I presume that you mean the right to unilaterally refuse to lend to a particular borrower?Any ideas if this is within their remit
Their T&Cs are of no relevance until you enter into the mortgage contract with them.I just don't really understand what their T&Cs are on this matter.
They operate on a commercial basis with the aim of making money. They assess each application on the basis of this. We're use to banks making an assessment on us going into arrears/defaulting why not on a quick switch also. It would be a net cost to the lender.
If I were a lender, an AAM member would be the last person I would lend to... Especially me
Thanks for everyone's thoughts. Obviously a bank is a commercial entity but their switching conditions aren't at all transparent. Given the regulatory drive to promote the ease of switching I wasnt sure if they could refuse on the grounds of too many switches.No. They have no right to refuse you.
After all, you have a right to be granted a mortgage by any lender you choose. It is not up to them to pick and choose whom they lend to! What sort of a crazy right wing idea is that?
The state owns 75% of permanent tsb. They have an obligation to serve the people. We bailed them out. They must give you a mortgage and they must give you 2% cash back. And they must make it as easy as possible for you to move again to another lender and then back to them.
Not only should you complain. But perhaps take an action for defamation?
Brendan
Let me get this straight. You want PTSB to spend time underwriting your mortgage application, give you 2% cashback and then you are going to move your mortgage again. So they don't make any money on the loan and are out of pocket. And then complain about it being a waste of your time?Hi all,
PTSB's credit team just rejected my switch request solely on the basis that I have switched too frequently in the past 5 years (quite a few times). Their mortgage team accepted my application as I had been with my previous provider for over 12 months but was told today that the credit team weren't happy to take the risk of me switching away after receipt of the cashback (all others factors were ok). Given their rates, I applied for a variable rate but was told they wouldn't take me even if I fixed.
Any ideas if this is within their remit or is there any point making a complaint? It was a waste of time gathering all the documents.
Thanks
None of their terms, conditions or practices apply to you because you are not a customer and there is no law, nor will there be any law that will force them to do business with you, beyond the directive on basic banking services. Which part of that do you not understand?Thanks for everyone's thoughts. Obviously a bank is a commercial entity but their switching conditions aren't at all transparent. Given the regulatory drive to promote the ease of switching I wasnt sure if they could refuse on the grounds of too many switches.
Brendan - on what basis do you think a compliant should be lodged? Focus on the lack of transparency of their switching conditions? I might just ask for their reasoning in writing first, what do you think?
I imagine that there may be a code of conduct for financial service providers, which may include treating people fairly and transparently. But if it does in fact exist, it would be surprising if it has been breached.None of their terms, conditions or practices apply to you because you are not a customer and there is no law, nor will there be any law that will force them to do business with you, beyond the directive on basic banking services. Which part of that do you not understand?
You have got your first refusal and it is very likely that you will get more going forward as you are now seen as a time wasting loss maker and no one is interested in taking on such customers. Whether that will impact their decisions on the provision of other services remains to be seen.
The only term that really matters here is the standard 'Lending criteria, terms & conditions will apply.' Their lending criteria are not published, but they allow them to pick and choose the business they want. So long as those criteria are non-discriminatory, there is no case to answer.I just don't really understand what their T&Cs are on this matter.
I'd have a 'no messers' policy and frequent switching would fall under that. I'm surprised they haven't been doing this all along. Perhaps the credit team had a lightbulb moment.PTSB's credit team just rejected my switch request solely on the basis that I have switched too frequently in the past 5 years (quite a few times).
Perhaps the credit team had a lightbulb moment.
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