RetireJapan

Bushiman wrote: ↑Mon Nov 07, 2022 2:32 am

RetireJapan wrote: ↑Sun Nov 06, 2022 11:56 pm

Bushiman wrote: ↑Sun Nov 06, 2022 11:32 pm Well, it turns out that we can't refinance our mortgage after all...

Ouch, sorry to hear.

Have you tried talking to your current bank and asking them to improve your interest rate?

A friend of mine did that with his, told them he was thinking of remortgaging to another bank with a lower rate, and they lowered his rate to keep him.

Not sure how successful that tactic would be now, but might be worth a try

That's worth a shot! Nothing to lose really...
Thanks!

sutebayashi wrote: ↑Thu Nov 10, 2022 12:28 pm Nice! Did they require any fees for changing your rate?

When I refinanced my mortgage in 2016 by changing companies, I paid a lumpy fee for the privilege, but my rate went from 1.98% to 1.00, so it paid for itself.
But if you can get a better rate for free that is wonderful.

Bushiman wrote: ↑Mon Nov 07, 2022 2:32 am

RetireJapan wrote: ↑Sun Nov 06, 2022 11:56 pm

Bushiman wrote: ↑Sun Nov 06, 2022 11:32 pm Well, it turns out that we can't refinance our mortgage after all...

Ouch, sorry to hear.

Have you tried talking to your current bank and asking them to improve your interest rate?

A friend of mine did that with his, told them he was thinking of remortgaging to another bank with a lower rate, and they lowered his rate to keep him.

Not sure how successful that tactic would be now, but might be worth a try

That's worth a shot! Nothing to lose really...
Thanks!

Bushiman wrote: ↑Sun Nov 20, 2022 11:44 pm A great outcome under our circumstances...

Bushiman wrote: ↑Sun Nov 20, 2022 11:44 pm

Bushiman wrote: ↑Mon Nov 07, 2022 2:32 am

RetireJapan wrote: ↑Sun Nov 06, 2022 11:56 pm

Ouch, sorry to hear.

Have you tried talking to your current bank and asking them to improve your interest rate?

A friend of mine did that with his, told them he was thinking of remortgaging to another bank with a lower rate, and they lowered his rate to keep him.

Not sure how successful that tactic would be now, but might be worth a try

That's worth a shot! Nothing to lose really...
Thanks!

Had a meeting with the bank on Saturday, and they tried to get us to commit to a 10 year fixed at 2.35%!?
We told them we were thinking of refinancing with a different bank (even though we actually can't).
This shifted some gears -some print-outs were made and some other numbers thrown about. At first they said they could lower the number but only if we signed up for their NISA. Well, we're all NISA, J-NISA, iDeCo-ed up to the eyeballs over here (thanks to RJ) so we weren't going to do that. In the end they said that if we signed up for their basic credit-card they could work us a deal...

So, if we got the credit card which is ¥1300 a year, no other fees/penalties for inactivity etc. they offered us 1.4% fixed 10years, or 1.1% variable 6months... We took the 1.4% gladly. If at any point in the next 10years we want to re-negotiate another deal, i.e. when we actually can consider re-financing with another bank, it'll cost ¥5500 to change the contract...

A great outcome under our circumstances...
Thanks for all the advice RJ!

Roger Van Zant wrote: ↑Mon Nov 21, 2022 6:54 am I think banks here are used to pulling the wool over their customers' eyes.
Probably thought you would just agree to 2.35% right away.
My bank looked at me as if I was a little green Martian when I told them I already had t-NISA and iDeCo set up through SBI and Monex respectively. They were trying to get me to invest in some utterly shite fund through themselves; 0.03% interest or something ridiculous!

Bushiman wrote: ↑Mon Nov 21, 2022 11:41 pm

Roger Van Zant wrote: ↑Mon Nov 21, 2022 6:54 am I think banks here are used to pulling the wool over their customers' eyes.
Probably thought you would just agree to 2.35% right away.
My bank looked at me as if I was a little green Martian when I told them I already had t-NISA and iDeCo set up through SBI and Monex respectively. They were trying to get me to invest in some utterly shite fund through themselves; 0.03% interest or something ridiculous!

Oh, absolutely...
People here are generally very financially-illiterate it seems...
We had a similar case when we cancelled the insurance/saving scheme for our children at the Yucho Bank (Post Office) in favour of putting the money in J-NISA accounts... The people at the post office looked at us like we were idiots. One even mentioned that we were making a big mistake and we'd never get similar returns. Well, 2years later and the kids are up more than I think the post office scheme promised in the total ~18yrs we were meant to keep their product!? What a joke...