Switching - Worth trying to get your existing lender to cut rate first

Doorpep

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See attached excerpt from a post in the past 24 hours on a great FB group.

Users have confirmed that calling into their bank and asking for a better mortgage rate has in some cases resulted in a successful reduction.

Obviously may not work for everyone, but it is definitely worth the phonecall!
 

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BOI would not entertain you if you ask them about lowering their variable rate. They will try to talk you into a fixed rate. At least that my recent experience with them.
 
Looking at the thread, another user today posted success with BOI also. But yes, this one looked to be moving from a variable rate to a fixed.

Nonetheless, due to personal circumstances or otherwise - if someone is happy to fix as opposed to switching providers, they can at least potentially make some saving by calling the bank to query the options available to them.
 

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BOI would not entertain you if you ask them about lowering their variable rate. They will try to talk you into a fixed rate. At least that my recent experience with them.

There is another thread on this here already. No one should be on a variable rate with BOI. They should switch if they are in a position to do so, and fix otherwise. The lowest variable rate BOI have (to my knowledge) is 3.9%. This is not competitive in any way.

Motto for BOI customers - switch or fix !
 
There is another thread on this here already. No one should be on a variable rate with BOI. They should switch if they are in a position to do so, and fix otherwise. The lowest variable rate BOI have (to my knowledge) is 3.9%. This is not competitive in any way.

Motto for BOI customers - switch or fix !

I switched today to AIB after being fixed to BOI few years. I found the switch process smooth. 5 weeks and they transferred me the 2k today already!
 
Hi Doorpep


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They did not get a 2% reduction. The max reduction they got was from 4.25% to 3%. So 1.25%.

But your overall point is correct. Customers of KBC , ptsb and UB can get a lower rate through a new valuation.

Customers of BoI can get a lower rate through fixing. But they can also threaten to switch and they might get a lower variable rate.

Brendan
 
I switched today to AIB after being fixed to BOI few years. I found the switch process smooth. 5 weeks and they transferred me the 2k today already!

Well done you on the switch. It's a pity more people didn't do so. Can you outline the switching process and how smooth it was for posters on here please.
 
Hi Doorpep


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They did not get a 2% reduction. The max reduction they got was from 4.25% to 3%. So 1.25%.

But your overall point is correct. Customers of KBC , ptsb and UB can get a lower rate through a new valuation.

Customers of BoI can get a lower rate through fixing. But they can also threaten to switch and they might get a lower variable rate.

Brendan

In approaching UB for a rate reduction (my LTV has just reached 80% and my current rate is 4.5%) should I phone or send letter for best chance of success?
 
justo, I change rates with UB over a year ago.
You ring them and ask them to send you out a letter/sheet listing the rates they offer. They send this by post.
When you get it you get it you select the rate you want and post it back ** . I think their SVR on 60-80% LTV is 3.7%

** You will probably have to get a valuation done by one of their approved valuers (about €150) and have to send this back with the new rate request.
Ask them when you are speaking to them.
 
justo, I change rates with UB over a year ago.
You ring them and ask them to send you out a letter/sheet listing the rates they offer. They send this by post.
When you get it you get it you select the rate you want and post it back ** . I think their SVR on 60-80% LTV is 3.7%

** You will probably have to get a valuation done by one of their approved valuers (about €150) and have to send this back with the new rate request.
Ask them when you are speaking to them.

Thanks for this clarity and the details of your switch. I think I am borderline 80% LTV (about 10k out) so I will give it some thought. Houses in the area go for 260k. I owe 200k and 25k on a top up loan which UB call my sub account. Perhaps I could reduce the rate on the 200l which clearly falls within the 80% LTV.
 
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