Switching and mortgages

amccp

Just a general question on the switching process. I've a current account and mortgage with bank A and am going to switch current accounts to bank B. Bank A have told me I need a service account with them as they cannot debt an external account to credit my mortgage account.

Is this something that would be covered in switching? Or should I open a servicing account, switch and link my new current account to bank A to cover the mortgage?

Cheers,

bigadaj

If that is the banks requirement then you need to retain an account with bank a and switch another one.

fromtheshires

What bank is this as an aside (the correct answer is above) as it seems an odd thing to demand as they can pull a direct debit from any other bank if it's a mainstream bank? Their T&C may require a bank account with them but the yarn about not being able to take from any other account seems weird...
Your terminology seems a little off for a UK resident so this may be why it seems odd to me

Westie983

Can you not pay your mortgage over the counter in cash/cheque or combo, can the bank really say you cant have a mortgage without one of their accounts?

Sounds like the 'back in the day' when you were told you could only get a loan/mortgage if you took out PPI, and look where that led!!....

I know some banks do have stipulations as a preferred method for convenience but not sure it can actually be enforced, just like when my bank told me I had to have an account with them to have my wages paid into, as part of the job offer....

That didn't stand up either, just its a preference but cant be enforced...