Switch now or wait for the review in September

todo

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Hi All,
I'm genuinely in two minds about wether to switch now or wait to see if Michael Noonan does anything for us in September.

I think I could get my LTV down to 60% depending on a valuation.

Currently paying 4.35% with BOI.

What would you do?
 
The Government position seems to be that the banks 'have moved' on this issue and it would seem unlikely that anything is going to be done on it after the summer break. Are you thinking it would be a budgetary adjustment?
 
Hi All,
I'm genuinely in two minds about wether to switch now or wait to see if Michael Noonan does anything for us in September.

I think I could get my LTV down to 60% depending on a valuation.

Currently paying 4.35% with BOI.

What would you do?

I'd start the switching process now (assuming you don't want to move to a fixed rate with BOI).

It took another poster four months to complete his switch to KBC - it won't happen overnight!
 
The Government position seems to be that the banks 'have moved' on this issue and it would seem unlikely that anything is going to be done on it after the summer break. Are you thinking it would be a budgetary adjustment?
I was hoping the government might grow a back bone, and get them all to give a fair variable rate, with none of these fixed rate gimmicks.
 
I'd start the switching process now (assuming you don't want to move to a fixed rate with BOI).

It took another poster four months to complete his switch to KBC - it won't happen overnight!
Yes very good point, no time to lose then. Now to just select the right lender.
 
Bank of Ireland is cutting variable rates for existing customers who threaten to
move.

BoI cut my SVR when I told them I was moving to KBC

So the first thing you should do is to tell them you are moving and see what happens. That should only be a phone call.

And, of course, you can still switch if it's still worthwhile.

I have already called them, told that I wanted a better variable rate and that I would be moving all my business elsewhere, they told me they currently don't lower the variable rate for existing customers and that there are a bunch of fixed rate options. I told them I was not interested in fixing.

They then sent me out a mortgage amendment form so that I could sign up for a new fixed rate.

I never asked them to send this out, I wonder how many people they will trick into fixing with this approach.

But its a good insight into how Bank of Ireland works, they treat there existing customers disgracefully, it must truly be a horrible position to be in, if you had to be at there mercy without the option of switching to another lender.

Its just so sneaky you have to threaten them with moving to another lender in order to get a lower svr and they then get to cherry pick who they will give it to.
 
Hi todo

Don't give up. Get loan approval from another lender and send it into them.

Maybe even ask your solicitor to take up the deeds of the house.

Brendan
 
Todo, I am in a similar position - long story short, I've just come out at the end of fixed my rate period with BOI.

The increase in house prices - together with a large extension added to original house (since the original valuation and associated LTV rate were calculated), they advised me to pay for a valutaion with one of 'their valuers' in order to get a new LTV rate.

Concious of the fact that their LTV rates were higher than ULB - I opted to switch to ULB who will not only cover the cost of the Legal Fees but also pay for the valuation. I'm well into the switching process now and have to say it has been seamless.

Good luck,

Brendan
 
Has anybody tried contacting Danske/Pepper to see if they could match another bank's offer?
I am currently on fixed rate with them and won't be on variable rate til January next year, but I would be interested in seeing if they would make any kind of offer. Find it hard to believe they would let good customers go.
 
I called BOI the other day threatening to switch. I'm playing 4.25 % variable. I have around a 70% LTV .

She tried offering me a switch to a fixed rate. Told her I wasn't interested . I then said I had a KBC approval at 3.6 if I moved my account. I said I had no problem leaving them and I would close my account current a/c and my wife's if they do not reduce our rate.

She took my mob number and told me she would pass this information on and I should hear back in 10 days.
 
I called BOI the other day threatening to switch. I'm playing 4.25 % variable. I have around a 70% LTV .

She tried offering me a switch to a fixed rate. Told her I wasn't interested . I then said I had a KBC approval at 3.6 if I moved my account. I said I had no problem leaving them and I would close my account current a/c and my wife's if they do not reduce our rate.

She took my mob number and told me she would pass this information on and I should hear back in 10 days.

Please do keep us up to date on wether they get back to you or not.
 
Well I am in negative equity and would give anything to be in your position to move.
Please pleasse ring around different banks and please get some competition out there.I am with ptsb and with their new rates I will go from 4.5 to 4.3%.
 
I just rang boi and told them I'd move to KBC and got the same line, we'll get back to you in 8-10 working days. Sure we'll see what they come back with.
 
I called BOI the other day threatening to switch. I'm playing 4.25 % variable. I have around a 70% LTV .

She tried offering me a switch to a fixed rate. Told her I wasn't interested . I then said I had a KBC approval at 3.6 if I moved my account. I said I had no problem leaving them and I would close my account current a/c and my wife's if they do not reduce our rate.

She took my mob number and told me she would pass this information on and I should hear back in 10 days.

Please do keep us up to date on wether they get back to you or not.

So I got a return call today. They won't reduce my SVR . They came back with an offer of 3.6 fixed for two or 3 years . It's just like the letter they sent out.
 
So I got a return call today. They won't reduce my SVR . They came back with an offer of 3.6 fixed for two or 3 years . It's just like the letter they sent out.

Zane99 thanks for letting us know, I think its time to switch, this is unacceptable from Bank of Ireland.
 
I haven't seen any recent reports of BOI reducing SVRs when notified of a borrower's intention to refinance with another lender. I wonder has there been a change of policy?
 
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