Reasons to give asking Bank of Ireland to waive my Early repayment charge..

SAMMYE_2

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

Phelpsie001

As you are below 75% LTV you aren't a huge risk to them, so I don't know if they would?

somethingcorporate

do let us know if you have any success!

SAMMYE_2

Phelpsie001 wrote: »

As you are below 75% LTV you aren't a huge risk to them, so I don't know if they would?

Cheers Phelpsie! Doesnt look like they will but if they think I will stay with them and they need to cut the book anyway then maybe they might....

My thinking was that they may be hoping I just go anyway and if they find out that I will stay regardless then they may just offer to waive it or cut it by a certain percentage.. I mean the fact they are asking for reasons suggests to me they still need me / other UK mortgage holders to go.

SAMMYE_2

somethingcorporate wrote: »

do let us know if you have any success!

Will do! Giving it my best shot!

peterod1

So basically BOI would like you to move your mortgage from them to another lender and then charge you for the privelege? I would tell them where to stick it and inform them that if they are serious in wanting you to move then they should waive any fees as otherwise it is not financially beneficial to you, please remember any new lender may require surveys etc and you may incur additional legal costs etc

Phelpsie001

As noddy as this is, could you not state that in line with their revised strategic view of the UK mortgage market, you would like to comply with their request to transfer from them however their ERC is preventing you from doing so?

Or....hmmmm....I'll have a think!! But it's your own fault for being too safe and actually paying your mortgage back!! =P

SAMMYE_2

Phelpsie001 wrote: »

As noddy as this is, could you not state that in line with their revised strategic view of the UK mortgage market, you would like to comply with their request to tramsfer from them however their ERC is preventing you from doing so?

Or....hmmmm....I'll have a think!! But it's your own fault for being too safe and actually paying your mortgage back!! =P

Yeah I was going to say something along those lines.

ha ha yeah! Damn!!!

SAMMYE_2

peterod1 wrote: »

So basically BOI would like you to move your mortgage from them to another lender and then charge you for the privelege? I would tell them where to stick it and inform them that if they are serious in wanting you to move then they should waive any fees as otherwise it is not financially beneficial to you, please remember any new lender may require surveys etc and you may incur additional legal costs etc

Yeah basically although they are downplaying how much they need people to leave as I imagine everyone is asking for ERC to be waived I think but why else would they be asking for permission to give my details out to mortgage brokers to find me a better deal!?

They need to cut £31.2 billion so I think its a good old fashioned mexican stand off! Let me leave without having to pay the ERC or I stay! lol

shropshire_2

Just phoned up Bank of Ireland today and got told the same story in relation to offering outside broker advice with a potential waiver of the ERC.
However because I came from the post office via Bristol and west about 1 year ago then it doesn’t apply apparently (not sure why though)
I have 3 years left on a fix 5.99% so all the lady advised me on is to put it in writing to them. Not holding out much hope but if you don’t ask……………

Thrugelmir

SAMMYE wrote: »

They need to cut £31.2 billion so I think its a good old fashioned mexican stand off! Let me leave without having to pay the ERC or I stay! lol

I'm doubt your solitary mortgage account will make much difference to the BOI.

The downside of staying with them is that their product range may not be attractive at the point your fixed term ends. At the moment you are a profitable customer to them.