I've received some excellent advise on AAM so want to pay it forward!
Just want to advise that I recently got my bank to move my mortgage from a 3.3% to 3.1% variable interest rate. I won't name the provider but anyone who has a keen eye on interest rates should be able to work it out.
I was previously on a LTV Variable >50%<=80% with a rate of 3.3%
The steps were:
1. Called the bank and advised considering a move to a different bank for a lower rate. Would they like to make a counter offer?
Informed them that I had a recent verbal valuation which showed my LTV was in the LTV Variable <=50% category. The person I spoke to tried to bustle at first saying that existing variable customers are not entitled to move to a lower LTV variable etc. Informed them that was no problem, that myself and my wife would be moving all banking if that is the case. After brief to-ing and fro-ing on the call they asked me to forward the valuation report.
2. I then got a valuation report from an approved valuer which cost me 100e. Very important that it is an approved valuer and must be on the list of banking approved valuers otherwise it is a waste of money.
3. I then emailed the valuation report referencing the call. I heard nothing back initially so rang everyday for an update for approx 3 days.
4. Around a week later I was advised that the change to the lower LTV variable had been approved.
For anyone who is in a similar position just go for it. No point giving your hard earned money to banks. I put this on the long finger for a while and I shouldn't. It reduced my mortgage term by approx 4 months for little effort.
And if anyone asks was I really prepared to move if they had refused point blank. The answer is YES I would have moved everything!
I know the interest rate is still high relative to other EU countries. But if everyone who can does the same, then at least it creates more incentive for banks to compete and lower their overall rates.
Just want to advise that I recently got my bank to move my mortgage from a 3.3% to 3.1% variable interest rate. I won't name the provider but anyone who has a keen eye on interest rates should be able to work it out.
I was previously on a LTV Variable >50%<=80% with a rate of 3.3%
The steps were:
1. Called the bank and advised considering a move to a different bank for a lower rate. Would they like to make a counter offer?
Informed them that I had a recent verbal valuation which showed my LTV was in the LTV Variable <=50% category. The person I spoke to tried to bustle at first saying that existing variable customers are not entitled to move to a lower LTV variable etc. Informed them that was no problem, that myself and my wife would be moving all banking if that is the case. After brief to-ing and fro-ing on the call they asked me to forward the valuation report.
2. I then got a valuation report from an approved valuer which cost me 100e. Very important that it is an approved valuer and must be on the list of banking approved valuers otherwise it is a waste of money.
3. I then emailed the valuation report referencing the call. I heard nothing back initially so rang everyday for an update for approx 3 days.
4. Around a week later I was advised that the change to the lower LTV variable had been approved.
For anyone who is in a similar position just go for it. No point giving your hard earned money to banks. I put this on the long finger for a while and I shouldn't. It reduced my mortgage term by approx 4 months for little effort.
And if anyone asks was I really prepared to move if they had refused point blank. The answer is YES I would have moved everything!
I know the interest rate is still high relative to other EU countries. But if everyone who can does the same, then at least it creates more incentive for banks to compete and lower their overall rates.
Last edited by a moderator: