Buy to Let Mortgage

[Little Joe]

Following a review of my buy to let interest only mortgage, I discovered the interest rate was 0.50% higher (5.25%) than the rate for new business (4.75%). I queried this and lender told me that the margin they charge had reduced some time ago and the rates charged are now the same as home loan rates. Lender adjusted the rate I was being charged there and then by 0.50%, but I was told that nothing can be done retrospectively.

Is this normal or should I pursue further?

 

[Afuera]

Is this normal or should I pursue further?

This is standard practise. You can't really expect the banks to keep you informed of any deals they have going at their own expense. It's up to you to make sure you're getting a service/price you're happy with.

 

[bobk]

Perfectly normal. You signed a contract accepting those rates initially.

The bank is under no obligation to even change them to the lower rate, but did so in order to keep your business.

Thousands of people could get a better rate of their lender if they just got of their backside, phoned them and asked.

I think only the EBS inform their customers if they have a better rate on offer.