FabSwingers.com forum: Mortgage Renewal Rant

By *icksone OP Man
over a year ago

oldham

My fixed rate mortgage has just come to an end.

I went for a renewal to see if I could get a better deal.

I asked what I would be paying if I had a two year or four year fixed rate.

The answer came back " I am not telling you, you have to choose one or the other but I will not tell you which one is the best deal"

Anybody experienced such rubbish ?????

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

"My fixed rate mortgage has just come to an end.

I went for a renewal to see if I could get a better deal.

I asked what I would be paying if I had a two year or four year fixed rate.

The answer came back " I am not telling you, you have to choose one or the other but I will not tell you which one is the best deal"

Anybody experienced such rubbish ?????"

They can't tell you which is the best deal as it constitutes financial advice but they should give you all the information you need to be able to come to your own decision.

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By *ENDAROOSCouple
over a year ago

South West London / Surrey

Whenever we renew ours, they tell us the rates and any charges and obviously the monthly payments.

They won't tell you what's best as that's for you to decide.

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By *ENDAROOSCouple
over a year ago

South West London / Surrey

"My fixed rate mortgage has just come to an end.

I went for a renewal to see if I could get a better deal.

I asked what I would be paying if I had a two year or four year fixed rate.

The answer came back " I am not telling you, you have to choose one or the other but I will not tell you which one is the best deal"

Anybody experienced such rubbish ?????

They can't tell you which is the best deal as it constitutes financial advice but they should give you all the information you need to be able to come to your own decision."

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By *icksone OP Man
over a year ago

oldham

Sorry I might have miss quoted slightly.

They would not give me any figures to make a choice from.

IE on a 2 year deal I will pay £245

On a 4 year deal I will pay £321.

These are just examples.

If a bank offered you a choice of these two which would you go for.

I have not been provided with any figurees to make a choice from.

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By *ere-for-my-convenienceWoman
over a year ago

Tenbury Wells

Ask Martyn Lewis

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By *icksone OP Man
over a year ago

oldham

cheers for the info guys and girls.

I had the red mist descending when they would not give any figures.

I had a quick look on their website and lo and behold it ccame up with the figures I needed

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By *ady LickWoman
over a year ago

Northampton Somewhere

You could go to a financial adviser to. Some of them don't charge but look around for the best rates. You do have to be a little careful tho because of commission etc. Ours finishes soon too and i'm dreading finding a better deal.

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By (user no longer on site)
over a year ago

"Sorry I might have miss quoted slightly.

They would not give me any figures to make a choice from.

IE on a 2 year deal I will pay £245

On a 4 year deal I will pay £321.

These are just examples.

If a bank offered you a choice of these two which would you go for.

I have not been provided with any figurees to make a choice from. "
.

Just ask what the total repayable is one each product, this one will be the cheapest if you don't intend to change after the fixed term ends.

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By (user no longer on site)
over a year ago

You'll find the best deals are only available on the lower ltv rate 50% and under unfortunately

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By (user no longer on site)
over a year ago

go compare etc similar sites to get idea.

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By (user no longer on site)
over a year ago

"My fixed rate mortgage has just come to an end.

I went for a renewal to see if I could get a better deal.

I asked what I would be paying if I had a two year or four year fixed rate.

The answer came back " I am not telling you, you have to choose one or the other but I will not tell you which one is the best deal"

Anybody experienced such rubbish ?????"

my deal funished about 4yrs ago so instead of renewing on a fix rate I left it on a variable rate as interest rates have been sooo low I have an extra 200 to play with each month.

However the economy seems to be improving so I think interest rates will be climbing some time this yr so like yourself time to fix. Apparently nationwide has a 10yr deal

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By (user no longer on site)
over a year ago

Did you see the banks mortgage advisor / specialist?

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By (user no longer on site)
over a year ago

As you say further down , online you should be able to get illustrations for the figures. You could ask to talk to their advisor face to face, if they have a high street presence.

The banking crisis got the whole financial services sector very skittish and they are ultra cautious now plus regulated up to the eyeballs. It can be frustrating however ultimately it's to protect the customer.

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By *icksone OP Man
over a year ago

oldham

I have an appointment with the bank next week.

I might get some sense out of someone face to face.

Another hour out of my life I will never get back

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By (user no longer on site)
over a year ago

"I have an appointment with the bank next week.

I might get some sense out of someone face to face.

Another hour out of my life I will never get back

An hour well spent though if you get a good rate !

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By *igeiaWoman
over a year ago

Bristol

I am currently doing the same thing. They have changed all the mortgage rules so they have to talk through your actual needs and then recommend one product at the end through a full review. I made a phone appointment for mine and it took about two hour. I also had my entire payslip/bank statement info to hand since they now need to know absolutely everything before they can lend you the money due to affordability; even if you already have a mortgage. I would advise you to go in pre-armed with all the information on what you actually want, using their own and other online mortgage calculators you can normally figure it out I'm advance.

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By (user no longer on site)
over a year ago

"My fixed rate mortgage has just come to an end.

I went for a renewal to see if I could get a better deal.

I asked what I would be paying if I had a two year or four year fixed rate.

The answer came back " I am not telling you, you have to choose one or the other but I will not tell you which one is the best deal"

Anybody experienced such rubbish ?????

my deal funished about 4yrs ago so instead of renewing on a fix rate I left it on a variable rate as interest rates have been sooo low I have an extra 200 to play with each month.

However the economy seems to be improving so I think interest rates will be climbing some time this yr so like yourself time to fix. Apparently nationwide has a 10yr deal"

Ive just done this with nationwide, excellent service and no fees at all too

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By (user no longer on site)
over a year ago

Rates aren't going much lower than 0.5% so fixing now while there is a lot of competition for new business probably makes sense. Just my personal view.

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By (user no longer on site)
over a year ago

"Ask Martyn Lewis"

This. Get the % rates from them and chuck it all in Martin Lewis' mortgage calculator.

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