Rejected purely on switching frequency

[Gordon Gekko]

I was filling in a mortgage application today and there was a question around if I planned to switch mortgage within 3 years......

What a meaningless question

 

[SparkRite]

The doctrine of uberrimae fidei does not apply to lending agreements.

But even if it did, the doctrine requires full disclosure of known facts - not future intentions.

But the known facts HAVE changed when entering into the second bank's contract and these are NOT disclosed!!
So thank you for that.

With respect, you haven’t a clue what you are talking about.

With respect, I will no longer engage with you.

 

[Sarenco]

A future intention is not a known fact.

Regardless, it’s irrelevant. A borrower does not owe a duty of utmost good faith towards a lender.

If a lender wants to know something at a particular point in time, they have to request that information at that point in time.

 

[time to plan]

What a meaningless question

Probably not meaningless in the case when you've applied to multiple lenders simultaneously and have instructed a solicitor to move across multiple lenders within a 6 month period.

 

[Leo]

Ah c'mon Leo !
We both know the answer to that.

So it's sometimes OK to terminate the contract early, but only on the terms that are 'fair' to a bank who treat their customers unfairly. Got you.

 

[Brendan Burgess]

SparkRite it would be helpful if you could spell out your point from first principles in the following format. No need to refer to previous posts and what anyone else said. Just point out where mortgage applicants are lying in their application, if that is what they are doing.

1) I apply to switch from AIB to Bank of Ireland
2) Bank of Ireland approves
3) I actually switch from Permanent tsb (to whom I switched from AIB since getting approval from BoI)

or
1) I apply for a new mortgage to Bank of Ireland i.e. I am not a switcher.
2) But I take out a mortgage with permanent tsb
3) I switch from permanent tsb to Bank of Ireland

 

[Brendan Burgess]

Let's say that Bank of Ireland had two products
1) The New Mortgage Holder Product which was for someone buying a house and not switching from another lender. The Mortgage Application has a statement "I am not switching from another lender"
2) The Switcher Product which has a higher mortgage rate.

If I claim to be a New Mortgage Holder and get approved on that basis, then am I misleading BoI if I actually am a switcher?

I did not make the misrepresentation when I applied, but does it become a misrepresentation as it becomes incorrect by my subsequent behaviour?



Brendan

 

[Brendan Burgess]

I think that the original question has been answered.

SparkRite (or anyone else for that matter)

If you want to start a new thread explaining clearly how some switchers are doing something wrong, feel free to do so.

But do so from first principles without attacking other posters.

If you can't do it clearly, then I will just delete the new thread.

Brendan