Brendan Burgess
Founder
- Messages
- 52,118
If they offer you a better rate 2.8% during term of mortgage does that impact the 1% cashback after 5 years?
Switched to BOI last month for the 3% cashback@ rate of 3% fixed for 5 years. They wouldn't play ball at the time on the rate. I got cashback into my account this week so rang them today for break fee which was zero. They rang me back 20 mins later with offer of 2.8% or 3.2% over 10 years.
Who are you ringing in BoI to get those reduced rates...HQ or local branch?
Switched to BOI last month for the 3% cashback@ rate of 3% fixed for 5 years. They wouldn't play ball at the time on the rate. I got cashback into my account this week so rang them today for break fee which was zero. They rang me back 20 mins later with offer of 2.8% or 3.2% over 10 years.
Thanks for the above Coldwarrior, I rang the number you provided just before Christmas and received a letter on Christmas Eve offering the 2.8% for up to 5 years and the 3.2% for 10. We only drew down the mortgage 2 months ago @ 3% for 1 year and they're quoting 34euro break fee so sounds like a good deal. From what other posters have said above I might give them another call and see if they'd be willing to waive the break fee.Ring their mortgage line in HQ (016113333) and say you're thinking of switching and ask for the full redemption value. They'll very likely ask is there anything they can do to keep you and ring you back in a few hours with reduced rate options. If you're on a fixed rate currently be sure to ask them for the breakage fee and factor that into weather you'd save money or not.
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