Changing mortgages; being penalised by existing bank for staying with them

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Aodhán

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I'm with BofI, and my main mortgage is at 3.1% fixed, and a smaller one at 2.9%. The fixed period is expiring presently. The mortgage is 60% (at most) of the current value, and I've never missed a repayment in the past five years. The house is also a B1 BER so should be entitled to the Green mortgage rate.

However, BofI's "revised fixed rate" for me is: 1 or 2 years: 2.7%; 3 or 5 years: 2.8%; 10 years, 3.1%. This exceeds the rates they advertised here, 2.25% for 7-year fixed: https://www.bonkers.ie/blog/mortgag...unches-new-green-mortgage-interest-rate-of-2/

They said these better rates are only available to new customers; they are charging a higher rate to existing customers, something which apparently is being outlawed in other sections of Irish financial services (https://www.irishtimes.com/business...lties-across-car-and-home-insurance-1.4626657)

Is there any place which would have a cheaper 5-year, or even 10-year, fixed rate?
 
On Bonkers today, the advertised Bank of Ireland fixed rate for a green mortgage at 60% LTV is 1.9%. for 4-year fixed:
  • Interest rate: 1.9%. APRC: 3%.
  • Minimum age for applicants: 18 years.
  • New customer business only.
 
If you provide more details in the thread below you will get some good advice on what mortgage provider you should switch to.

Key Post - Switch or re-fix my mortgage? Breakage fee calculator and savings estimates for your case (Ireland)

I am creating this thread as a place where people can request guidance on whether they should switch their mortgage to another lender (also called mortgage refinancing or remortgaging) and, if so, which lenders and interest rates they might consider switching to. You are allowed to switch even...
www.askaboutmoney.com
 
Hi @Aodhán

Could you provide the following pieces of information:
  • Current lender: BOI
  • Outstanding mortgage balance (how much you still owe), for both interest rates
  • Approximate value of your property
  • The date you started your fixed-rate mortgage (month and year), for both interest rates
  • How many years you fixed for, for both interest rates
  • Your current mortgage interest rate
  • Your current monthly repayment (excluding any overpayments)
  • Your property's BER (Building Energy Rating) – check it here or estimate it if necessary
  • Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when?
I will then estimate the savings you would make by switching to different rates with other lenders.
 
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