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YBS offering far better deals for new customers than existing customers?

by mbailey 30 March 2010 |

5 comments | Love

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Currently finished fixed mortgage with YBS and not back on their variable rate at 4.99% (ouch!).

Looking at what new deals they are offering, it is very annoying that the best deals they are offering are only valid for the following groups:

* First Time Buyers
* Customers remortgaging from another lender
* New customers moving home
* Existing YBS borrowers moving home

The one group which is excludes is "Existing customers remortgaging".

Question is, is there any way to convince YBS to offer the same deal for an existing customers? As I understand YBS don't offer commision, so a broker wouldn't be able to help.

I have tried phoning YBS but they are not interested.

I am wondering if I visit a branch and book an appointment with a mortgage adviser, will I have more luck or will it be a complete no again?

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824

MikeGG1 posted
Check on-line like on this site or with the team here what rate you can get elsewhere and then make that appointment.
If they can't match it, tell them that you will move your mortgage.
But don't forget to allow for the various charges or other costs.
Mike
Posted on 30 March 2010 | Love 0 loves Report
212

SoftwareBear posted
if you have enough LTV ... go elsewhere or research possibility and tell them you're moving elsewhere if they can't do something
Posted on 30 March 2010 | Love 0 loves Report
6

mbailey posted
We are on 58% LTV, so have plenty of deals open to us. I have done plenty of research and know what is out there in the market place.
What I find strange is YBS would have to pay legal costs and new valuation costs (which are free for new customers) but for me as an existing customer they wouldn't need to bother, so ineffect they would be making more money from me that from new customers already.
I already tried using the "well if you can't offer me anything better I will have to move to a new lender" and that didn't bother them at all.
I guess talking to a mortgage adviser in the branch is the only option.
Posted on 30 March 2010 | Love 0 loves Report
49

peepobaby posted
You have no choice but to move. All banks make money off customers that don't want to or can't be bothered to switch.
Posted on 04 April 2010 | Love 0 loves Report
6

mbailey posted
Peepobaby - You are spot on.
Just had another long decisions with YBS and they are not interested in offering existing customer the same rates as new customers.
They admitted that the initial rates are lower just to get customers in the door and they work by the assumption that some will stay and some will go.
Oh well, goodbye YBS!
Posted on 09 April 2010 | Love 0 loves Report

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