Discussion in 'The Switchers' Forum' started by Zane99, 3 Jul 2018.
You'll save roughly 1% of the balance over the 5 years.
Thanks so much for that
I meant to include a link. Take a look here: https://www.askaboutmoney.com/threa...ts-worth-breaking-out-of-a-fixed-rate.208964/
BOI just offered me 2.8% fixed 1yr as noted above and also lowered their variable rate from 3.5 to 3.3%. Wouldn’t go below 2.8% so might go back to them again on it.
In the middle of switch to BOI my loan offer is 3k higher than my redemption value so the surplus 3k my solicitor write a cheque for 3k. Ideally I would want loan offer and redemption value to be same but looks like it's not possible. Anybody any experience on this? Can I change amount of loan offer once original is signed
3.3%? Their SVR is 4.5%.
It is on the website but I’ve been on 3.5% variable for at least a year (just asked for it to be reviewed). Suits my situation at the moment
Quick question to the people who have been offered 2.8% fixed rate. What was ur balance range. My switch balance was 250k and I tried to haggle to get 2.8% rate however they said basically balance was to low and even with cash back they were more competitive than Ulster Bank 2.3% rate. (I haven't done the maths yet). Sounds like they only offer 2.8% to bigger mortgages? Also this was only correspondents with mortgage advisor and he was only feeding info back from BOI pricing unit team. He said I could ring pricing directly and try myself. He's exact words were "I don't want to make you feel bad but they don't care as mortgage was so small"
I think BOI are correct if I switch to Ulster bank 2.3% I'm up 104 plus 1,500 legal fees paid. If i go with BOI cashback it is worth 5k upfront and 2.5k after 5 years.
The Ulster Bank 2.3% is for 2 years. So a comparison over 2 years would be (seems to me):
UB €250,000 * 0.023 * 2yrs = €11,500 interest and then minus cashback of €1,500 is €10,000. So 'costs' that much.
BOI €250,000 * 0.03 * 2yrs = €15,000 interest and then minus cashback of €5,000 (2% of 250k) is €10,000.
Ok you have the extra cashback of €2,500 after 5 years with BoI but it's difficult to know what the interest rates will be for any of the banks over that longer period...
Or you could get the cashback and then switch to UB?
Yes I was thinking about that once cashback money was in my account. I wonder would BOI drop rate then?
Thanks to all!
From the information here I switched to BOI 2.8% fixed from 3.25% fixed for the price of a phonecall and breakage fee of circa €170.
While I was looking at rate options there was an option on BOI site to just ask for a rate offer, I did this and they have emailed me a docusign offer to move rate to 3% on any number of years. Assuming a small break fee for .45 drop. . I’m thinking of just moving to the 1 year 3% for now, while I look at options. We are currently almost 2 years into a 3 year 3.45 fixed rate with them so it’s a significant enough saving on its own, although nothing like the Ulster bank offer.
Why not apply to EBS for 1 yr fixed @3% plus 2% cashback?
Does anyone know if boi allows you to borrow to age 70 on a switcher?
I spoke to a BOI advisor today and they confirmed they lend to age 70 so the max term they will do is max(70 - oldest age if joint app, 35).
However I didn't ask them if they limit the term to be the same as the mortgage that's being switched if that is lower than what you would like to take out with them.
You can extend the term on the switch
Christ man, how many threads have you posted this in???? I've opened three threads and you have copied and pasted this in each of them.
Separate names with a comma.