Take no notice of bank published mortgage rates!
Over the last three months we have heard many examples from buyers, mortgage brokers, solicitors etc of banks negotiating significant discounts against their published rates.
With a large proportion of mortgages now on floating rates banks will compete hard to gain new business and convince you to change bank.
For those that prefer the security of fixed rates some amazing 3 year fixed rates are being offered – as little as 5.4% or if you think rates will drop even lower you may be able to negotiate a discount of up to 0.8% off a banks floating or variable rate – that may see you floating at as little as 5%.
If you have been loyal to the same bank for years now is the time to test them and see if they will recognise that loyalty. We have heard of many instances where someone has been with the same bank for over 20 years but upon asking to match or better what has been offered by a competitor they may not actually do it so they lose a loyal customer.
Other examples include customers seeking a better rate by dealing directly with their bank, but getting an even lower rate when the proposition is presented through a mortgage broker to that same bank – what’s with that!
This mornings Herald on Sunday contains an article that expands further – read it here.
If you have personally been offered a great rate please advise us through the comments below – no bank names will be used just the rate and the term.
May 13 2012 10:23 am | Uncategorized