Banks are not lending as freely as they used to and for many borrowers obtaining credit is harder than ever, the people who already have mortgages are also feeling the pinch as lenders raise the margins on variable rates – which they have every right to do!
Tracker mortgages are now gone from the market and we are left instead with a confounding maze of LTV based Standard Variable Rates. This means you get a rate with no guarantee, set by the bank, and its based on the loan to value of your property. This may leave many feeling that they have no option and if you have a defeatist attitude one could argue that it has been imposed rather than earned!
However, last week a member of our team decided they would do something about the rate they were getting and they called the bank and tried to negotiate a better rate, they were rebuffed several times and eventually they got past the business prevention unit and were …
