They are at it again! Yes, the banks are hungry for customers, with many being aggressive in contacting home owners trying to tempt them into refixing by offering discounted rates – the catch seems to be that these ‘special’ rates are only available for 24 – 48 hours.

Be wary of anyone being pushy and offering a time limited offer – you are the customer providing them with years of repayments – so STOP, take a deep breath and tell them you will call back later, or better still that you work through Wayne – then call us for the following very good reasons;

a) We will negotiate the best discounted rates available with your lender and know what is available from other lenders as a comparison. If the rate is not good enough we will go back and renegotiate on your behalf.

b) Always remember banking personnel work for their employer (the Bank) whereas we are working in your best interest and will advise you accordingly.

HOT TIP : You have to ask yourself – how likely am I to see this same person in 2, 3 or even 5 years time and are they really employed to look after my best interests?

Have you ever been encouraged by a bank to fix your interest rate for longer terms (3, 4 or 5 years) when interest rates are clearly moving down?

Had we been advising you, we would have suggested fixing for a shorter term – anything from 6 – 24 months instead. Once you are locked in for longer terms break costs become very expensive if you want to terminate your fixed rate contract.

When this is the largest investment you will likely make, and these calls come in, it can be tempting to just accept the interest rate offered. We know what it’s like- we all lead busy lives and can be distracted and just say yes without realising the consequences.

IMPORTANT TIP : Consider this - do they get you to confirm your requirements by email? If not, where is the documentary evidence of your request?

Again, be wary. Tell them you will call back at a more suitable time – and then call us so we can see if the hooks outweigh the catch! 07 856 2960