Experiences with negotiating special deals with lenders sought.

[Petal]

Guys,

I've been reading about all these deals with brokers and dodgy promises from them or lenders....
I was wondering - I always thought that the rates a bank offers you are cast in stone and weren't negotiable. Now it appears to me that they are very much negotiable. I am just wondering how does one go about negotiating them? If I went to the bank and said I'd actually like a tracker+ a lesser margin than offered wouldn't they tell me to go and try somewhere else? Or what are the tricks of the trade, have never been good at haggling... Any experiences, comments, advice most appreciated as I'm getting close to applying with the various lending institutions.
Also, I'm applying for a 100% mortgage, does that reduce my "haggling" power?
And from what I gather, I'm also better off not going through a broker at all?

 

[Bruze]

im in the same boat Petal but i dont think il have much haggling power if im asking for 100% mortgage & limit of borrowing capacity

 

[serotoninsid]

Guys,

I've been reading about all these deals with brokers and dodgy promises from them or lenders....
I was wondering - I always thought that the rates a bank offers you are cast in stone and weren't negotiable. Now it appears to me that they are very much negotiable.

Yes, they are.

Guys,
I am just wondering how does one go about negotiating them? If I went to the bank and said I'd actually like a tracker+ a lesser margin than offered wouldn't they tell me to go and try somewhere else?

Maybe. Or maybe they would give you the rate that you asked for. The way I did it, I went to all of them and just asked them what they could do. I compared only tracker mortgages and didnt allow them to sell me anything else (eg. 1st year on fixed followed by a poor tracker rate, etc.). That way a direct comparison could be made. In your case, maybe you will decide on a different product but whatever you decide on, compare like with like and dont let them sell you something else.
Following round one - I saw who had approved me with the best rate - then went to my own bank and told them that I was closing my account and moving my business if they couldnt do better. They did come back with an improved rate - but it wasnt enough - and I closed and moved a/c.
Theres very little in the way of haggling or negotiating to be honest.

Guys,
I'm applying for a 100% mortgage, does that reduce my "haggling" power?

It doesnt reduce your 'haggling power' as such. However, those who are borrowing less than seventy per cent of what their home is actually valued at will usually get a better rate. But its all about getting the best deal available to you at the time.