Bank of Ireland - Moving our Mortgage

RJSJSR

We have been told that our mortgage with the BOI is being moved to The Mortgage Works. We don't necessarily want to move or be forced into moving to a mortgage company not of our choice. We have found a good deal with another mortgage company however the BOI will not wave the mortgage redemption fee if we opt for this other mortgage company instead of The Mortgage Works. We feel this is both illegal and unfair to not give us a choice of mortgage provider certainly when they are the instigators of the proposed move because they want or need to get rid of their mortgage business. I am in the process of writing officially to them and the mortgage ombudsman. Has anyone else encountered this situation?

somethingcorporate

Are they suggesting anything except the provider will change? If not what difference does it make if the terms etc are identical?

Thrugelmir

RJSJSR wrote: »

I am in the process of writing officially to them and the mortgage ombudsman. Has anyone else encountered this situation?

Read your mortgage terms and conditions. The BOI is well within its contractual rights that you've agreed to. As the BOI owns your debt they can sell it to who they wish.

All you can do is wait till the fixed product term expires. Then remortgage to a lender of your choice. As your existing term and conditions remain in place with regards to the ERC until then.

_Andy_

88 miles per hour!!

opinions4u

RJSJSR wrote: »

We have been told that our mortgage with the BOI is being moved to The Mortgage Works. We don't necessarily want to move or be forced into moving to a mortgage company not of our choice.

But it's not your choice. Millions of Halifax customers were sold to Lloyds. Hundreds of thousands of A&L customers were flogged to Santander. Your T&Cs say they can sell your mortgage.

We have found a good deal with another mortgage company however the BOI will not wave the mortgage redemption fee if we opt for this other mortgage company instead of The Mortgage Works.

Mortgage Works can't change the T&Cs surrounding the rate and ERCs on your mortgage. They are contracted to what you signed up to. So are you.

We feel this is both illegal and unfair to not give us a choice of mortgage provider

You have a choice. If you pay the ERC. Nothing has actually changed other than the logo that will appear on your annual mortgage statement.

certainly when they are the instigators of the proposed move because they want or need to get rid of their mortgage business.

Makes no difference. It's just one of those things.

I am in the process of writing officially to them and the mortgage ombudsman. Has anyone else encountered this situation?

Yes. But selling the mortgage doesn't create a legal requirement to waive an ERC just because you want to switch to a different lender.

You still have the same ERC conditions you agreed to and there is no legal reason for those to change.

Your only option here is lender goodwill. I doubt you'll find it. The FOS will reject your complaint, so save your time.

justice4people

Hunt to find account holders of BOI transferred to TMW.

If you like me are affected please contact:
Mortgage hike to hurt 14,000 homeowners with the Bank of Ireland



Money's mortgages editor Simon Lambert is investigating this issue further. Please email him at [EMAIL="editor@thisismoney.co.uk"]editor@thisismoney.co.uk[/EMAIL], marking Bank of Ireland and Simon Lambert in the subject line.


Please reply as we need as much support on this as possible. We only have a couple of months to raise full objection on this matter with TWM.