Calls for Bank of Ireland customers to remortgage
Mortgage intermediaries are encouraging Bank of Ireland standard variable rate (SVR) customers to consider remortgaging with a new mortgage provider.
Nationwide acquired part of the bank’s UK residential mortgage book in October. As a result, 14,000 customers may face higher repayments when their mortgages are transferred to Nationwide subsidiary The Mortgage Works next month.
Customers on the Bank of Ireland’s SVR are currently charged 2.99% compared with The Mortgage Works’ 4.79% standard rate.
Although Nationwide says Bank of Ireland customers will stay on the existing rate for now, it retains the right to amend the SVR in the future.
Lentune Mortgage Consultancy director Stuart Gregory told Money Marketing: “Bank of Ireland borrowers on an SVR should start to look elsewhere. My main concern is that people do not get any nasty surprises.”
NatWest Intermediary Solutions has cut the rates on a number of its fixed-rate purchase and…Read more »
National Counties has reduced the completion fee on its ten-year, fixed-rate remortgage to £495.…Read more »
The number of remortgage approvals fell in November to 31,154, falling below the previous six-month…Read more »
