Transfer of equity on mortgaged property

mistersneezy

kingstreet wrote: »

Compare what BoI is charging against what it would cost to remortgage elsewhere while carrying out the ToE.

Going to do that. I don't like being held over barrel.

mistersneezy

Let_Us_See wrote: »

Being a cynic, perhaps you could confirm whether or not you currently have a low interest rate with BOI?

Yes it is a very good interest rate.

mistersneezy

Thrugelmir wrote: »

Not at all. I'm a lender running a business. Therefore I set the overall policy on which I conduct trade. My policies are set for clearly defined reasons. The reasoning behind customers will be totally ignorant of. I won't change a board level set policy just because a single existing customer isn't personally happy. My attitude is tough. Do it my way or go elsewhere.

Exactly the response I would expect from a lender. Pretty much the same as I’m getting from BOI. Yes, policies are set for clearly defined reasons - usually to maximize profits. Insisting on a new mortgage when it’s not really necessary is just to enable them to charge more fees. You’re perfectly entitled to your attitude of “Do it my way or go elsewhere”. And I’m perfectly entitled to go elsewhere.

mistersneezy

MLSY wrote: »

hi mistersneezy
the lender lends the money and has there rules how they lend it, the conveyancer is in theory correct but BOI as each lender does has there own rules for how they conduct their business.
"Transfer of Equity: Adding someone to a mortgage or removing them from it. This is subject to underwriting approval and we will then action the change as a 'rearrangement'. This means that the existing mortgage is cancelled and a new mortgage put in place."
most lenders would charge some fee for the alteration and you would have solicitors costs as well
depending on the interest rate you currently pay on the mortgages is it worth shopping for a new lender ?

I understand that lenders make their own rules and we have to abide by them but some rules are clearly made to extract as much from a customer as possible. One thing I won’t do is be held to ransom by anyone so although I have a pretty good rate with them I’ll be looking at what’s on offer elsewhere.

Let_Us_See

mistersneezy wrote: »

Yes it is a very good interest rate.

Look no further! BOI are simply using your request to remove you from your advantageous rate of interest. BOI are one of the most cynical lenders in the market.