Trouble with NIB mortgage provider.

L

ladybird

Guest
Hello All,

Would appreciate any help you can give on the this issue. At the end of my tether with NIB. I first started the switching process in November and its still not sorted. Early last mont the mortgage was drawn down from NIB. I rang PTSB and as far as they were concerned my mortgage was still outstanding. Its now a month on and I have two mortgages. NIB have had the cheek to debit my account even though they haven't paid PTSB. I'm paying two mortgages and can barely afford one.. Help!
 
We had tons of problems with NIB but for setting up a different account. Our tactic was to go into the branch and not leave until assurance were given in writing to refund us their mistake. We had some crazy things where in one case we went in with documents and handed them to the desk with the persons name on it who needed it and said to the teller to hand it to that same person we could see at their desk and they said they didnt get it. In fairness though they did return all fees, mistakes etc with an apology and they did seem really sincere. I think they screwed themselves with all the switch mortgages without the support to get the demand through.

Good luck and get your money and indeed any costs assocaited back and always remember : a registered letter is worth way more than a call as it has an evidential backup!
 
Hi
I started up a mortgage last september with NIB . It was setup as a variable interest only mortgage for the first year and standard variable rate mortgage after that.
The problem I have with NIB is that they charge me the same fixed amount every month for my mortgage even though the interest rates have gone up and my mortgage is a variable rate mortgage.
So my mortgage regularly goes into arrears, I have to visit NIB regularly to sort out the arrears and request they sort out the problem of charging the same amount every month.
I've been doing this the last 4-5 months. I've just looked at my statement online and I see they still haven't sorted out this problem.
I reckon all they have to do is edit some setting on their mortgage computer system but they don't seem to be able to do that!!
This makes it difficult for me to see if they are charging me the correct interest amounts.
Is their anyone you can complain to about this incompetence by a bank??
 
ladybird said:
Hello All,

Would appreciate any help you can give on the this issue. At the end of my tether with NIB. I first started the switching process in November and its still not sorted. Early last mont the mortgage was drawn down from NIB. I rang PTSB and as far as they were concerned my mortgage was still outstanding. Its now a month on and I have two mortgages. NIB have had the cheek to debit my account even though they haven't paid PTSB. I'm paying two mortgages and can barely afford one.. Help!
Click to expand...

Generally when re-mortgaging your solicitor will request the drawdoan and pay the money to the old mortgage provider. where is the solicitor in this mess? is it one appointed by NIB? Have you been in touch with them?
 
All,
Thanks for your responses. I'm using NIB's solicitors- First American. The communication between them and PTSB seems to be really poor. Each blaming each other. NIB have credited my account, however they have yet to this for the interest. Think I'll take up this fight with First American and PTSB. Cheers.
 
Sounds like Frist American didn't clear your PTSB mortgage on drawdown of your new mortgage. This may be because PTSB didn't provide them with redemption figures, but if this is the case they shouldn't have requested the cheque from NIB until they were in a position to repay your existing mortgage.

The other possiblilty is that PTSB were repaid but still continued to deduct repayments, maybe because they hadn't registered your mortgae as being cleared.

Eitherway, the mix up doesn't appear to be the fault of NIB.
 
Hi,

I'm particularly interested in this because I'm considering switching to NIB from BOI myself at the moment, but I was wondering how easy the switching process is and this thread is not inspiring me with confidence!! In general, is this problem rare or does anyone know if there are lots of horror stories of changing over?
I see that you can either go with their legal service or they'll pay €600 toward using your own solicitor - anyone got an opinion on which is better?
Also, we had planned on borrowing less than our original mortgage but leaving the term at 30 yrs - would we have to renegotiate our mortgage protection policy or could we just keep it?

We've also been considering going with AIB who are slightly dearer - however if I thought that they were more hassle free for the switch I would consider them over NIB?

Any feedback would be greatly appreciated.

Ballymagash
 
I'd suggest going with the solicitor who bought the house in the first place if possible, they will know the title and a contribution of €600 will go along way toward paying their fees.

I wouldn't have thought that there would be any need to renegotiate the MPP, you may as well keep the extra cover especially if it is on either life.
 
