Switching mortgage provider?

Addle

Has anyone done this recently?
Does any bank offer this product?

Toots

First question would be what's the outstanding mortgage vs the current value of your home? AFAIK it can still be done, but the criteria are much much stricter.

Addle

Thanks for the reply.
Property definitely not in negative equity, however certain of that anyone can be.
Required mortgage about 4/7ths of the current market value.
The house is a relatively recent purchase.
I just want to change banks. Not happy with charges and customer service.

handlemaster

Addle wrote: »

Thanks for the reply.
Property definitely not in negative equity, however certain of that anyone can be.
Required mortgage about 4/7ths of the current market value.
The house is a relatively recent purchase.
I just want to change banks. Not happy with charges and customer service.

careful you might give too much away

killers1

There's no market for switching mortgage provider as banks have little/no interest in taking on another banks debt. Unless your loan to value is less than 50% you may forget abut it to be honest. Even at that, very few banks would consider it. AIB for example won't take on another banks mortgage under any circumstances.

Toots

Addle wrote: »

Thanks for the reply.
Property definitely not in negative equity, however certain of that anyone can be.
Required mortgage about 4/7ths of the current market value.
The house is a relatively recent purchase.
I just want to change banks. Not happy with charges and customer service.

If it's a relatively recent mortgage, then I'd say it'd be very likely you'll be able to switch, also they'd realistically want the loan to value ratio on the mortgage to be lower than what yours currently is - probably mortgage = less than half of current market value. If you're unhappy with the service from your current provider, you could move all your other accounts etc to another institution and just leave the mortgage there for the time being. When your loan to value ratio is lower and you've had your accounts somewhere else for a while and built up a relationship with them, you could look at moving the mortgage again.

Addle

On its website, ulster bank advertises a 'switch your mortgage' product.
http://www.ulsterbank.ie/roi/personal/borrowing/mortgages/mortgage-products/switch.ashx
I called and made an appointment with my nearest branch, and told them my circumstances.
Took time off work to attend the appointment only to be told by the manager that the bank don't take over mortgages!
Such a waste of time.
Why advertise it if you don't offer it?