Mortgage lenders call people who switch mortgage lenders to follow lower rates Rate Tarts as if thats going to put them off! These are tarts with brains (not hearts) as we all know that the best way to get the cheapest deal is to shop around, and thats what theyre doing!
The mortgage lenders are in heavy competition with each other to attract the most customers, and although some offer other incentives like free valuation and set up fees, its the interest rate thats the real clincher. As long as this is the case, Rate Tarts will prosper!
Some lenders have increased their up-front charges in an attempt to beat the Rate Tarts, and others offer incentives to existing customers to retain their business. However, raising up-front charges will do more harm than good, reducing the lenders market share, even though their profit margins might be a little more healthy.
Birmingham Midshires are the perfect example of this, they are currently offering a 3.89% two year fixed deal, looks like a great deal? Read the small print and it turns out that the arrangement fee is vastly over the average of 500, its a gargantuan 1,499! If you spread the fee over two years at...
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