Bank of Ireland has cut some rates

[Protocol]

BoI have cut some rates today.

Bank of Ireland defies expectations with mortgage rate cuts

BANK of Ireland is cutting some of its mortgage rates, in a move that defies market expectations.

www.independent.ie

Although Charlie Weston writes that the trend is expected to be upwards:

After years of cuts, mortgage rates now on the way up

The warning signs have been there for a while that mortgage lending rates were about to rise. Central banks around the world, including the European Central Bank, have been indicating that they will increase their key lending rates for banks.

www.independent.ie

 

[Brendan Burgess]

Mortgage rates are still way too high in Ireland, so there is scope for the ECB rates to rise, but for Irish mortgage rates to fall.

Brendan

 

[nest egg]

Mortgage rates are still way too high in Ireland, so there is scope for the ECB rates to rise, but for Irish mortgage rates to fall.

Brendan

Scope, but competition?

 

[Brendan Burgess]

I suspect that BoI is trying to fool the Competition Authority who is currently considering its takeover of KBC's mortgage book.

Brendan

 

[TC2015]

Are these rates available to existing customers who are coming to the end of a fixed rate with BOI?

 

[Paul F]

Are these rates available to existing customers who are coming to the end of a fixed rate with BOI?

None of the "high value" (>€250k) or green mortgages are available to existing BOI customers.

Consider posting your mortgage details in the switcher thread to learn your best options.

 

[keensaver]

None of the "high value" (>€250k) or green mortgages are available to existing BOI customers.

Consider posting your mortgage details in the switcher thread to learn your best options.

I take it there doesn't seem to be any way to get both the 1.9% green high-value rate and 2% cashback so? Similar to the possible Haven strategy here.

 

[Paul F]

I take it there doesn't seem to be any way to get both the 1.9% green high-value rate and 2% cashback so? Similar to the possible Haven strategy here.

No, BOI don't give any cashback with their green rates or high-value mortgages, and existing customers can't switch to those products, so the "double switch" is not an option.

Edit: it seems that non-BOI customers do in fact get cashback when they switch to a BOI green rate provided that it is not also a high-value (>€250k) mortgage.

There is a strategy similar to the Haven one with EBS (see @Brendan Burgess's third post in this thread), but it is higher risk in the sense that you will be stuck on a 2.9% rate if they don't allow the second switch.