BOI possible switch

Discussion in 'The Switchers' Forum' started by Zane99, Jul 3, 2018.

  1. Zane99

    Zane99 Registered User

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    I’m currently fixed with Boi until September 2019 @3%. I called them yesterday to ask the breakage fee and said I was think I’d switching to Ulster Banks 2.3%. I have a LTV of between 50-60%

    They quoted me €6 to break it.

    Got a call today offering 2.8%. I’m not taking that offer.

    Anybody is the same suituation?
     
  2. bluebell11

    bluebell11 Registered User

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    Not in the same situation but can I ask if you know why exactly it's so cheap to exit the fixed rate? Is this something that will change?

    I'm fixed at 3% for five years with BOI but I just got the mortgage so not looking to switch at the moment. I think the 2.3% works out similar to my deal when you factor in the 3% cashback.
     
  3. Clonback

    Clonback Frequent Poster

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    315
    Im a BOI customer and have recently changed from a fixed 3.1% to 2.8% which is readily available with a phonecall.
    The breakage fee was minimal but changes on a daily basis.See posts by RedOnion on this site who clearly explains breakage costs.
     
  4. cannco253

    cannco253 Registered User

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    Is the 2.8% for a one year fix or longer?
     
  5. Coldwarrior

    Coldwarrior Registered User

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    1, 3 or 5 years is what I was offered, also 10 years @ 3.2%
     
  6. Blackrock1

    Blackrock1 Frequent Poster

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    you already have 2% of the 3% cashback so if you switch now you are quids in right? as UB cover the legal fees
     
  7. Clonback

    Clonback Frequent Poster

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    Despite having fixed with BOI at 2.8% two weeks ago for 5 years I called them today as a result of Ulsters 2.3% and they are reviewing my rate again as they dont want to loose the business.
     
  8. Thomas

    Thomas Frequent Poster

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    I fixed for 5 years at 2.8% so would love to know if you get a better rate - keep us posted.
     
  9. Fire away

    Fire away Registered User

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    What is the best way to get the 2.8% rate as they don't advertise it. I'm in middle of switch between KBC to BOI and my solicitor is close to drawing down. Can i tell them I have offer from Ulster bank on table as well and and with cash back it makes better economics with Ulster bank unless they can move on the 3%. Is that to pushy?
     
  10. misemoi

    misemoi Frequent Poster

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    No such thing as being too pushy with the banks. If you don't ask you won't get! I found BOI were happy to drop rates to a point, and EBS didn't budge and were happy to lose us. Realistically there isn't enough switching going on for banks to have developed policies around interest rate negotiations.
     
  11. 2ndtimer

    2ndtimer Registered User

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    Did anyone have any luck improving their reduction offer from BOI? We are paying 3.2 fixed and have been offered the 2.8 for 1,3 or 5 years and 3% fixed for 10. Our LTV is 75%ish. We have yet to get our extra 1% back so don't feel the 2.3% for 2 years is a good enough deal to switch to Ulster just yet.
     
  12. Delboy

    Delboy Frequent Poster

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    Any word back from them?
     
  13. Clonback

    Clonback Frequent Poster

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    Reverted after 2 weeks offering 2.7% fixed for 2 years which is nonsense.They are now reconsidering before I leave BOI after many years.Also looking for 1300 break fee on borrowings of 250k with LTV 20%
     
  14. 2ndtimer

    2ndtimer Registered User

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    Yeah it seems BOI are happy to go to the 2.8% no problem but dig their heels in after that. I'm guessing with LTV at 75% we are probably doing ok to get the 2.8 for 5 years.

    Can they choose to waive the break fee? Since it's based on a specific formula I don't think there is wiggle room on the actual fee itself, regardless of LTV etc - but with such a good LTV you'd think they might offer to waive.
     
  15. Delboy

    Delboy Frequent Poster

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    I'm halfway through a 3yr fixed at 3% with BoI on part of my mortgage. When you see UB with 2.3%, an offer of 2.8% is not even worth ringing up to ask for.
    When the holliers are over, it'll be time to look into switching
     
  16. 2ndtimer

    2ndtimer Registered User

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    Unless you want a longer fixed term though for whatever reason? 2.3 sounds great but it's only for 2 years and I think lots of people want a longer term than that (we definitely do). So UB at 2.6 for 4 years isn't as attractive if cashback is factored in...
     
  17. Delboy

    Delboy Frequent Poster

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    2.3% for 2 years is a lot better than the 3% I'm on for the next 1.5yra
     
  18. Zane99

    Zane99 Registered User

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    What are Ulsterbank like to deal with tho?
     
  19. Society

    Society Frequent Poster

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    Asked bank of Ireland to give me 2.7% for 5 years and they would only give me 2.8%...was anyone successful in getting the rate down...so tempted to switch to ulster bank
     
  20. random10

    random10 Registered User

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    I just fixed earlier this year with BOI for 5 years @3%. We're happy to fix for the next few years with young children and high childcare costs. Anyway we have 26 years left with 227k left. So given people are getting offered 2.8% with BOI and other banks are offering lower interest rates I rang about breakage fees and was quoted 1,826. Does that sound good or bad? He said it varies daily and his advice is to ring three times so you get a general idea of where you stand. He referred me on so I assume I'll get a letter offering 2.8%. Is there a calculator where I can work out 3% vs 2.8% so I can figure out if I'll be saving any money over the five years?