To all on here who have switched recently, is there anything you think would make the switching process easier
for example:
- ability to get a single professional valuation that could be used by any bank, and would be valid for 12-18 months [I am thinking similar to a valuation of an engagement ring for insurance purposes]
- ability to maintain the same life assurance/mortgage protection insurance cover? I am not sure about this but I was told by Zurich at the time that I could not keep the same cover when I switched for some reason
- agreed SLA's between banks for the supply of certain details (not sure if that really makes any difference in reality)
Anything else that you can think of that would help make the switching process easier?
Is there any scope for the banks to handle the switching between themselves, and their solicitors to handle the update on the charge on the property rather than require a solicitor on the customer side? Not sure I would advise this personally given the nature of a mortgage contract (being the biggest financial commitment most people will make), but wondering others options on this
banks have their own panel of valuers - we initially planned to switch to UB, so they sent a valuer out (and ultimately we weren't charged for that valuation). AIB have a list of valuers on their website, so we had to arrange our own valuation for them and pay for it. Both valuers sent us a copy of their report.
re: Life Assurance - we're using the same policy we had for BOI with AIB so it is possible. One of the things that prevented us switching to UB was their insistence that we re-assign the life policy to them before drawdown, which was impossible as BOI wouldn't release their assignment until the mortgage had been cleared. AIB didn't seem too bothered, in fact we still haven't reassigned the policy to them, they just wanted evidence that the policy exists (though they did tell us this is dependent on the value of the mortgage - if it had been a bigger figure they might have insisted on a new policy).
The main thing that would speed up switching would be some method of banks sharing account information (with the account holders authorisation of course), so you don't have to gather 6 months of statements from multiple accounts - AIB accepted these via email, and using screenshots from online-banking, but UB insisted on paper copies which is a nuisance as we've both signed up to paperless banking. They can share info for current-account switching, I don't see why something similar can't be done for mortgage switching.
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