Brendan Burgess
Founder
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It is now taking up to four months to complete a switch. The reason is a backlog of borrowers rushing to move to a lower-cost provider ahead of mortgage rate rises.
BoI are much quicker than Haven on drawdown, so if you’re after speed they should come through a couple of weeks earlier. That said if you’re switching Haven’s average rate across your term is much better than BoI so you should weigh up the pros and cons. If your broker has all the lenders talk it through with them.Trying to switch to Haven at the moment.
I got in touch with the broker late March, submitted docs in April and he put in application on May 6th. Only received AIP last week. Put in application to BOI in late July as fed up waiting for Haven and AIP came on the same day as Haven. So haven took 18 weeks and BOI about 7 weeks. Don’t know how long it will take until drawdown as we need to get the house valued.
Put in application to BOI
@MsCutha has suffered massive delays trying to switch to Haven and is afraid that they will put up their rates before drawdown.Why would anyone switch to BoI?
Keep in mind that you can ask them for a break fee quote at any point in the future and if it is zero (or low enough for your tastes) you can make an overpayment.Only downside with Haven is that we are looking to shorten the term from 29 yrs to 20 but apparently they are much stricter and calculate affordability based net disposable income so can be reduce term to 26 years. Ot is a huge difference they don’t allow overpayment.
I believe UB offer 2.8 for 10 years which is below the current wholesale rate!
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