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i have a small mortgage and want to borrow more to build an extension.

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midge123 | 06:32 Mon 23rd Aug 2010 | Property
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my mortgage company seems to offer much worse rates to existing customers than new ones. Is this allowed? it seems very unfair penalising its loyal customers. i have a good credit rating.
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Avatar Image woofgang
yes its allowed...its business. So far as I am aware, you don't have to get a second mortgage off the same firm, if you are really upset with the folk who hold your mortgage and are a good bet for a firm you might want to try moving your existing loan too.
08:59 Mon 23rd Aug 2010
Avatar Image bednobs
i found the same with my loan company. I got to the end of a loan (every payment paid on time) and wanted another one. The rate for new customers was 6.9% for existing customers it was 15.9%. Net result = they lost my business completely
16:48 Mon 23rd Aug 2010

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