Is there any Customer Loyalty Benefit When Applying for a Mortgage

K

Kloot

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I have been a current account customer with AIB since my days in college over 15 years ago. Next year I may find myself applying to them for a mortgage.

However, I have been checking around the banks comparing their bank charges for current accounts and it would seem to me that when it comes to current account charges, there are certainly much better products out there with banks.

My question is, were I to apply to keep my account with AIB and apply to them for a mortgage, does the fact that I have been a customer with them for 15 years count for anything, or will I get the same treatment as someone walking in off the street.

If the latter is the case, then I may as well switch bank for a better current account.

Thanks in advance
 
No loyalty unless you are a high net worth individual.

It has been discussed here before that it may be wise to have your current account and mortgage with different providers. Try a search.

If you are still being charged current account fees by your bank then you should move immediately.

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I am with Ulster bank and I got an extra .25% off being a U first customer not sure if they do that any more.
 
ulster bank offer up to 0.35% discount for uFirst Gold customers - who pay 140 per year in fees - so if you a mortgage of say 200k, you would save approx 560 by having the uFirst current account (100k*0.35% = 700 - 140 = 560). So one could say that this is a form of loyalty bonus. To be honest though, the Bank is better able to estimate the credit quality of its customers by having the transactional current account.
 
Off my Tracker Mortgage but that was over 7 years ago

Do you have to maintain the uFirst account as your main current account - salary mandated, bills paid out of it etc? i.e. is a condition of your getting the 0.25% discount in your facility letter?
 
doubt it from AIB or the likes, the smallers one such as Ulster or Halifax may had better attractions, however remember reading before the banking collapse that Irish people moved house than moved bank.
Never understood it at all with the shoddy treatment being offfered
 
Do you have to maintain the uFirst account as your main current account - salary mandated, bills paid out of it etc? i.e. is a condition of your getting the 0.25% discount in your facility letter?

Not sure as have always had a ufirst account
 
aib

Can you elaborate Clark? Just spent an hour with AIB trying to find out what they would lend me to trade up - I tend to agree with you but would like to hear more on what you emman exactly.

They will promise you everything and deliver nothing, they are also very misleading with what they tell you, let the buyer beware is all I can say to you
 
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