imalwayshappy
Registered User
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- 211
Well they may be of the view that you will do the same to them in 12 months (or less) and declined using that as the reason.It's just mad, one would wish someone in the mortgage department would have an ounce of cop on.
Well they may be of the view that you will do the same to them in 12 months (or less) and declined using that as the reason.
Well they may be of the view that you will do the same to them in 12 months (or less) and declined using that as the reason.
Yeh but they seem to have implied they will consider the application in a month’s time when 12 months with the lender. That is very frustrating and lacking a bit of cop on from the bank!
@imalwayshappy do you mind telling us which bank this is? Could be useful for others to know.
Why do Banks make it so difficult to switch mortgage. I'm on a fixed rate due to expire in 1 month so I said to myself I will change provider for a lower rate and start the ball rolling so I will be in a position to move when my fixed rate is up. After sending in the mountain of paper work I get a response "declined". I say that's strange because on paper i'm very good. The logical person would suggest that maybe it was an issue with my CCR or ICB but no.
I am with my lender 11 months and not 12 months is the reason I was rejected. I say to them can you not just put in a pre condition that I can't drawdown until 12 months? They say no, come back when you are with you existing bank for 12 months and we will look at the application. Do I have any grounds for a complaint here? For me to wait until 12 months means that I revert on to a higher variable mortgage for at least 6 weeks while I am going through the mortgage process.
It's just mad, one would wish someone in the mortgage department would have an ounce of cop on.
They don't want your business because they know what you are planning. Move on.
How do they know what I am planning? They are making an assumption and basing their decision on that. I have put in a complaint with a view to raising it with the ombudsman. I don't believe the ombudsman would agree with their finding (I could be wrong). The way I see it is Bank rejects customer based on customers history of switching lenders to avail of of better rates. If they had said its outside credit policy to lend to switchers who have moved in the last 3 years or something I could potentially buy that but we will see what happens.
Hi All,
By way of update. This Bank has now rejected my application as a result of my "switching history" only. I wonder how the Ombudsman would react to this case?. From looking at the complaint procedure they aim to address it within 40 business days which to be fair is useless to me as I am already paying a higher variable rate with my current bank. Any thoughts on whether I should pursue it or not?
I would imagine it's in their T&C's somewhere.
Sure someone looking at you having switched five times in the last five years or whatever it is would say, he's heading off elsewhere, don't bother lending to him..
Imagine that fella Sean og on here having done multiple switches. Fair play to him. But someone somewhere in some bank at some point is going to say, come here stay away from that fella.
Like someone else said, the bank it's obliged to lend you money, do move on. You have done well out if the switching, but it's going to catch up with you at some point. You cannot be penalised in terms if the cashback if you have done all that. But crying foul when the bank turn you down cause of your switching history in my legal background is legit. It's not different to gambling account appearing or unexplained spending.
Will doI am surprised to see this happening. I believe that banks should not be rejecting on this basis, otherwise no-one would switch more than once. And clearly it is possible to do it more than once, as it should be. Does this mean they could also reject me from a switch if I show a history of overpaying, as that reduces my profitability to them? If you don't mind updating the outcome, I will be following with interest.
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