BOI existing customer, can’t avail of new customer rates

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Janeymcjaneface

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Our current mortgage is with BOI, part on tracker and part on fixed rate and we are looking to fix the lot at a reasonable rate. We applied with Avant first but the rates were increased and the best available rate is now with BOI but only for new customers. It seems absolutely bizarre to me that BOI would rather lose us as customers (along with thousands of euro in interest) than switch us to the new customer rate but our broker is telling us they won’t budge. So I’m just checking whether anyone can confirm that our broker is correct before we move to Haven/AIB. Just seems like complete nonsense!
 
I think they are hoping people will find it too much hassle to switch. I switched to AIB from BofI recently, for the same reason.
 
Janeymcjaneface said:
Our current mortgage is with BOI, part on tracker and part on fixed rate and we are looking to fix the lot at a reasonable rate. We applied with Avant first but the rates were increased and the best available rate is now with BOI but only for new customers. It seems absolutely bizarre to me that BOI would rather lose us as customers (along with thousands of euro in interest) than switch us to the new customer rate but our broker is telling us they won’t budge. So I’m just checking whether anyone can confirm that our broker is correct before we move to Haven/AIB. Just seems like complete nonsense!
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Consider posting your mortgage details in the switcher thread (in the format shown in the first post). I'll estimate the savings you would make from switching to different BOI rates (or to another lender if you want to go that route).
 
Hi Janey

I have been campaigning on this issue for some time, but to no avail.

The Central Bank says that as long as the banks provide you with all the information, then they are complying with their regulatory requirements.

But it's much worse than you describe.

The people who fall for Bank of Ireland's new business rates, do not realise that when their fixed rates end, they will then be existing customers and will pay the existing customer rates.

Interestingly enough, the CCPC raised this issue yesterday, but I doubt if anyone will do anything about it:


The Central Bank should also consider the differentials between offers made to new and existing customers and their appropriateness or otherwise.
 
Janeymcjaneface said:
We applied with Avant first but the rates were increased and the best available rate is now with BOI but only for new customers.
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I have a BoI mortgage which has been on successive one- and two-year fixed rates for a few years.

I've tried three times to negotiate a better rate than advertised by calling them up. For sure once they refused me, the second time I got 10bps and I think the third time I got 10bps as well.
 
Same boat. BOI was the best (and probably only choice) when We got out mortgage 5 years ago. When the fixed rate came to an end, they wouldn't offer a decent rate so we moved to Avant.
 
NoRegretsCoyote said:
I've tried three times to negotiate a better rate than advertised by calling them up. For sure once they refused me, the second time I got 10bps and I think the third time I got 10bps as well.
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Just for anyone else who is reading, 10bps is 0.1%. Better than nothing but way less of a saving than you would usually make from switching to another lender.

In any case, it seems that Bank of Ireland stopped offering these 0.1% rate reductions about a month ago.
 
Paul F said:
Just for anyone else who is reading, 10bps is 0.1%. Better than nothing but way less of a saving than you would usually make from switching to another lender.

In any case, it seems that Bank of Ireland stopped offering these 0.1% rate reductions about a month ago.
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Thanks!
 
This is why I’m reluctant to go with BOI 1.90% as when the 4 years is up I will need to switch again. Our application has been with Haven since May and still nothing from them. Broker said they’re not taking calls and any queries should be I. Writing with a 10 day response time. We got our mortgage application much quicker 4 years ago.
 
MsCutha said:
This is why I’m reluctant to go with BOI 1.90% as when the 4 years is up I will need to switch again. Our application has been with Haven since May and still nothing from them. Broker said they’re not taking calls and any queries should be I. Writing with a 10 day response time. We got our mortgage application much quicker 4 years ago.
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That's dreadful. At this point you might want to consider re-fixing with Ulster Bank (which is quick to do) or starting the switch to another lender (which you can abandon if Haven give you a realistic ETA for drawdown).
 
MsCutha said:
This is why I’m reluctant to go with BOI 1.90% as when the 4 years is up I will need to switch again. Our application has been with Haven since May and still nothing from them. Broker said they’re not taking calls and any queries should be I. Writing with a 10 day response time. We got our mortgage application much quicker 4 years ago.
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Yeah it’s Haven that has the best option for us too but hard to know if we will get the new offer before rates go up again..
 
Paul F said:
That's dreadful. At this point you might want to consider re-fixing with Ulster Bank (which is quick to do) or starting the switch to another lender (which you can abandon if Haven give you a realistic ETA for drawdown).
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Our broker started a new application with BOI early July so hoping to hear back from them latest next week. BOI 1.9% is for LTV 61-80% and we’re at 61%. I am so disappointed with Haven, wish I had gone with AIB but I can’t bear the thought of starting all over again.
 
MsCutha said:
Our broker started a new application with BOI early July so hoping to hear back from them latest next week. BOI 1.9% is for LTV 61-80% and we’re at 61%. I am so disappointed with Haven, wish I had gone with AIB but I can’t bear the thought of starting all over again.
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I found AIB’s mortgage portal so easy to use. Only for my own error regarding life assurance, we would have had it over the line very quickly.
 
MsCutha said:
Our broker started a new application with BOI early July so hoping to hear back from them latest next week. BOI 1.9% is for LTV 61-80% and we’re at 61%. I am so disappointed with Haven, wish I had gone with AIB but I can’t bear the thought of starting all over again.
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redwellies said:
I found AIB’s mortgage portal so easy to use. Only for my own error regarding life assurance, we would have had it over the line very quickly.
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@redwellies While I agree that AIB's "My Mortgage" online portal is very good, I and others found the switching process very slow (3 months or more). When did you start the process and how long did it take (start to finish)?

Time to switch is an important consideration for anybody (including @Janeymcjaneface) who is trying to decide whether to stay with their current lender or to switch, since interest rates are about to rise very soon.

@Janeymcjaneface Consider posting your mortgage details in the switcher thread (in the format shown in the first post). I'll estimate the savings you would make from switching to different BOI rates (or to another lender if you want to go that route).
 
Has anybody tried to play bluff with BOI for a rate reduction for existing customers. I'm going to ring them today telling i have green light from AIB I will be phoning my solicitor to proceed with switch unless they can do anything with my rate.
 
I got a 0.3% discount from BOI in March 2022 (2.9% to 2.6%). They are no longer doing this, as I recently broke out and fixed for 5 years at 3.0%.

What are new customer rates? If I look on the website, I was offered the same rate as a new customer. Is this because the rate is theoretically lower due to cashback offer for new customers?

My only frustration is that they wouldn't switch me to a HVM which has lower rates.
 
Dublinbay12 said:
I got a 0.3% discount from BOI in March 2022 (2.9% to 2.6%). T
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That's big...was it on the one year? In January 2022 I got them down from the advertised 3.0% to 2.9% but they wouldn't go further.

My guess is that if it's impossible to negotiate the advertised rate then it's a sign that margins are tighter and advertised rates are more likely to rise in the near term.

Dublinbay12 said:
They are no longer doing this, as I recently broke out and fixed for 5 years at 3.0%.
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I'm tempted to do same but will leave it be. My baseline assumption is that rates will rise but there is recession in 2023 and/or energy price increases unwind then I think policy rates could fall back again.
 
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