Ballymagash said:
I'm particularly interested in this because I'm considering switching to NIB from BOI myself at the moment, but I was wondering how easy the switching process is and this thread is not inspiring me with confidence!!
Click to expand...
Its not meant to inspire. Like the OP, I put the wheels in motion in November - and the mortgage was drawn down last week. However, now that its done, I am secure in the knowledge that I have the best possible deal going.
I would say go with it - expect it to drag out - and expect to have to chaase everything up. Its either that or stick with the less competitive rate which is costing you...
 
Hi all, I have exactly the same problem with NIB, switching from PTSB. They are a real nightmare to deal with; in fact I would go as far as to say that they don't really know what they're doing. Its being 6 months for me trying to close the deal and the worst thing about it is that they never admit fault - they blame me for every little obstacle they encounter but when you look back at all these obstacles, they should have spotted each one of them if they were experienced in this business. I'm contemplating pulling the plug on the deal as I can only imagine the problems I'll encounter when it finally switches over but I know its the best deal out there at the moment so thats whats keeping me going.
 
Am I right in thinking that the common thread in all of these complaints is the "switcher" type mortgage product? It may be that these are only teething problems, with what is a relatively new product. It may of course also be the people who have had these problems are not representative of the general experience with this product. As a practising solicitor, I obviously have a vested interest, so I am not going to criticise the switcher product; but I wonder if I could conduct an informal poll (more market research really):

With hindsight, how many of you would pay €500 to avoid this hassle? (BTW, along with the 600 from NIB, this would leave your solicitor getting c. €725 after VAT and outlays - which is fairly cheap).

How many of you would pay €250? (this would leave the solicitor with €500, which I would say is the absolute floor for fees on a remortgage with change of lender. Certainly I cannot see how it could profitably be done for less)

How many of you would pay €750 if the solicitor guaranteed that the transaction would complete within 4 weeks of loan offer or the €750 would be refunded in full (except of course for delays by you)?
 
I did a switch and a new mortgage with NIB at the same time. Process took about 6 weeks which sI think is about right so all went OK. I have had a few issues getting my standing orders sorted out to pay the mortgages, but got that sorted eventually too.

My verdict - definitely the cheapest product out there so more cash in your pocket. However, day to day support will drive you a bit batty due to the fact that all calls and correspondence goes through a call centre.

Obviously they will still have huge demand for switchers so they will continue to struggle with support, but as the previous post states - how much are you willing to pay another bank for better service - remember once you get the thing set up you should be steady for the next number of years, until something better comes along on the market.
 
I agree - a bit of short-term pain for a long term gain sounds fine with me. Maybe the switching horrors outlined are not representative of the overall service as only the complainers will post! Anyway, maybe that the campaign has been going for a number of months - the Bank maybe a bit better positioned to deal with business.
 
Hi, it's not just the switcher mortgages I'm afraid that there are problems with.
I took a discounted variable rate mortgage with NIB in Dec 2005. While interest rates were going up last year they were not increasing the amount being debited from my account, so technically I was underpaying my mortgage.
After a lot of hassle I thought it had been sorted out last year. However I went into the bank last week to get a mortgage statement only to find that no adjustments had been made to my repayments for the last two interest rate increases again.
I asked to speak to the man dealing with mortgages in the branch, was told that he had appointments all day but the teller would email him directly and get him to contact me that day. Needless to say three working days have passed and I haven't heard from him. I'm going into the branch tomorrow and not leaving until I get this sorted. There is no point in trying to phone the NIB as calls are routed through a call centre. Their rates are great but be prepared to have your head wrecked.
 
In response to MOB's informal poll, I would certainly pay at least €500 to avoid the hassle - however, could any solicitor guarantee that this would avoid it when most of the problems seem to be with NIB? Similarly, is a solicitor in a position to guarantee a 4 week closing for €750? Would they not be faced with the same delays & problems from NIB?

Assuming the answers to the above is yes, of the 3 choices, I would go with the €500 option for no hassle. I wouldn't be necessarily bothered at the closing taking more than 4 weeks but I would like it to go smoothly!

Hope this helps.
 
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