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Thread: Remortgage

  1. #1
    Uckfield Seagull I remember the good times's Avatar
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    Remortgage


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    Time to remortgage my house as the fixed term mortgage is up. I've been with Natwest for 17 years and had an account with RBS / Natest for over 40 years. Just called them up and I've been offered a rate of 1.98%. New customers get 1.29% but as I've been with them for so long I'm not allowed the low rate!
    I'm sure this is quite legal but as I'm now going to move my bank account and mortgage to another bank isn't this plain stupid?

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    • #2
      Members dazzer6666's Avatar
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      0 Not allowed!
      Quote Originally Posted by I remember the good times View Post
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      Time to remortgage my house as the fixed term mortgage is up. I've been with Natwest for 17 years and had an account with RBS / Natest for over 40 years. Just called them up and I've been offered a rate of 1.98%. New customers get 1.29% but as I've been with them for so long I'm not allowed the low rate!
      I'm sure this is quite legal but as I'm now going to move my bank account and mortgage to another bank isn't this plain stupid?
      Yep.....perfectly legal. New customers will have a mortgage with them for 20-25 years so they’re anxious to hook them in, you probably won’t, so they don’t care so much. Moving is quite simple, so shop around........
      "Prejudice is a great time saver. You can form opinions without having to get the facts"
    • #3
      Longing for retirement. AmexRuislip's Avatar
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      0 Not allowed!
      Quote Originally Posted by I remember the good times View Post
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      Time to remortgage my house as the fixed term mortgage is up. I've been with Natwest for 17 years and had an account with RBS / Natest for over 40 years. Just called them up and I've been offered a rate of 1.98%. New customers get 1.29% but as I've been with them for so long I'm not allowed the low rate!
      I'm sure this is quite legal but as I'm now going to move my bank account and mortgage to another bank isn't this plain stupid?
      We had this a few years ago with Natwest, had been with them for years, no loyalty.
      Tried to get a mortgage at a lower rate than advertised, ended up going with the Nationwide.
      Never looked back, now all payed off.
    • #4

      6 Not allowed!
      Quote Originally Posted by I remember the good times View Post
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      Time to remortgage my house as the fixed term mortgage is up. I've been with Natwest for 17 years and had an account with RBS / Natest for over 40 years. Just called them up and I've been offered a rate of 1.98%. New customers get 1.29% but as I've been with them for so long I'm not allowed the low rate!
      I'm sure this is quite legal but as I'm now going to move my bank account and mortgage to another bank isn't this plain stupid?
      Talk to @Uncle Spielberg thumbsup:
    • #5

      1 Not allowed!
      Quote Originally Posted by WATFORD zero View Post
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      Talk to @Uncle Spielberg thumbsup:
      Another vote for US. I’ve never stayed with the same company for any more than the fixed rate period. Can almost always better what the current lender offers.
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    • #6
      Harry Wilson's Tackle Harry Wilson's tackle's Avatar
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      1 Not allowed!
      Quote Originally Posted by AmexRuislip View Post
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      We had this a few years ago with Natwest, had been with them for years, no loyalty.
      Tried to get a mortgage at a lower rate than advertised, ended up going with the Nationwide.
      Never looked back, now all payed off.
      If you have any savings, unless you have them in a high interest high risk scheme, use all the money to pay off the mortgage. When you switch check you can do this without penalty. I did this rather than switch savings and mortgage to NatWest in the 90s - the crooks did not explain the obvious, that I would be milked by them if I did that.
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    • #7
      Longing for retirement. AmexRuislip's Avatar
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      Quote Originally Posted by Harry Wilson's tackle View Post
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      If you have any savings, unless you have them in a high interest high risk scheme, use all the money to pay off the mortgage. When you switch check you can do this without penalty. I did this rather than switch savings and mortgage to NatWest in the 90s - the crooks did not explain the obvious, that I would be milked by them if I did that.
      Hiya, we did just that, put most of our savings to be free of mortgage.
      Now have a second job as a busker, doing a turn outside Faversham Natwest next month.
      All for the retirement master plan
    • #8
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      Financial institutions don't give a monkeys about customer retention - it's all about creating new business by luring customers from competitors.

      The irony is that the loyal customers they lose move over to, errrr, their competitors, but none of them are brave enough to switch to long-term tactics and focus on retention. The nearest they come to that is a 5-year fixed rate for errrr, NEW customers. Once they've had your 5 years, they are more than happy for you to bog-off to the competition - #madness

      Quick-buck-today mindset unfortunately ...
    • #9
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      Quote Originally Posted by Shropshire Seagull View Post
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      Financial institutions don't give a monkeys about customer retention - it's all about creating new business by luring customers from competitors.
      ...
      Quick-buck-today mindset unfortunately ...
      Very true. I've just switched my current account to Natwest for the £175 switching bonus. Are they really going to recoup that amount from me in terms of business? I find it very hard to believe that they will.
    • #10
      Staring at the rude boys happypig's Avatar
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      0 Not allowed!
      Quote Originally Posted by Harry Wilson's tackle View Post
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      If you have any savings, unless you have them in a high interest high risk scheme, use all the money to pay off the mortgage. When you switch check you can do this without penalty. I did this rather than switch savings and mortgage to NatWest in the 90s - the crooks did not explain the obvious, that I would be milked by them if I did that.
      No. Don't pay off your mortgage, put any spare into your pension, it's more tax efficient.

      Bear in mind, however, that I'm a retired telephone engineer so not 100% on the financials.
      "Nibbled to death by an okapi..."

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