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Reasons to give for asking Bank of Ireland to waive Early repayment charge!?
SAMMYE_2
Posts: 244 Forumite
Hi everyone,
Just a recap on my current situation. Bank of Ireland need to cut their UK Mortgage book so asked if they could give my name to a mortgage broker to see if they could get me a better deal at another Mortgage provider.
Anyway got offered a deal which is hardly worth me changing for because I have a Early repayment charge. I asked them if they would waive the early repayment charge and they have written to me saying no. Fair enough. Anyway they did say if I wanted to challenge the decision then please could I write in giving more details as to why they should cancel it.
Just wondered if any of you guys / girls had any bright ideas as to what I should say? I was going to just say it is not worth me leaving unless they waive or cut some of the early repayment charge as I will just say with them otherwise....
Anyway any help or advice greatly appreciated.
Cheers Sam
Just a recap on my current situation. Bank of Ireland need to cut their UK Mortgage book so asked if they could give my name to a mortgage broker to see if they could get me a better deal at another Mortgage provider.
Anyway got offered a deal which is hardly worth me changing for because I have a Early repayment charge. I asked them if they would waive the early repayment charge and they have written to me saying no. Fair enough. Anyway they did say if I wanted to challenge the decision then please could I write in giving more details as to why they should cancel it.
Just wondered if any of you guys / girls had any bright ideas as to what I should say? I was going to just say it is not worth me leaving unless they waive or cut some of the early repayment charge as I will just say with them otherwise....
Anyway any help or advice greatly appreciated.
Cheers Sam
[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/11
0
Comments
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Bank of Ireland need to cut their UK Mortgage book
Lenders that are trying to get rid of higher risk borrowers have been waiving ERCs. The fact they dont want to waive the ERC suggests that they dont really want to get rid of you.
You need to make out that you are a basket case and that they are better off without you.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Well the fact that you would be leaving BOI at their express invitation, means that you should be exempt from the ERC charge & that they should pay any legals .... (you don't ask .. you don't get !!)
I would really only leave if there was a real cracking deal out there ... otherwise why bother with the hassel.... !!
Hope this helps
Holly0 -
Also double check the follow on rate after your deal expires.
You don't want to be giving up an attractive tracker rate to get lumbered with a high SVR with another lender.0 -
Cheers all
i will let you know how I get on.
They have to cut their UK loans by £31.2 billion apparently :eek:
so I am thinking they need every last morsel![STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560
Currently £85,203 - 71% LTV 26/08/110
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