Hi gnf, you documented your switching process brilliantly in
this post.
Let's look at the steps and see which of them would be helped by a switching code
1) mid December 2015 - you first contacted KBC to talk about switching- a switching code would not help
2) 5/1/2015 You became aware that Bank of Ireland were overcharging you and decided to look around. A switching code won't help
3) You realised that you were paying over the odds - a switching code won't help
4) You rang BoI and Premier banking to discuss your rate A switching code wont' help.
5) You are self-employed - a switching code won't help unless it covers your accountant as well.
6) You checked out the rates - a switching code won't help
7) You had got married since you took out the mortgage and had to apply in both names - a switching code won't help.
8) You had to get your wife's financial details - Not sure if a switching code would help here
9) KBC queried 6 transactions over €1,000. I presume you would prefer KBC to be asking you about these rather than asking your bank. A switching code won't help.
10) KBC requires originals of certain financial statements - A switching code won't help
11) KBC requires letters from companies which you were a director of saying you had no financial liabilities or personal guarantees - a switching code won't help.
12) A one month hold up on KBC side appears to be due to their difficulty in working out who your employer was - a switching code won't help
13) "Title deeds requested from BoI but not provide on first attempt. Delayed process by 10 days". Bingo - a switching code might impose a 5 day response time. However, your solicitor could have avoided this by requesting the title deeds a month earlier. And switching codes won't eliminate human error.
14) Solicitor discovers that title deeds are in your name only and must be in joint names - a switcher code won't help
15) "Request KBC to clarify position, which they do by email. However takes another 4 weeks for them to issue this clarification in writing to the solicitor- despite a number of requests."
Finally "Once clarified, the process is very quick and draw down scheduled for 1st May. Issue with SEPA holiday so ends up being pushed out to 5th May. The cutover was straight forward enough. BOI closed mortgage account and did not attempt any further payments. KBC did pay the original requested amount (balance on January 1st rather than May 1st), but solicitor rebated this to them immediately so a non-issue."
From my reading of this a switching code would have potentially helped on stage 13) only. However, this is not an issue for most switchers - they request the deeds and they get them promptly.
BoI delayed you by 10 days. But it took around 120 days.
I will say it once more. The problems in switching are the credit requirements of the new mortgage lender. A switching code will not speed up the process by a material amount.
Let's be absolutely clear about this. I have campaigned hard to get mortgage rates reduced to fair levels. I have encouraged people to switch. I have highlighted the best buys so that people can see which is the best lender to switch to.
If I thought that a switching code would help, I would be drafting it. But it won't help at all. And the government and the Central Bank will claim "Look we have done something for borrowers.". I don't want them to have an excuse for doing nothing.