New plans in UK to let homeowners switch mortgages in seven days

There is no reason why it couldn't be faster if there weren't such legal footwork to do. Why is it so complicated, that's the real issue. Who benefits from it being complicated. If my house is registered and my mortgage record good, why should it be any more difficult than changing gas company.

If Bank of Ireland gives me a mortgage, why can I not move to AIB a year later without hardly any paperwork. Why do they need a new valuation. Why isn't it just a simple procedure for the property to be registed with the new mortgage and the removal of the old one.
 
I agree.
I am starting my effort to switch to Ulster Bank but the good weather has put me off completely, you should see the list of stuff we have to get together (and we only did this 2 years ago.....)
 
the UK banks have had account switching in for current accounts for a number of years. The process could easily be delivered in 7 days for mortgages if the mortgage holder had all the required information together in advance. Like any of these ideas, it will all depend when you start counting the 7 days
 
I'd say that the "switch" happens within seven days from the customer's perspective by way of undertakings between the two banks, but the backup work takes much longer.

i.e. the customer starts paying a new counterparty within a week, but the two banks are balancing things up behind the scenes.

Potentially very messy.
 
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