Moving Current Account - any side effects for Mortgage?

Fingleberries

Hey All,

I'm looking to change current account (from BoI - thanks to lovely fees) to one of the other banks for a better deal.

However, before I finalise the process, I was wondering if there are any things I should look out for. For example, if I have a tracker mortgage with BoI would they be able to use the fact that I close my BoI current account to try and move me from that rate?

I have talked to my branch and they say "No, we couldn't do that", but won't put it in writing for me. The new bank say "No, they probably couldn't do that", but they might just want my business and not know for sure. Somehow I'm a little distrustful of banks lately, and I can't quite put my finger on why...

Any tips or info, would be greatly appreciated.

Thanks in advance.
F.

homer911

If your current account is with your existing mortgage provider, they should be able to convert the current account into a settlement or service account if you only need to to process payments against your mortgage

Fingleberries

homer911 wrote: »

If your current account is with your existing mortgage provider, they should be able to convert the current account into a settlement or service account if you only need to to process payments against your mortgage

Thanks Homer.

Do you know is this something that I must do, or if I close the current account and process payments from another current account would they have any recourse to try change me from a Tracker?

phormium

Do you have any special rate on your mortgage because you have some type of current account with the same bank? UB used to do something like that.

If not then there is no way they can take the tracker off you, how could they? Unless there is a condition in your loan offer requiring you to keep your current account with them and to be honest I have never come across that other than the UB special rate for current account holders.

Fingleberries

phormium wrote: »

Do you have any special rate on your mortgage because you have some type of current account with the same bank? UB used to do something like that.

If not then there is no way they can take the tracker off you, how could they? Unless there is a condition in your loan offer requiring you to keep your current account with them and to be honest I have never come across that other than the UB special rate for current account holders.

Thanks - I just have a tracker mortgage rate with BoI.

I tried to have a good look through the Loan Documents and couldn't see anything specific relating to the rate being tied to a Bank of Ireland current account - but thought I should get a second opinion as to whether this would be possible, in case it was hidden somewhere in the legalese.

killers1

Fingleberries wrote: »

Thanks - I just have a tracker mortgage rate with BoI.

I tried to have a good look through the Loan Documents and couldn't see anything specific relating to the rate being tied to a Bank of Ireland current account - but thought I should get a second opinion as to whether this would be possible, in case it was hidden somewhere in the legalese.

Boi mortgage products are not linked to their current accounts in any way. You are perfectly entitled to change current account provider and there is NOTHING the bank can do to change your tracker mortgage.

tightas

Hello Fingleberries,
I am considering the same move as you had previously described with the same question re tracker mortgage.
Did you transfer the current account to
PTSB?
Any implication for the BOI tracker mortgage?