BoI will do deals on the fixed rates and on break fees

C

Clonback

Registered User
Messages
418
I got a BOI fixed 5y rate of 2.8% on 14th June,2018
250k balance
LTV : 20% ----------------No Risk with clear credit record.
Break fee quoted 1305-----------Is this correct Red Onion?

The have offered me a 2y fixed rate of 2.7% which makes no sense.So I told them I would leave after being with them for 40 years.Going to look at it again but not hopeful.

I would appreciate any views.
 
@Clonback
1305/250000/5 = 0.1% per annum

It's quite likely 5 year rate moved this much depending on date you fixed. There's been some slight downward movement since May with more certainty around Italy, and confirmation about ECB rate plans for next 12 months.
 
RedOnion said:
@Clonback
1305/250000/5 = 0.1% per annum

It's quite likely 5 year rate moved this much depending on date you fixed. There's been some slight downward movement since May with more certainty around Italy, and confirmation about ECB rate plans for next 12 months.
Click to expand...
I fixed on 14th June,2018 so just wondering did rates drop 0.1% during the last month.
 
Clonback said:
I fixed on 14th June,2018 so just wondering did rates drop 0.1% during the last month.
Click to expand...
Yes, they did. Starting around the 18th unfortunately.

Edit: I don't pay much attention to rate movements, so I had to check the real reason why.
Seemingly the escalation in trade war between US / China led to a lot of money being moved into 'safe' bonds from 18th June, putting downward pressure on interest rates.
 
Last edited:
Clonback said:
I got a BOI fixed 5y rate of 2.8% on 14th June,2018
250k balance
LTV : 20% ----------------No Risk with clear credit record.
Break fee quoted 1305-----------Is this correct Red Onion?

The have offered me a 2y fixed rate of 2.7% which makes no sense.So I told them I would leave after being with them for 40 years.Going to look at it again but not hopeful.

I would appreciate any views.
Click to expand...

BOI have reverted offering a 5 year fixed at 2.7% and NO break fee.Definately a change of attitude on break costs.
 
Just about to drawdown and switch to BOI. Have mentioned that i have been advised that people are getting 2.8% and the BOI advisor is playing dumb. I will be getting 2% cash back and €500 corporate switch and 1% cash back after 5 years. Is 2.8% only available for existing customers without a cash back?
 
Fire away said:
Just about to drawdown and switch to BOI. Have mentioned that i have been advised that people are getting 2.8% and the BOI advisor is playing dumb. I will be getting 2% cash back and €500 corporate switch and 1% cash back after 5 years. Is 2.8% only available for existing customers without a cash back?
Click to expand...

I got BOI cashback and the 2.8% rate, broke out of the initial 3% fixed a few months into mortgage and re-fixed at 2.8%.
 
My company (foreign investment bank) have some kind of deal with BOI where if u open a current account or mortgage account they lodge 500 quid welcome cash
 
Can I ask about fixed rate breakage fees, does this seem right. From reading other posts people who fixed recently enough seem to have no or little breakage fees. I fixed in Jan for five years with BOI @3%. We have 26 years left on mortgage of 227K. When I rang on Tues was told the breakage fee would be approx 1,800 and rang today and was told it would be 2,800 approx. I know there's daily fluctuations but do those figures seem high I haven't a clue
 
You fixed at 5 years, but my understanding is now you've more than 6 months gone they'll use the 4 year rate to calculate breakage.
There's a difference between the 5 year rate from January and the 4 rate now.

Your numbers:
2800/4.5years/227k = 0.27% difference annualised.
Looks a little high, but I don't have access to deposit rates to check. The 1800 would have sounded closer to what I'd expect.
 
I switched to BOI at 3% Fixed during the summer and availed of the cashback. I rang BOI recently to ask about a reduced fixed rate and wad told I could break for 85 euros and get 2.8%. Forms arrived today giving option of 1 to 5 years at 2.8%. every little helps but was suprised at how easy it was. i guess they know i could break and move to another bank and get a new cashback deal. the hassle of it is the issue
 
You must log in or register to reply here.
Back
Top