Switching to Haven.. how long did it take?

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MsCutha

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Just wondering if anyone has any experience of switching to Haven. We started the process with our broker at the end of March, have sent every document requested and still nothing. At this rate we will need to send in July payslip. I’m switching from UB and Haven has taken so long I’m tempted to stay with UB. Anyone switched recently and how long did it take? Thanks
 
Just to add, it was much easier getting the mortgage first time 4 years ago by dealing with the banks directly and not through a broker.
 
MsCutha said:
Just wondering if anyone has any experience of switching to Haven. We started the process with our broker at the end of March, have sent every document requested and still nothing. At this rate we will need to send in July payslip. I’m switching from UB and Haven has taken so long I’m tempted to stay with UB. Anyone switched recently and how long did it take? Thanks
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@MsCutha I don't know how long it is taking to switch to Haven but you could consider the following approach:
  • Re-fix immediately on Ulster Bank's 5-year 2.2% rate. (Your break fee should be zero.)
    • There is a good thread here that explains the best way to contact Ulster Bank when you want a break fee quote and rate options form
  • Continue with the process of switching to Haven but abandon it if necessary
The benefit of this approach is that you lock in a 2.2% rate for 5 years and you might still get Haven's 2.0% rate with €2,000 cashback.

The downsides of this approach are:
  • You will become a customer of Permanent TSB, and they don't offer their best rates to existing customers, and so in 5 years you will face their (probably higher) mortgage rates, unless you switch then
  • There could be a break fee from Ulster Bank by the time you finally draw down with Haven
    • That will happen if this rate decreases compared to its level today
If you do take this approach (re-fixing with UB), you could abandon the switch to Haven if they put up their rates or if it looks like there is going to be a break fee. But make sure you are not liable for fees to the broker or to your solicitor.
 
Thanks @Paul F. I have already paid the break fee in March so I’m on the variable rate at the moment. I’m sure it won’t take much longer now but I’m just getting a bit frustrated with the process.
 
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