BOI possible switch

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

  1. RedOnion

    RedOnion Frequent Poster

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    You'll save roughly 1% of the balance over the 5 years.
     
  2. random10

    random10 Registered User

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    Thanks so much for that
     
  3. RedOnion

    RedOnion Frequent Poster

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    random10 likes this.
  4. cannco253

    cannco253 Registered User

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    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.
     
  5. Fire away

    Fire away Registered User

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    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
     
  6. RedOnion

    RedOnion Frequent Poster

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    3.3%? Their SVR is 4.5%.
     
  7. cannco253

    cannco253 Registered User

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    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
     
  8. Fire away

    Fire away Registered User

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    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"
     
  9. Fire away

    Fire away Registered User

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    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.
     
  10. bdecuc

    bdecuc Registered User

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    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...
     
  11. Itchy

    Itchy Frequent Poster

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    Or you could get the cashback and then switch to UB?
     
  12. Fire away

    Fire away Registered User

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    Yes I was thinking about that once cashback money was in my account. I wonder would BOI drop rate then?