Interest rate increase Bank of Ireland

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mrscat

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Has anyone heard when or if Bank of Ireland will be raising mortgage interest rates, am waiting on a mortgage cheque and hoping to get the current rate.
 
Nothing yet on rise in bank interest rates alot of speculation on a few rises this year, they are all waiting to see if ECB at there next meeting which is this month will start the raising of rates.
It is all a wait and see game, will they won't they.

If the ECB do raise the rates, the banks usually follow suit very quickly.
 
I'm in the same boat - waiting for my BOI cheque to be issued any day now. Apparently if they are going to announce an interest rate hike they first try to issue any cheques pending. If there is a rate hike before cheque issue you will need to get a new loan offer which can delay things.
 
Thanks..hope your right on the issuing of cheques before the hike..best of luck
 
Mind me asking how long you have been waiting for the cheque to issue?? I'm in the exact same boat, handed in our final piece of documentation today and our advisor said the cheque should issue tomorrow, since our solicitor has also submitted all information and requested the cheque....
 
Sargent_Duck said:
...waiting for the cheque to issue..
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why o why are they issuing cheques. in the 21st century surely this should be done by electronic transfer? indeed a same day transfer between most banks is a modest fee of about 15-20 euro. why leave things to the risk of paper, the clearing cycle of 1-2 days, the fate cycle of another couple of days. e.g. NIB whom I use have 5 working days before you can draw on cheque lodgement funds. allowing for time waster in post etc. this is a horrendous waste of time. Why aren't you all saying " send a payment to my solicitor's client account number 9xxxxx-xxxxxxxx?
 
marksa said:
why o why are they issuing cheques. in the 21st century surely this should be done by electronic transfer? indeed a same day transfer between most banks is a modest fee of about 15-20 euro. why leave things to the risk of paper, the clearing cycle of 1-2 days, the fate cycle of another couple of days. e.g. NIB whom I use have 5 working days before you can draw on cheque lodgement funds. allowing for time waster in post etc. this is a horrendous waste of time. Why aren't you all saying " send a payment to my solicitor's client account number 9xxxxx-xxxxxxxx?
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Hi Marksa, I didn't know that was an option... I'm guessing this is exactly what you did and it worked out ok?

Or is this just giving out about the system?
 
Sargent_Duck said:
Hi Marksa, I didn't know that was an option... I'm guessing this is exactly what you did and it worked out ok?

Or is this just giving out about the system?
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i had an abortive sale, but the proceeds were to be sent electrically to my solicitor
 
Sargent_Duck said:
Hopefully the cheque is in the post :confused:
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If it is then make sure you cash it by next Thursday.

Bank of Ireland and its ICS subsidiary have also announced that they will be raising their fixed mortgage rates. The increases - ranging from 0.7 to 1.3 percentage points - will come into effect from April 15. Bank of Ireland and ICS tracker rates will rise by a quarter-point from Wednesday April 13.

www.moneybackmortgages.ie
 
Does anyone know what the new increased fixed rates are from Bank of Ireland? It just says between 0.7 and 1.3% increase.
 
Sargent_Duck said:
Mind me asking how long you have been waiting for the cheque to issue?? I'm in the exact same boat, handed in our final piece of documentation today and our advisor said the cheque should issue tomorrow, since our solicitor has also submitted all information and requested the cheque....
Click to expand...

It was ~10 working days ago that the cheque requisition went in. Hoping it gets sorted in today or tomorrow.
 
ICS rates from Friday April 15th according to our broker:

2 Year 5.25% (1.55% increase)

3 Year 5.6% (1.26% increase)

5 Year 6.0% (1.06% increase)

This is becoming ridiculous. When are they going to stop this? Do they really expect to get many new customers or are they just trying to squeeze everything out of the old ones while they can? We are more than seriously considering pulling out of our buy and putting our money somewhere else, as in another country altogether! How can someone with limited resources (like us, like most people) go into a 2, 3 or even 5 year fixed period to then watch the interest increase like this? What sort of rate would be waiting for us at the end of the fixed period? I know it will level out at some point, but will the level be too high? I still can't believe what I'm seeing......
 
Just told today that our cheque was gone to print..hope it arrives tommorow...just want to get it before the rates go up on Friday.
 
Well mine was printed on Monday afternoon but I think it is slower leaving the bank after printing than I was led to believe....
 
iamaspinner said:
ICS rates from Friday April 15th according to our broker:

2 Year 5.25% (1.55% increase)

3 Year 5.6% (1.26% increase)

5 Year 6.0% (1.06% increase)

This is becoming ridiculous. When are they going to stop this? Do they really expect to get many new customers or are they just trying to squeeze everything out of the old ones while they can? We are more than seriously considering pulling out of our buy and putting our money somewhere else, as in another country altogether! How can someone with limited resources (like us, like most people) go into a 2, 3 or even 5 year fixed period to then watch the interest increase like this? What sort of rate would be waiting for us at the end of the fixed period? I know it will level out at some point, but will the level be too high? I still can't believe what I'm seeing......
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I believe the usual Irish model of hedging and funding fixed rate mortgages is for the bank to "match-fund" the mortgage. i.e. the bank borrows a chunk of fixed rate money from the market. As you can imagine, that has become prohibitively expensive for Irish banks for 2 reasons.
  1. the interbank market for e.g. 5 year swap rate is now approx 3.10%
  2. Irish banks have to pay a credit premium over the swap rate for cash of e.g. 2%
So in total, the Irish bank is paying about 5% for cash to lend it at 5.70%. This is not like variable where they can fund it partly overnight, partly from ECB, partly from customer deposits where the blended cost of funding might be as low as 2.10%

Swap rates can be found here, and shows how they have increased over the last 6 months - in particular 2-3 year.
[broken link removed]
 
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