It would be fantastic if we had a switcher code for mortgages to ease the process.
What would a switcher code achieve?
GNF reported a delay caused by the incumbent bank in this case study:
http://www.askaboutmoney.com/threads/my-experience-switching-from-boi-to-kbc.194863/
Any proposal that could assist this process surely should be supported.
I think it's unfair to describe such a proposal as a distraction.
Sorry, but it's a complete distraction.
This should not be an issue which holds up any switch. Standard requirement is 6 months current account statements and up to date loan statements. This should not take any time to produce nor involve "wads of paper"!I give my existing banks a list of account numbers and give them permission to provide (electronically) statements directly to the new lender - surely this is possible?
In theory maybe but in practice definitely not. Speed of action depends on the professionalism of specific staff in the security sections of each bank. Some are good. Some not so good. No protocol will change this.Most solicitors will tell you that taking up title deeds in these circumstances is a common cause of delay so a protocol in this regard around timing would be helpful.
I think we will have to agree to disagree on this one.
Most solicitors will tell you that taking up title deeds in these circumstances is a common cause of delay so a protocol in this regard around timing would be helpful.
This should not be an issue which holds up any switch. Standard requirement is 6 months current account statements and up to date loan statements. This should not take any time to produce nor involve "wads of paper"!
No protocol will change this.
But there is no point in bringing in an expensive Code which would achieve very little.
Almost all the delays come from the documents required by the new lender.
And the big barrier is the fact that all banks are expensive. If a new lender starts charging fair rates for low LTV mortgages, there would be plenty of switching
It was well worth switching and lots of people did it.
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