- Movers: You can bring your Bank of Ireland fixed rate with you to your new mortgage loan without penalty subject to drawing down your new mortgage within 6 months of redeeming your old Bank of Ireland mortgage.
This. You've 6 months to do it, you keep rate on the balance you had for what's left of the fixed term. Any extra is at new lending rates.for the outstanding balance on existing mortgage and fix the rest at the prevailing rate?
Re reading your q. You have to draw down again within 6 months of repaying your mortgage. So, you sell and redeem your mortgage, find another property and draw down again within 6 months. You should be able to keep the 3% on the balance of the existing mortgage. Though I'll be calling them tomorrow and will report back. Kinda annoyed my broker didn't tell me about this!!!Am still unclear about this. Can you only retain the rate if you move within six months of fixing? What does "redeeming" mean in the context?
More concretely: I fixed about €200k with BoI in late 2022 for five years and may wish to move house (new mortgage maybe €150k extra ). Can I keep the 3% on the €200k until late 2027 and borrow another the €150k at whatever the prevailing rate is?
So, basically no harm in us fixing again for a few years (it's due to expire on 26th of this month) as we're likely to sell in the next year and will defo go with BOI again as they give us the max mortgage amount vs other lenders. I randomly came across the mover option this morning on their site- so glad i checked as we have a loan offer from them for a whole new mortgage right now but hit an issue with the our purchase so it may be delayed and likely we'll lose our purchaser. I was fretting over whether to fix or not. My broker didn't mention this option at all. Any downside to this?This. You've 6 months to do it, you keep rate on the balance you had for what's left of the fixed term. Any extra is at new lending rates.
When you talk to them, confirm if the extra 70k is eligible for cash back offer.
Thanks I'm calling them myself today. I totally get it re the broker and was thinking the same yesterday evening.@finny
Double check it directly with BoI.
The downside is going through a broker; they get paid commission as a percentage of your drawdown. They'll only get commission on the full amount if it's a new mortgage, so they've no interest in any of these mover products.
They said the existing rate will only apply to the existing balance, not the top up - see my note above. We will be seeking 70k more and that will be at the existing rate at application/drawdown.That's quite a deal.
I have €200k fixed for another 4.5 years at 3.0% with BoI and the rate on their website is now at 4.0%.
I'll probably trade up in 2024 and will let you know if the let me borrow another €150k on top at 3.0% for the outstanding loan balance.
Thanks for confirmingThey said the existing rate will only apply to the existing balance, not the top up - see my note above. We will be seeking 70k more and that will be at the existing rate at application/drawdown.
Makes it more attractive than I thought!The cashback will apply to the FULL amount of the mortgage - not just the difference between the balance of existing mortgage and the higher amount we'd like to borrow
Now I'm wondering whether to apply directly or ask my broker if he can apply and get a commission. I feel bad as they have worked hard on our application.Makes it more attractive than I thought!
Question: did your broker tell you that you could keep your rate when moving house?. I feel bad as they have worked hard on our application.
Nope. I discovered it myself.Question: did your broker tell you that you could keep your rate when moving house?
Time to stop feeling bad...Nope. I discovered it myself.
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