Negotiated a lower rate with BoI by threatening to switch to another lender

G

guest2004

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Just thought I'd share, I recently contacted BOI as I was coming to the end of my fixed rate and they offered me 3% for 5 years, 3.5% for 10 years. I told them I could do better by moving to another bank and they came back the next day with 2.8% for 5 years or 3.2% for 10 years. It seems to be worth negotiating with your bank if you're not on a fixed rate or your fixed rate is coming to an end.
 
I got BOI to 5 years fixed at 2.8% after a bit of negotiating too.

So if anyone is thinking of fixing/refixing with them and has any leverage (e.g. a credible threat to switch) it's well worth investigating what you can get off their advertised rates. It certainly never hurts to ask!
 
With the recent cut by EBS, is there a chance that a new rate of 2.8% is being prepared by BOI and that the people above have just got early access due to circumstances?
 
Billy Baltic said:
With the recent cut by EBS, is there a chance that a new rate of 2.8% is being prepared by BOI and that the people above have just got early access due to circumstances?
Click to expand...

I wouldn't be holding my breath on this score - my sense is that BOI have always offered rates slightly lower than their advertised rates on negotiation - I wouldn't have any automatic expectation they'll be cutting their advertised rates to these levels.
 
I am currently on a 3.1% fixed rate with BOI which ends in 18 months.I rang the mortgage centre today and they put me through to their Pricing unit who offered me 2.8% fixed for 5 years.
They say the breakage fee is not negotiable.
Anyone get it waived?
 
Clonback said:
They say the breakage fee is not negotiable.
Anyone get it waived?
Click to expand...
What kind of break fee were they quoting?
I haven't heard of it being waived, but I was talking to someone recently where it was capitalised into the balance. Made huge sense for the borrower to break and refix, but they didn't have funds to pay the break fee.
 
The break fee will wipe out the first 6 months savings on the new rate of 2.8%.However I feel its a good rate and if I want to break inside 5 years the cost should be low given interest rates can only go up.
 
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