Mortgage Offer from Bank of Ireland

L

Lucy78

Guest
We received our offer letter from BOI, they have offered us at fixed rate of 4.490% for 2 years and then we will go onto an ECB rate of +1% - Just wondering what you all think of this? Are we getting a good deal?
 
Are you doing a 100% mortgage? The lower your loan to house value, better offers become available.
 
Looks fine to me - low premium on the fix (you can get variable rates as high as that), and a variable tracker of ECB + 1% isn't unreasonable. Bear in mind that once the fixed period is over, you can (and should) go back to them and ask what their best variable offer is - and don't be afraid to go to other lenders, either now, or after your fixed period is over, to find out if they can give you a better offer. If nothing else, it'll put you in a stronger negotiating position.
 
Yes, Definitely ECB +1% - Its a trade up mortgage offer. Am sitting here with the offer letter in front of me and it is def ECB +1%
 
Good deal Lucy, the advertised rate is rolling to 1.25% after the 2 year fixed, but I'd hold them to that if its on your loan offer. Be sure to check the rate in 2 years time in case it's a typo. As a 2 year deal goes, thats the best there is...
 
Thats good to hear, I know it is +1% because we discussed it when making the application and I checked it again when the application went through to make sure it was ok.
 
BOI advertises rolling to ECB + 0.9% for trade up >500k+ or ECB + 1.1% for <500k.
Strange their web does not show rolling to ECB + 1%, I guess it may be out-of-date..
 
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