Remortgage negotiations
Discussion
First is like to apology if I sound like someone with little idea how mortgages work...
I 'm moving from Lloyds to another bank that offer far better interest rates.
At the moment Santander are offering a more competitive deal, but clearly state' no fees'.
Does the term 'no fees' actually mean no fees'?..
I have an appointment with them today to run through things, but after a short conversation over the phone with the gentleman that deals with mortgages at the my local branch, he did mention a 'moving fee' Santander charge!?...
I won't be getting charged a penny by Lloyds for moving away from them, I'd have thought if anything, it was lloyds doing all the charging, NOT the bank I'm moving to!
My question, can I go in to my appointment with the bank today, can I tell him off other banks and what they offer (slightly more appealing, which I have found one), and 'negotiate' with Santander?, also question why I'm being charged this moving fee?
The offer Santander is offering seems to be misleading if they DO charge a moving fee, or the gentleman is trying to pull one over, when it clearly states 'no fees' on their website...
Thankyou.
I 'm moving from Lloyds to another bank that offer far better interest rates.
At the moment Santander are offering a more competitive deal, but clearly state' no fees'.
Does the term 'no fees' actually mean no fees'?..
I have an appointment with them today to run through things, but after a short conversation over the phone with the gentleman that deals with mortgages at the my local branch, he did mention a 'moving fee' Santander charge!?...
I won't be getting charged a penny by Lloyds for moving away from them, I'd have thought if anything, it was lloyds doing all the charging, NOT the bank I'm moving to!
My question, can I go in to my appointment with the bank today, can I tell him off other banks and what they offer (slightly more appealing, which I have found one), and 'negotiate' with Santander?, also question why I'm being charged this moving fee?
The offer Santander is offering seems to be misleading if they DO charge a moving fee, or the gentleman is trying to pull one over, when it clearly states 'no fees' on their website...
Thankyou.
Edited by Leroy902 on Thursday 28th September 10:46
If you have found a rate that is more appealing at another bank then why are you going to Santander?
No fees means that there is no product fees or similar. The fees may be 'hidden' in the rate so its always best to compare the overall cost over the term. I have never heard of a moving fee and there is no mention of it on their site.
The Santander guy will only be able to offer whatever they have available at the time. You dont 'negotiate' down the rate with them.
If you wanted to get an idea of what is available, put your details into one of the many comparison websites and/or speak to a broker.
No fees means that there is no product fees or similar. The fees may be 'hidden' in the rate so its always best to compare the overall cost over the term. I have never heard of a moving fee and there is no mention of it on their site.
The Santander guy will only be able to offer whatever they have available at the time. You dont 'negotiate' down the rate with them.
If you wanted to get an idea of what is available, put your details into one of the many comparison websites and/or speak to a broker.
Re-mortgage guide here is probably worth a read so you go in a little more clued up
https://www.moneysavingexpert.com/mortgages/
https://www.moneysavingexpert.com/mortgages/
After being to see a mortgage adviser in Santander, the charge of £225 on a 'no fee' remortgage to Santander is called a 'admin payment apparently ALL banks charge this when getting a remortgage, regardless of which bank you go to (he's claims to me is that he's just being honest when telling me about this charge, rather than being a hidden charge that customers get charged without their knowledge....).
Does the sound normal?
Does the sound normal?
Looking online its what used to be the discharge fee. You can pay it up front, add it to the mortgage (not a good idea) or pay it at the end.
Their T&C say:
"The account fee is charged for the provision and general administration of your mortgage. It is not a product fee.
If you already have a Santander mortgage this is not a new fee, however, it replaces any previous account fee that applied when you originally set up your mortgage.
This fee can be paid once your new deal starts, or you can pay it when you redeem"
Stinks of easy money to me but factor it in to your calculations.
Their T&C say:
"The account fee is charged for the provision and general administration of your mortgage. It is not a product fee.
If you already have a Santander mortgage this is not a new fee, however, it replaces any previous account fee that applied when you originally set up your mortgage.
This fee can be paid once your new deal starts, or you can pay it when you redeem"
Stinks of easy money to me but factor it in to your calculations.
Leroy902 said:
After being to see a mortgage adviser in Santander, the charge of £225 on a 'no fee' remortgage to Santander is called a 'admin payment apparently ALL banks charge this when getting a remortgage, regardless of which bank you go to (he's claims to me is that he's just being honest when telling me about this charge, rather than being a hidden charge that customers get charged without their knowledge....).
Does the sound normal?
Yes, normal......this varies from lender to lender.......some are free however......Halifax's is £295 for example.....Does the sound normal?
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