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Remortgaging? First contact your

present lender to see if they'll match the deal

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When it comes to financial products never be afraid to ask for a deal - the worst they can say is no.

Mortgages come in so many different styles and formats that there's never a set price. And lenders often have a certain leeway, for example being able to discount the fees by 25% of perhaps extending a fixed rate period by 6 months.

Also realise that it takes on average 3-7x more money to acquire a new client as it does to keep a present one. So offering you some sort of deal to keep your business might be a good investment for the lender.
Try to use some 'leverage'
To get anything out of a lender it's often best to try and use some leverage, for example -
  • Say you've had a mortgage with Barclays for the last 5 years and are paying £675 a month
  • But Natwest is offering a similar deal but the repayments are £590 and the fees to switch are £500
  • Instead of taking natwest's deal contact Barclays, explaining what you're thinking of doing and asking if they'll match the deal, make sure you tell them politely that if something can't be done you'll probably be forced to leave (this is the leverage)
  • They probably won't be able to make a decision right away so give them a maximum of a week to come back
  • If they don't agree then take your business to the new lender

One of the traits of good personal finance is being ready to take your business elsewhere if you're offered a better deal and start by downloading our free mortgage guide -

How to get the right mortgage at the best price in 4 easy steps

In the past Banks used to reward loyalty but now the rules have changed and they'll normally offer the best deals to new clients. And if the banks play by those rules so should we, ie if necessary take our business elsewhere to get better deals and save money.

FREE Report: How to get the right mortgage at the best price
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How to make sure you don't overpay on charges
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How to get a flexible deal - why this is so important
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