Switching mortgages (Is there a time limit to when this can be done?)

Hi i got my mortgage last year (drawdown date 15 April 2005). Got the mortgage with UB. The discounted period has been up since January 06 and i was wondering if i would be allowed to switch my mortgage to say Bank of Scotland?

I have looked through my original loan offer and can't see anything where it states that i must have my mortgage with them for a minimum period.

also if i do switch i am aware of the costs and that BOS will subsidise part of those costs but will we need need mortgage protection insurance or just proof that we have the insurance in place.

we wont be looking for additional funds just want to switch the loan. we originally got a 92% loan.

Any comments would be great. Thanks Jbg

johnnybegood said:

I have looked through my original loan offer and can't see anything where it states that i must have my mortgage with them for a minimum period.

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Probably isn't any impediment to switching so assuming that they did not subsidise switching/remortgaging costs at the start (most lenders will claw these back if you switch again within a certain period - often 5 years).

also if i do switch i am aware of the costs and that BOS will subsidise part of those costs but will we need need mortgage protection insurance or just proof that we have the insurance in place.

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If the mortgage amount is not increasing then the existing mortgage protection life assurance can be reassigned to the new lender as far as I know.

Thanks Clubman,

it was a straighforward new mortgage issued when we got it so no issue about owing costs back etc. Just thought as i had availed of a discounted rate they may claw back something there or might be conditions that i have to stay a certain time.

just as well i chose a tracker otherwise i would probably be paying a penalty for exiting a fixed rate if i chose to switch.

I think Bank of Scotland have a great deal at the moment and with interest rates on the rise i might as well get the best deali can.

Would be interested to know if anybody has dealt with BOS and how they found the whole switching process? (Sorry Clubman - probably should start a seperate thread for that!)

from my discussions on the phone with them they appear competent and friendly. Hopefully further down the line it will be as easy to switch your mortgage as it is to switch your bank account.

Small irony is that they own the Ulster Bank

CmTaz said:

Small irony is that they own the Ulster Bank

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No, they don't.

Ulster Bank-owned by Royal Bank of Scotland (RBS).
Bank of Scotland (Ireland)-owned by Halifax Bank of Scotland (HBOS).

No relationship between RBS and HBOS or BoSI and Ulster Bank whatsoever.

My mistake

johnnybegood said:

Just thought as i had availed of a discounted rate they may claw back something there or might be conditions that i have to stay a certain time.

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I think there may be as we have a similar mortgage. Check the ts and cs.