Mortgage rate 'war'

Discussion in 'The Fair Mortgage Rates Campaign' started by dave2015, 12 Dec 2017.

  1. Sarenco

    Sarenco Frequent Poster

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    I think that's a fair statement, particularly when you take the cashbacks into account.

    For example, PTSB's High Value 3-Year Fix <60% LTV has a notional rate of 2.95% but an effective rate over three years of only 2.17% when you allow for the cashbacks (2% at drawdown, plus 2% of each monthly mortgage payment).
     
  2. RedOnion

    RedOnion Frequent Poster

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    Ah, my bad - I looked at the rates in headline table rather than their high value rates.

    I've looked at it properly now, and withdraw my comment.

    Factoring in the 2% refund of repayments makes them attractive for some scenarios, particularly the 3 year term.

    It makes no sense that their 5 year notional rates are lower than shorter terms, but results in decent rates, although the 3% cashback from BoI is still a lower effective rate.

    The best buy tables are getting more complex to maintain!
     
    Sarenco likes this.
  3. Sarenco

    Sarenco Frequent Poster

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    Absolutely, there are a lot of variables at play.
     
  4. Gordon Gekko

    Gordon Gekko Frequent Poster

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    One would almost think that the banks are seeking to profit from the confusion that they create.
     
    MugsGame and Dauhee like this.
  5. pauric

    pauric Frequent Poster

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    Things seem to have quietened down again on the rate reductions. I wonder who will go next to make a move and will we see the 2% cash backs continued into next year or not?
     
  6. cliqueentour

    cliqueentour Frequent Poster

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    I asked about the cash back offers ending 31/12/2018 but I've gotten no replies. I dunno are they ending the cashbacks.
     
  7. RedOnion

    RedOnion Frequent Poster

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    Last edited: 14 Nov 2018
    Updated this week:
    BOI extended to 30/6/2019
    EBS extended to 31/12/2019
    PTSB is based on approval date, so they'll probably extend in a few days.
     
    Last edited: 14 Nov 2018
    renter45 likes this.
  8. Cilar

    Cilar Registered User

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    Kbc extended switch offer to end of June 2019
     
  9. renter45

    renter45 Frequent Poster

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    Offer a 2.5% fixed rate for 5 years with the 3% cashback and they'll clean up.
    Will any bank move on interest rates before brexit at end of March??
     
    Coldwarrior likes this.