Info for switching mortgage lender

steamjetjoe

Hi all,

I am going to be making a few calls next week to see if I can get a better deal on my mortgage. I was just wondering what information the various different lenders might look for
1. What I earn & partner earns
2. Whats left outstanding on my current mortgage etc etc.

Anything else I should have on hand whilst making the phone calls???

Thanks

steamjetjoe

Also, I read that some banks are not passing on the rate cuts to new customers. So for example, if I switched lender today and there was another rate cut next monday, could I assume I wouldnt get that rate cut???

No1XtinaFan

Most of the banks are passing the cuts on, they are not obliged to-only if you are on a tracker which I don't think anyone is offering anymore.
They usually pass them on in the following month.

They would also want to know if you had any other loans apart form the current mortgage.

steamjetjoe

Thanks for reply.

dotsman

steamjetjoe wrote: »

Also, I read that some banks are not passing on the rate cuts to new customers. So for example, if I switched lender today and there was another rate cut next monday, could I assume I wouldnt get that rate cut???

The rate you are offered is the rate you are offered. No one is entitled to the rate cuts on a Variable mortgage (some banks are still passing it on). If you are on a variable rate and you are offered a better variable rate, then you are better off. Have a look over the last few weeks to see what banks have been passing the rate cuts on to Variable rate customers (and avoid those that aren't!)

steamjetjoe

Yes, I believe AIB are dropping their rate to around 4.5% at midnight tonight