Originally Posted by Bananaleaf
I did read the askaboutmoney link, that's why I was asking. It just seems crazy! Someone even saying to the bank that they were doing it!
I don't even know what the process involves when switching a mortgage - is it like reapplying all over again? It'll be the week after next before I get near a bank, so should I be off getting payslips, salary certs, pounds of our flesh (
) etc in the meantime
Yes, basically it's like applying for a mortgage all over again, so lots of paperwork required. I would imagine you wouldn't even need to visit a bank to start the process - all can be done remotely.
There is a some time and effort involved, but the potential payoff is huge (depending on the size of your mortgage).
People shop around for the best mobile phone plans, e.g. switching from GoMo to 48.ie to save €2 a month, but are not interested in potentially saving/making thousands doing this because there is a bit of time involved.
If you are going to switch anyway, you already need to get all the paperwork. Each bank will require the same paperwork, so switching with more than one bank is no extra work, just additional time