How much could a new lender cut mortgage rates by?

[gnf_ireland]

The last time I asked which was probably a year ago, only 20% of ptsb customers had availed of the right to switch to the lower new business rate.

Yes, I remember these numbers floating around last year during the Oireachtas committee sessions. And this was after PTSB contacted them 3 times to recommend changing from SVR to MVR. I fully accept people do not trust banks, but surely most people have someone they can ask for advice of this nature. If you cannot switch banks, you should definitely want the lowest rate possible from them until you are in a position to switch !
You cannot force people to want lower rates - this can only be done through financial education !

 

[WorstPigeon]

Yes. I have compiled the figures based on the data the lenders provided to the Oireachtas Finance Committee.

The last time I asked which was probably a year ago, only 20% of ptsb customers had availed of the right to switch to the lower new business rate.

Brendan

Wow. That’s amazingly low. I wonder why that is. You’d think it would be a no-brainer.

 

[kildon]

Any idea how many existing customers of AIB, BoI, UB and KBC changes from their eve rates to the new business rates. Would it be more than the 20% in Ptsb do you think. I can understand why everyone customer doesn’t at least take up the offer with their existing lender forms cheaper rate...you can only bring the horse to water!