Una hipoteca para la vida. (That's Spanish for 'a mortgage for life'.) It makes my blood boil when I hear radio adverts for certain Banco Abbeys going on about what a hassle it is to remortgage. Their solution is to offer an uncompetitive rate for life. Of course, you could take one of their competitive two-year deals. But what happens at the end of the two years? You've guessed it, an SVR at around 2% over the odds.
And of course they're not alone. If lenders want loyalty, they should do what Nationwide does and offer the same deals to existing customers as new ones.
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