AIB not accepting switchers

[peggybetty]

AIB are 'less inclined' to accept mortgage switchers. Why?

 

[NorfBank]

Mortgage switchers usually have their other financial needs already dealt with so banks cannot suck them dry like first time buyers

i.e not as easy to sell them a pension, savings account, current account, credit card, income protection, life cover etc etc.

The margin on mortgages is tiny, it is the other products that the banks make money on.

www.moneybackmortgages.ie

 

[Mr. C.J.H.]

Another possibility is that switchers are never going to get the thousands of empty apartments and houses that are on the bank's books by virtue of their devoloper clients not being able to shift! For example, the bank would rather that the 100 empty properties are each owned by 100 seperate borrowers rather than one insolvent developer, that way the risk is spread over a wider risk profile.