BoI will give you a cheaper rate than the quoted rate if you ask

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NoRegretsCoyote

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All it takes is a phone call to their bank and they could reduce this rate to 2.9% which would save them €3,200 a year – enough in one year to pay their bank charges for 30 years.
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In fact it's more like 2.8%! I called Bank of Ireland a few weeks back and they will give a 0.1pp reduction on all rates on request. Maybe more if you threaten to switch.

That request will save most people more than they pay in bank charges.
 
NoRegretsCoyote said:
In fact it's more like 2.8%! I called Bank of Ireland a few weeks back and they will give a 0.1pp reduction on all rates on request. Maybe more if you threaten to switch.

That request will save most people more than they pay in bank charges.
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Would PTSB do the same??
 
NoRegretsCoyote said:
In fact it's more like 2.8%! I called Bank of Ireland a few weeks back and they will give a 0.1pp reduction on all rates on request. Maybe more if you threaten to switch.

That request will save most people more than they pay in bank charges.
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While it was certainly worth the phonecall, my guess is that you'd get a notably cheaper rate if you moved lender. I know in most cases, the borrower would, but appreciate that we don't know your specifics etc.
 
MrEarl said:
While it was certainly worth the phonecall, my guess is that you'd get a notably cheaper rate of you moved lender.
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I agree, BoI are very expensive but for various reasons I can't switch.

Interest% said:
Would PTSB do the same??
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All you can do is ask! BoI gave me a reduction two years ago (no more than 0.1pp though then either). It could be specific to BoI as they are very expensive across all rates though.
 
Interest% said:
Would PTSB do the same??
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Why not phone and ask?

Do a little research first, know that rate you are on, and what's on offer from other lenders - and most importantly, be prepared to move lender for that better rate (assuming you can get credit approval)
 
Hi, Thanks.
I assumed that when you ring them they wont tell you what your entitled to as they are all about profit.
I am going to go on one of the comparison now and get a break down.
Thanks Mr. Earl
 
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Interest% said:
I assumed that when you ring them they wont tell you what your entitled to as they are all about profit.
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When you are coming to the end of your fixed-rate term they will send you options to fix again (or go on the variable).

You can ask them for a better offer.
 
NoRegretsCoyote said:
When you are coming to the end of your fixed-rate term they will send you options to fix again (or go on the variable).

You can ask them for a better offer.
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Hi, i dont want to wait until the end of the fixed rate because i might not be able to switch providers as circumstances will hopefully have changed. Planning to start a family.
 
Get a quote to break out of your fixed rate now (most likely, with another lender) - and see if you can switch to a better rate. You may well save a lot of money, despite the cost of breaking out of the fixed rate early.
 
NoRegretsCoyote said:
In fact it's more like 2.8%! I called Bank of Ireland a few weeks back and they will give a 0.1pp reduction on all rates on request. Maybe more if you threaten to switch.

That request will save most people more than they pay in bank charges.
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I can confirm that I told BOI I was switching and they didn't offer any additional rate reduction than they had already offered (0.1% reduction).
 
MrEarl said:
Get a quote to break out of your fixed rate now (most likely, with another lender) - and see if you can switch to a better rate. You may well save a lot of money, despite the cost of breaking out of the fixed rate early.
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They quoted me Zero break fee.
House prices have gone up since i bought so my ltv will below 80%. Possibly 70% as a house in my area sold for x amount, if mine is valued at that sale price then given my mortgage balance my ltv will be 70%. All dependent on the valuation of course.
 
That's great - I assume you've since had a look at the best buy tables and started the application process with your new lender, so :)
 
MrEarl said:
That's great - I assume you've since had a look at the best buy tables and started the application process with your new lender, so :)
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The propertys that have sold for x amount have not gone up on the property price register yet so the valuer wont have that info when valuing mine so waiting on that. Best buys tables? Whats that?
 
A Banks panel valuer should speak with local estate agents, not just look at the property price register. There's nothing to stop you telling them about recent sales of specific properties in your area, and asking them to use them as reference points, or comparisons.

There are various websites which show comparison tables, to illustrate the best mortgage deals - in fact, I think there may even be a table here on Askaboutmoney.com
 
MrEarl said:
A Banks panel valuer should speak with local estate agents, not just look at the property price register. There's nothing to stop you telling them about recent sales of specific properties in your area, and asking them to use them as reference points, or comparisons.

There are various websites which show comparison tables, to illustrate the best mortgage deals - in fact, I think there may even be a table here on Askaboutmoney.com
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Thanks, ya i will be sure to tell and inform the valuer what i want it to be to try get it below 70% or 69.999999% ha.
 
Interest% said:
Thanks, ya i will be sure to tell and inform the valuer what i want it to be to try get it below 70% or 69.999999% ha.
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In my experience they are extremely conservative as they are relying on the bank for repeat business, not you.

They undervalued my house by about 10% compared to what the CSO house price index would have implied.
 
MrEarl said:
While you are right about valuers having their first loyalty to the lender, there's usually a very good reason when they stray away from the expected market value of the property. Did you ask them what our was ? Challenge them on it, if you disagreed? Get a second valuation from another panel valuer, to confirm or help dispute the initial finding?
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NoRegretsCoyote said:
In fact it's more like 2.8%! I called Bank of Ireland a few weeks back and they will give a 0.1pp reduction on all rates on request. Maybe more if you threaten to switch.

That request will save most people more than they pay in bank charges.
Click to expand...

Forgive my ignorance - are you suggesting that I can just call in the middle of my fixed term and get a quote for my break fee as I want to switch, and they will reduce my current rate for the remainder of my fixed term? Or will I need to start a new fixed term with them on the new rate?
 
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