Jan 18, 1:00 PM
    ... yet another example of multi-nationals not looking after their existing customer base.
    Originally posted by 97shipman
    As RBS is 70% owned by the UK Government, I wouldn't really describe them as a multi-national.
    • Thrugelmir
    • By Thrugelmir 4th Jan 18, 6:19 PM
    • 58,876 Posts
    • 52,210 Thanks
    Thrugelmir
    • #5
    • 4th Jan 18, 6:19 PM
    • #5
    • 4th Jan 18, 6:19 PM
    Total claptrap and yet another example of multi-nationals not looking after their existing customer base.
    Originally posted by 97shipman
    Amount of funds available for this product will be limited. Insufficient to service the existing customer base.

    What are the product fees on the mortgage options?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • ValiantSon
    • By ValiantSon 4th Jan 18, 8:47 PM
    • 2,004 Posts
    • 1,854 Thanks
    ValiantSon
    • #6
    • 4th Jan 18, 8:47 PM
    • #6
    • 4th Jan 18, 8:47 PM
    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.
    Originally posted by 97shipman
    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.
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