NIB mortgage from ECB + .5%

Has anyone with an existing NIB mortgage managed to switch products without having to fill in forms, get valuation, employment confirmation etc? Our mortgage has been with NIB for over 10 years and our LTV is <20%. We phoned a while ago to switch to one of their ECB trackers (before this one which looks even better) but they said we had to fill in all the forms again as if we were new customers (although they incredibly kindly said they would waive having to look at salary slips because they could see the amount coming into the current account each month!). It's really annoying and nothing to do with risk mitigation - if we're a risk, we're as much of a risk today as we would be after switching products. So, has anyone switched within NIB with just a phone call and confirmation letter?
 
I would guess that the tracker mortgage has different T&C from the standard mortgage which is why you have to sign the application form (and offer) accepting them plus they have to check that you do fulfill the criteria rather than assuming you do.

Sarah

www.rea.ie
 
orka said:
Has anyone with an existing NIB mortgage managed to switch products without having to fill in forms, get valuation, employment confirmation etc?
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I'm waiting for a call back from the person who handles my mortgage account in NIB (I'm currently on their ECB + 0.79% tracker). I'll post when I hear back.
 
oysterman said:
I'm waiting for a call back from the person who handles my mortgage account in NIB (I'm currently on their ECB + 0.79% tracker). I'll post when I hear back.
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Have just piked up an e-mail from her.

I will need to sign some forms they're going to send out to me. No mention of a salary enquiry from my employer.

Looks like I'll need another valuation - this is a bit of a pain but understandable.

Interestingly, I'll have to pick one from a range of new current accounts to avail of the new rate. Odd since the current a/c I have with them at the moment to service my mortgage seems to do the job perfectly adequately.

It looks like it may take a little time for them to do the work from their end. I guess they've been hit with a tidal wave of applications.
 
Sarah W said:
To reiterate - lenders CAN NOT make a mortgage offer conditional on you taking another financial product from them.
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Correct.

But, if you refuse to do so, they can always turn down your application on other (possibly spurious) grounds, and you will never be able to prove otherwise.

D.
 
An article in this morning's Indo:

So you would expect that the leading banks and building societies - like AIB, Bank of Ireland, Ulster/First Active and the EBS - will be forced to bring down their rates to compete.

Well, think again. All the indications are that the big homeloan players are going to bide their time to see what impact the LTV Mortgage has before reacting, if they react at all.

And pressure is coming on from mortgage brokers for the banks to do nothing.

Mortgage brokers are set to be big losers if NIB starts eating up the switcher market. The Danske-owned bank does not distribute its mortgages through brokers.
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http://www.unison.ie/irish_independent/stories.php3?ca=299&si=1710996&issue_id=14798
 
Sarah, I'd imagine their way around this is that they don't turn down an application if you refuse an ancillary product...they just offer you a better deal, i.e. the LTV mortgage, if you do.
Getting the mortgage is not conditional on opening a current account, but getting a better deal is.
 
and pressure is coming on from mortgage brokers for the banks to do nothing.

Mortgage brokers are set to be big losers if NIB starts eating up the switcher market. The Danske-owned bank does not distribute its mortgages through brokers.
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Times move on. Brokers have no roll to play for the majority of consumers. Those that can't be bothered organising a mortgage can pay the broker premium. The rest of us should not have to.

Ulster Banks loan centre ignored my initial email - the reminder and the follow up to that reminder. Theres a chance I might not be motivated to move had they at the very least responded to me.
Appointment with NIB on Tuesday.
 
You're absolutely right...mortgage brokers are becoming less relevant and could easily be wiped out by the banks.
If I want to switch providers why not offer me the 1% commission as an incentive?
Cutting out the middle man is just a natural evolution.
 
I 've started the process of switching from BOI to NIB to avail of this new rate - my LTV is only about 40% so I easily qualify for the .5% rate.
I am however giving my own bank one last chance to match the NIB rate so we'll see what they come back with. I've been a life long BOI customer, when they failed to deliver on recent business loan, NIB beat off BOI & BOS and my company excellent offer which I accepted. I no longer feel obliged to stay with BOI and almost definitely going to switch.
 
seanogheg said:
I 've started the process of switching from BOI to NIB to avail of this new rate - my LTV is only about 40% so I easily qualify for the .5% rate.
I am however giving my own bank one last chance to match the NIB rate so we'll see what they come back with. I've been a life long BOI customer, when they failed to deliver on recent business loan, NIB beat off BOI & BOS and my company excellent offer which I accepted. I no longer feel obliged to stay with BOI and almost definitely going to switch.
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I was a lifelong AIB customer, but they refused to match the NIB Offset mortgage. I switched to NIB and am saving a packet on our mortgage interest as I inherited some money recently. You do have to monitor the NIB a bit though, they made some stupid mistakes in the beginning (didn't offset the savings).

I have to look at moving to the LTV mortgage once we spend the inheritance savings.
 
small print is that you need to open an NIB current account and move your salary and banking, otherwise rates are same as most
 
HI Pidg

Where does it say that?

You do have to open a current account, but you can open a free account with them and just use it as feeder account. Keep your exising account in say, Bank of Ireland, and arrange for the dd to go in every month just before it goes out again to pay your mortgage.

brendan
 
pidgbeag said:
small print is that you need to open an NIB current account and move your salary and banking, otherwise rates are same as most
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I spoke with NIB and they tell me that I only need to feed my mortgage payment into the NIB checking account each month. I do not need to 'bank' with them and can continue to use ny bOfI checking account. Furthermore, when I open an Easy or EasyPlus account with them they will contribute €100 or €150 respectively towards the cost of the valuation of my property.
 
pidgbeag said:
small print is that you need to open an NIB current account and move your salary and banking, otherwise rates are same as most
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Yeah, I also asked the girl on the phone about this as I wanted to know if I could just leave the bank account there idle if I wanted and she said yes I could if I wanted to. I certainly wouldn't want to move my main banking and salary etc.
 
I inquired about these low value trackers from NIB and was told it would be 3 weeks before they could meet me at my local branch as there is so many plp looking into it.
 
serotoninsid said:
Times move on. Brokers have no roll to play for the majority of consumers. Those that can't be bothered organising a mortgage can pay the broker premium. The rest of us should not have to.

Ulster Banks loan centre ignored my initial email - the reminder and the follow up to that reminder. Theres a chance I might not be motivated to move had they at the very least responded to me.
Appointment with NIB on Tuesday.
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For the second time today - there is NO broker premium!!! Brokers cover the upfront cost of sourcing and processing mortgage applications through to underwriting and this is why lenders pay commission - the rates on offer are exactly the same via a broker or direct to a lender. NIB's product is very good and it's a pity that brokers can't access it (although whether they'd cope with the level of applications if we could is another matter). However it is not suitable for first time buyers or people looking to consolidate debt. Equally I don't *think* it's available for investment properties.

Personally I hope the likes of AIB/Ulster Bank/Bank of Scotland/BoI take up the challenge and match or better NIB to make these rates available to all segments of the market and the broker network.

I don't see the demise of the mortgage broking fraternity just yet :D

Sarah

www.rea.ie
 
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