Bank have said they offer split mortgages but when approached for one they say they don't offer them

K

Kerrigan

Registered User
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Hi,

We foreseen some difficulties with our mortgage going forward and approached our bank for some options. We received a document explaining the pros and cons of each option they had available e.g. interest only, part interest, split mortgage etc. We thought a split mortgage was in the best interests for all concerned.

We met with a negotiator on Monday who will be dealing with the bank on our behalf but he informed us the bank do not offer split mortgages and we must have picked them up wrong. I had also been advised by posters on here that our particular bank do not offer split mortgages.

I have numerous correspondences from the bank stating that they do indeed offer SM's but I have asked them to put it in writing that they don't offer these mortgages. In lieu I received notification that they don't facilitate SM's.

Why put this out there as an option when clearly its a nonsense tactic?
 
Hi Kerrigan

That is very interesting.

However, the fundamental point is that no lender is obliged to offer any borrower anything. AIB does split mortgages. But if they don't consider it an appropriate solution for a particular individual, they don't offer them a split mortgage.

So while it is annoying that your bank has literature which explains how a split works, but doesn't actually offer them, it's not a very important issue.

Brendan
 
Thanks Brendan but even so surely they shouldn't be blatantly pretending this is an option when clearly it isn't? Its very misleading. They clearly state in their pamphlet that it is one of their options available. They couldn't assess our application on this basis because the SM facility didn't exist. If this was in any other retail setting . . . .
 
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