Lenders have been doing this for a few years, its not a new practice, however I'd imagine with the increased volume of enquiries regarding switching, lenders are alot more proactive now than before in retaining existing business.Interesting...I bumped into my broker at the Leinster game on Saturday and mentioned I'd had a look at NIB's LTV mortgage.
I contacted the bank directly to get a balance on my mortgage a couple of days ago.
This morning I got a text from the broker telling me the bank had informed him I'd contacted them and could he have first shot at my remortgage.
5 minutes later the bank called me, asked me was everything ok and offered me a better deal when I mentioned NIB.
The valuation is only paid if you open an Easyplus account, which costs 18.75 per quarter. So the trick is to open this for the first year, then change over to an Easy account.Furthermore, when I open an Easy or EasyPlus account with them they will contribute €100 or €150 respectively towards the cost of the valuation of my property.
When I spoke with NIB they were really pushing me to use the checking account. I told them I was happy with my BofI checking account and would only be using the NIB account to service the mortgage. They weren't too happy with this but c'est la vie. They claim the would make more money from me if I used the checking account fully. They claim they're not making much from the mortgage product at these rates.Competition is great, and I am surprised NIB have offered this product. I would have thought all the banks had a cosy unspoken arrangement not to do an Aldi on it.