I started as a mortgage broker over 10 years ago, and one thing I have noticed is the banks look after their new customers better then their existing customers.
Ten years ago, most banks offered their clients around half a percent discount of their standard variable rate to win their business. Each lender plays the same game, and each year the discount to win new clients gets bigger and bigger. Most lenders are now offering 1% discount or more off their standard variable rate to win new business. Existing clients however are kept in the dark and continue to receive the same old discount they were offered when they first took our their loan.