Missed deadline to switch to competitive deal

w00519772

ACG wrote: »

I am with Virgin Money and I had to fill out a mini application form, wait for the forms in the post, sign them and email them back by the 18th of the month prior to the deal finishing.

BoI appear to have a similar cut off point.

I am sure BoI do something similar to Virgin and other lenders and send you confirmation of your deal coming to an end around 3 months before it ends.

Yes, they did do this I.e. send confirmation three months beforehand. However, I was not told that I would have to switch but a certain date. I assumed that the switch would be instant as it is nearly everywhere else.

ACG

Natwest/RBS is another where you choose a product and they send out paperwork to be signed that then needs to be sent back in advance.

w00519772

ACG wrote: »

Natwest/RBS is another where you choose a product and they send out paperwork to be signed that then needs to be sent back in advance.

Am I being unreasonable here? Do I just accept that I have missed the deadline and put it down to experience? Alternatively do I put a complaint in saying that I was patient with them in the past when they missed a deadline (see my original post) and I expect this to work both ways?

ACG

The complaints process is that they have 4 weeks to respond or to send you a letter to advise they need more time to investigate. The 4 week time frame is not a deadline as such.

When they did actually make a mistake - despite it not actually affecting you, they gave you £100. So I think they have made up for their mistake.

I do not know how it was worded in your letter so I have no idea whether you are right or wrong or somewhere in the middle. Does it mention anything about the process or time frames? I have no idea how it was worded in my letter as I just skimmed through it, sat on it for a few weeks and then sorted it when I had some spare time.

w00519772

ACG wrote: »

The complaints process is that they have 4 weeks to respond or to send you a letter to advise they need more time to investigate. The 4 week time frame is not a deadline as such.

When they did actually make a mistake - despite it not actually affecting you, they gave you £100. So I think they have made up for their mistake.

I do not know how it was worded in your letter so I have no idea whether you are right or wrong or somewhere in the middle. Does it mention anything about the process or time frames? I have no idea how it was worded in my letter as I just skimmed through it, sat on it for a few weeks and then sorted it when I had some spare time.

The letter says they listened to a recorded call and acknowledged that they had given me the wrong information.

ACG

I meant the letter you get about your renewal.

If it says something like get in touch so we can your new deal posted out to you, then they have told you the process would not be instant. If they have just said get in touch so we can switch your deal, then you probably have a valid complaint.

w00519772

I have worked for my current employer for the last ten years. I am thinking of a job move over the next six months (possibly sooner). I was offered a job with a great employer in 2015, which I turned down and I am thinking about approaching them again.

Would a job move (to another city) ever sway a decision on what to do with a mortgage? I believe the answer is no because the mortgage is portable. Therefore I could buy a house in another city and sell my current house and port the mortgage.

Therefore I think that moving house has no bearing whatsoever on my decision. Is that right? (assuming that my credit rating does not change between now and then).

diggingdude

w00519772 wrote: »

My five year fixed rate mortgage is due to expire at the end of this month (well it has been 4 years and 8 months actually).

I called Bank of Ireland at the beginning of the month and they said let us know by the end of the month if you want to switch to another deal. I called them on Monday and I was told that the deadline to switch was Monday i.e. all the paper work must be returned by that date. I want to switch to their two year fixed.

I am told that I must move to the SVR at the end of the month, which is 4.74%! The fixed rate deal I want is 1.98%. Therefore I would pay an extra £144.90 PCM in interest next month based on these calculations:

((1.98/100)*63000)/12=£103.95
((4.74/100)*63000)/12=£248.85
248.85-103.95=£144.90

Is there anything I can do here. Is it normal to put a deadline like this for switching? I understand that they would have a problem if everyone applied to switch on the last day of the month, however they tell me that the switch process is simple as I am an existing customer i.e. no credit check needed etc. What can I do?

1) I have already said that I forgave them when I received a letter addressed to someone else last year with all their mortgage details (I did receive £100 compensation)
2) I have already said that I forgave them when they took three months to respond to my complaint for point one (they said in writing it would take up to one month). They apologised in writing for this.

Is there anything I can do here? Do I just put this down to a learning experience or can I realistically fight for the new rate to be applied at the beginning of next month? Perhaps I could ask to start on the 4.74% and then backdate once the application completes?

Has this happened to anyone else? If so, then what happened for you? Thanks.

Just think of that compensation as an offset of the extra interest you need to pay.

w00519772

Would a job move (to another city) ever sway a decision on what to do with a mortgage? I believe the answer is no because the mortgage is portable.

ACG

w00519772 wrote: »

Would a job move (to another city) ever sway a decision on what to do with a mortgage? I believe the answer is no because the mortgage is portable.

You have to apply to port the mortgage, that means new payslips, credit check, bank statements, criteria check and affordability check.