Hurry up if you are thinking of switching

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NorfBank

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Following today's by AIB that they are no longer accepting switcher mortgages, it looks like the switcher market is on it's last legs.

KBC and Haven (broker arm of EBS) still allow switchers up to 80% loan to value but have stringent conditions.
EBS direct are 75% loan to value
BOI/ICS are 50% max loan to value.
PTSB are 50% loan to value for fixed rates.

[broken link removed]
 
Re: Thinking of switching - hurry up

dublinhead said:
Why don't the banks want the switcher mortgage business?
Click to expand...


The lenders will say there is a finite amount of money and they would prefer to lend "new" money to first time buyers than to just churn money that has already been lent.

Personally, I think banks make more money from first time buyers than switchers so will concentrate on them.
 
Plus, if they all stop taking switchers (and they will), it means then they can squeeze the life out of those customers they have because they have nowhere else to go, - they can effectively raise the interest rates to whatever they want, 10%, 20% whatever, - because you're a captive audience.........or maybe i'm just too cynical.... :rolleyes:
and also competition within existing customers effectively ceases....
 
NorfBank said:
Following today's by AIB that they are no longer accepting switcher mortgages, it looks like the switcher market is on it's last legs.

KBC and Haven (broker arm of EBS) still allow switchers up to 80% loan to value but have stringent conditions.
EBS direct are 75% loan to value
BOI/ICS are 50% max loan to value.
PTSB are 50% loan to value for fixed rates.

[broken link removed]
Click to expand...

is that true about BOI? if you switch your mortgage they will only give 50% value of house as mortgage?

is that right? was talking to a friend today and he was telling me he is thinking to switch to BOI, i better tell him so..
 
Bank of Ireland said it would accept a mortgage switch from people who were not customers only if they were borrowing less than half the value of the home.
However, managing director of Bank of Ireland Mortgages Brendan Nevin said the lender would loan up to 90pc of the value of the home to existing customers.
 
would banks not be accepting switch mortagages in order to minimise risks etc?

Or perhaps they have so little to lend they are focusing on new mortgages to make the most of their money?
 
BOI will lend upto 90% to boi and non boi customers for switching
will lend up to 80% to boi customers if they are switching and consolidating debt and they wont switch and consolidate debt if you are not a boi customer
 
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