My broker queried this twice with IIB. He even included the last poster's explanation with it the second time. IIB will apparently say nothing about this - just continue to insist that it's the rules. Extract from my reply to broker:
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Okay thanks. Didn't realise you'd sent the quote. Thanks for trying on my behalf, anyway.
Did you notice he doesn't answer the question and say why IIB still continue with this. Neither does he even say if my information is accurate or not, something I specifically asked for. In fact he gives no reason at all to counter it, just repeats that they want the money despite what seems a plausible explanation as to why the basis for this practice is now removed? Not exactly transparent of them, is it? Are you satisfied with no explanation by a lender to a client's query?
FWIW you can tell him I have copied his (non)response to AskAboutMoney.com, the finance bulletin board site with almost 20,000 Irish members, plugged by Eddie Hobbs on his TV shows. There is plenty of interest in this stuff on the Mortgages and Home Buying forum. There should be a rationale behind every policy, wouldn't you agree? Of course if IIB were to put their hands up and agree that the facts are as I have stated they wouldn't be able to charge this bond any more - perhaps that's it? I imagine it will generate a reasonable amount of posts among AAM's members, some of whom are in finance/broking/lending etc. Of course if he answers the question I'll post that too!
Of course I don't want to pay it unnecessarily - would you? - but neither do I want to go onto 1.35 over ecb. So IIB want customers to pay this as the lesser of two evils? Well, this is where I depend on you as my Independent Broker to have got the best deal for me, as no mention was made of this when the IIB proposal was outlined. So, based on the premise that it is still the best deal according to you, I guess I'll pay it. But I note that, when questioned no justification was provided by IIB for this charge.
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The deal involves remortgaging our ppr to release equity to finance an investment property. I'll be on ecb plus 1.25