Can’t switch to b.o.i because I recently switched to ebs.

T

tom1ie

Registered User
Messages
126
Hi all
Just to let people know I’ve been told I cant switch my mortgage to Bank Of Ireland as I recently switched from aib to ebs. I must have 12 payements made to a single bank consecutively.
Kbc have told me they have no problem accepting my business as have Ulster bank. I haven’t enquired with aib yet.
Tom
 
Hi Tom,

Same experience in attempting to switch from EBS to BOI. Not long with EBS having switched from UB. Intending to speak to AIB, KBC & UB again in the coming weeks.

GN
 
Generic Name said:
Hi Tom,

Same experience in attempting to switch from EBS to BOI. Not long with EBS having switched from UB. Intending to speak to AIB, KBC & UB again in the coming weeks.

GN
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Good stuff I’m waiting on aib to ring me back to confirm if they can accept my business. They’re offering 2.75% for an Ltv of less than 50%. I’m thinking of writing an e mail and registering a complaint with the centeral bank and the consumer protection commission over b.o.i refusing to even look at my financial position as I haven’t been with one bank for 12months prior to me asking them about a switch. Seems a bit ridiculous. I’ll keep you informed of my progress with the other banks.
Tom
 
tom1ie said:
I’m thinking of writing an e mail and registering a complaint with the centeral bank and the consumer protection commission over b.o.i refusing to even look at my financial position as I haven’t been with one bank for 12months
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Hi Tom

Neither the Central Bank nor the Ombudsman will interfere with the credit decision of a bank. And that is the way it should be.

If I were BoI , I would certainly refuse to take on anyone who has shown a willingness to switch. Alternatively, I would have a special product for them with an upfront charge, so that if they switched again from me, I wouldn't lose on the transaction.

Brendan
 
Brendan Burgess said:
Hi Tom

Neither the Central Bank nor the Ombudsman will interfere with the credit decision of a bank. And that is the way it should be.

If I were BoI , I would certainly refuse to take on anyone who has shown a willingness to switch. Alternatively, I would have a special product for them with an upfront charge, so that if they switched again from me, I wouldn't lose on the transaction.

Brendan
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Thanks for that Brendan. It just seems strange that they seem to be the only bank with this requirement, I just rand aib and Ulster bank and they said they have no such requirement. In fact the person I was talking to in aib said “surely the inconvenience is on the person switching with regards to paperwork and effort etc”. Anyway it’s good to know aib will take my business.
Tom.
 
Brendan Burgess said:
Hi Tom

Neither the Central Bank nor the Ombudsman will interfere with the credit decision of a bank. And that is the way it should be.

If I were BoI , I would certainly refuse to take on anyone who has shown a willingness to switch. Alternatively, I would have a special product for them with an upfront charge, so that if they switched again from me, I wouldn't lose on the transaction.

Brendan
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Brendan do you not think boi are just going to loose out on customers with this attitude to switchers? I presume people that are willing to switch are going to be more likely to switch again? Maybe not?
Tom
 
Ulster have a published criteria of minimum 6 months with current lender before they'll process a switcher application (it used to be 12 months also).
I'd be interested to see if you are successful in getting around this if you get to underwriting stage.
 
Hello,

I just see this as BoI being a little more conservative than many of the other lenders, not wanting to take on new custom where there is a potential problem that has yet to come to light at the existing lender. Not the first time they've proven to be a bit more conservative and it won't be the last.

Obviously, Brendan's point is also valid - why take on "rate tarts" who are highly unlikely to stay with BoI, having already demonstrated that they will quickly move if they see a cheaper rate or cash incentive ? :)

We most definitely need more competitive rates and consumers can and should vote with their feet, but equally each bank is entitled to decide for itself it it wants to compete in a beauty contest all of the time or accept all categories of new applicant etc.
 
MrEarl said:
Hello,

I just see this as BoI being a little more conservative than many of the other lenders, not wanting to take on new custom where there is a potential problem that has yet to come to light at the existing lender. Not the first time they've proven to be a bit more conservative and it won't be the last.

Obviously, Brendan's point is also valid - why take on "rate tarts" who are highly unlikely to stay with BoI, having already demonstrated that they will quickly move if they see a cheaper rate or cash incentive ? :)

We most definitely need more competitive rates and consumers can and should vote with their feet, but equally each bank is entitled to decide for itself it it wants to compete in a beauty contest all of the time or accept all categories of new applicant etc.
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Lol! I'm a rate tart and proud!!
 
tom1ie said:
Brendan do you not think boi are just going to loose out on customers with this attitude to switchers? I presume people that are willing to switch are going to be more likely to switch again? Maybe not?
Tom
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I think they would prefer to lose out, especially if they are paying cash back on switchers too. It costs a bank money to set up a mortgage and take them a while to start making a profit on the loan. Can't see them being bothered on not getting loss making loans...


Steven
www.bluewaterfp.ie
 
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