Mark Coan
Registered User
- Messages
- 54
Hi Brendan,@Mark Coan
Hi Mark
In the old days, I thought it was very clear. The fixed rate was determined on the day you drew down the mortgage. Not the rate in the letter of offer.
And people benefited from this when rates fell although they lost out when rates rose.
So I am not sure that it's worthy of a complaint to the Ombudsman?
If a lender such as Avant or AIB said that they would turn around letters of offer within 7 days of getting all the information and that the rate would be guaranteed for 30 days or 60 days, it would be a great marketing advantage for them.
Maybe some of them have this already in the letter?
Brendan
That would be a welcome development, I don't believe anyone currently offers this.
The gap between final offer and drawdown is usually around 30 days due to the solicitor having to work through the transfer of deeds etc. In the case of switchers the lenders are currently being very slow to release the deeds to the solicitor driving delays.
In the case of Finance Ireland the key issue I believe is that despite these delays to customers, the deadline for a customers solicitor to request the cheque was set as the Friday before they announced the change. So customers had no chance to comply with it.
They are legally entitled to do this, but a grace period would have been the decent thing to do and doing it this way, caused undue distress and won't help their brand any in my view.
Mark