"bring your Bank of Ireland fixed rate with you" – any experience of this mortgage feature?

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Paul F

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I spotted the following on this Bank of Ireland webpage (and also here, in the T&Cs):
  • Movers: You can bring your Bank of Ireland fixed rate with you to your new mortgage loan without penalty subject to drawing down your new mortgage within 6 months of redeeming your old Bank of Ireland mortgage.
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But when I click the link for more details, I don't find any.

Does anyone have any more info on this mortgage feature? Is it available to all BOI customers who are on fixed rates, or only to those who took out a mortgage between certain dates?
 
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Bumping this thread to see if anybody here has any info on this mortgage feature. Do BOI mortgage contracts mention it?
 
Bump as interested in this. Wondering if it applies if we top up our mortgage when we move. Or would we avail of this odder for the outstanding balance on existing mortgage and fix the rest at the prevailing rate? I'm going to call them tomorrow to ask about it as we have an existing loan and a loan offer for an amount 70k more.
 
finny said:
for the outstanding balance on existing mortgage and fix the rest at the prevailing rate?
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This. You've 6 months to do it, you keep rate on the balance you had for what's left of the fixed term. Any extra is at new lending rates.

When you talk to them, confirm if the extra 70k is eligible for cash back offer.
 
Am still unclear about this. Can you only retain the rate if you move within six months of fixing? What does "redeeming" mean in the context?

More concretely: I fixed about €200k with BoI in late 2022 for five years and may wish to move house (new mortgage maybe €150k extra ). Can I keep the 3% on the €200k until late 2027 and borrow another the €150k at whatever the prevailing rate is?
 
NoRegretsCoyote said:
Am still unclear about this. Can you only retain the rate if you move within six months of fixing? What does "redeeming" mean in the context?

More concretely: I fixed about €200k with BoI in late 2022 for five years and may wish to move house (new mortgage maybe €150k extra ). Can I keep the 3% on the €200k until late 2027 and borrow another the €150k at whatever the prevailing rate is?
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Re reading your q. You have to draw down again within 6 months of repaying your mortgage. So, you sell and redeem your mortgage, find another property and draw down again within 6 months. You should be able to keep the 3% on the balance of the existing mortgage. Though I'll be calling them tomorrow and will report back. Kinda annoyed my broker didn't tell me about this!!!
 
RedOnion said:
This. You've 6 months to do it, you keep rate on the balance you had for what's left of the fixed term. Any extra is at new lending rates.

When you talk to them, confirm if the extra 70k is eligible for cash back offer.
Click to expand...
So, basically no harm in us fixing again for a few years (it's due to expire on 26th of this month) as we're likely to sell in the next year and will defo go with BOI again as they give us the max mortgage amount vs other lenders. I randomly came across the mover option this morning on their site- so glad i checked as we have a loan offer from them for a whole new mortgage right now but hit an issue with the our purchase so it may be delayed and likely we'll lose our purchaser. I was fretting over whether to fix or not. My broker didn't mention this option at all. Any downside to this?
 
@finny
Double check it directly with BoI.
The downside is going through a broker; they get paid commission as a percentage of your drawdown. They'll only get commission on the full amount if it's a new mortgage, so they've no interest in any of these mover products.
 
RedOnion said:
@finny
Double check it directly with BoI.
The downside is going through a broker; they get paid commission as a percentage of your drawdown. They'll only get commission on the full amount if it's a new mortgage, so they've no interest in any of these mover products.
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Thanks I'm calling them myself today. I totally get it re the broker and was thinking the same yesterday evening.
 
Spoke to BOI this morning:
  • Confirmed they will 'port' the interest rate to a new property if we redeem and draw down within 6 months
  • The mortgage offer can't be speculative, needs to relate to a specific property
  • The cashback will apply to the FULL amount of the mortgage - not just the difference between the balance of existing mortgage and the higher amount we'd like to borrow
  • Confirmed the balance over the existing loan would be at a variable rate at the time or we can fix at that balance at rates available at the time
  • Need to make a fresh mortgage application to be assessed (even though we have the existing loan offer for the new mortgage, we need to apply again)
  • Edit to add: they will refind any break fee if it is applied.
  • Also confirmed on their recorded messages that anyone who has a letter from them relating to a rate expiring soon and offering to fix again which was issued prior to the announced increase of rates at 10am on 31/3, BOI will honor the rate on that letter if you reply by the deadline date on that letter.
This means we will fix now and save 1%, get another mortgage application in the system with them and get cashback on the full amount if we port the mortgage.
 
NoRegretsCoyote said:
That's quite a deal.

I have €200k fixed for another 4.5 years at 3.0% with BoI and the rate on their website is now at 4.0%.

I'll probably trade up in 2024 and will let you know if the let me borrow another €150k on top at 3.0% for the outstanding loan balance.
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They said the existing rate will only apply to the existing balance, not the top up - see my note above. We will be seeking 70k more and that will be at the existing rate at application/drawdown.
 
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