Remortgage rates...

[SpideyMom]

Hi

I am eligible to switch to a new product and was just wondering why this is as it seems abit unfair...

Basically I have noticed my offer rates are actually slightly more that those I'd be offered as a new customer for the exact same mortgage deal. I realise I'm probably being silly as it works out at only £6 a month more but it just seems unfair when I have been with them for 8 years now.

I'm over the fact that you get waaaaay better rates if you opt for a product fee (even despite the lower payment I'm not adding a grand on to my mortgage) but surely loyal customers should get the same good deals too.

Is this something you'd query or just accept the new rate and switch? The reason I don't want to look elsewhere is because I had quite and upsetting and stressful time 5 years ago trying to remortgage to a better deal and my circumstances haven't changed. I was basically accepted on a deal and then at final checks my childcare was reviewed and they pulled the offer due to how high of an outgoing it was. Though my son no longer needs childcare I am still on a low income so I'd rather not look for a new lender as it was horrible being rejected at the last minute

It is how business works in a free market - same with all your utilities, your broadband etc etc.

You could look at it as this is the new cost, but you were lucky enough to have a discount for the last few years ??

I have to say though, throughout the 25 years of my mortgage, it was always worth going through a financial advisor / mortgage broker and getting a better deal, even taking into account the fee, right until the lst 6 or 7 years when there wasn't much to pay.

Oh really? That's interesting.
After the last time, when I used a broker it was really really stressful. I am a single income household, which is low. I have a small child too so I'm not the best candidate to lend to on paper. That said I have excellent credit history and have never failed a payment on anything. But it was pretty horrible being told 'you can't afford this mortgage' which was at the time, around £90 a month less than I was paying. I was so deflated by it all I just stuck to who I was with saving myself alot less a month.

I know I should see it as a saving still and I will most likely switch to that deal with them. But it is annoying. I've had a quick look around other lenders and there isn't much difference for me to move and go through all the process of valuations, employment checks etc

The moneysavingexpert website has a great remortgaging tool. I’ve always found it better than using a broker.

Give London and Country a ring , their process is not stressful at all.