NIB raises variable rate by 0.6%

nib

Thanks Brendan - very useful and maybe it is easier to open a PRestige Accont
Its a pity NIB didnt give us this information in the letter they sent us - they seem to be more concerned about media than customers!
 
Sean Bateman said:
Danske weren't bailed out by the Irish State. You signed a mortgage agreement which (I'm sure) contained something about your consent regarding possible rate increases. They've lost their shirt on their investment in Ireland plus they've a decent sized mortgage book paying ECB plus 0.5%. My view is that they're entitled to try and make a profit on their activities. Talk of petitions and protests is a waste of time in relation to Danske.
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They lost their shirt in Ireland due in no small part their own incompetence. If their rate increase is to cover that incompetence, it is just not fair. If their rate increase is a normal and acceptable profit margin on each deal, I couldn,t say it is unfair.

In relation to their (ethics) . They are the only Irish Bank that I know of who have stated that were Consumer Codes were not adhered to on PPI Policies they will refund. Would that other Irish Based Banks would state this. That said They havn,t paid out yet !!!
{isn,t it sad we can,t afford to trust them ?}
 
Brendan,
Thank you for your very informative post.
I have a current account with NIB which already has quarterly fees of €18 so a switch to the prestige account would make sense.
I spoke to NIB today and they made no mention of this option.
 
I think you should open a Prestige Account immediately and print off the website information in case they change their mind.

NIB messed up with their investment property mortgages and had a series of complaints against them upheld by the Ombudsman, so they must charge home owners and investors the same rate. So they probably get around this by giving a discount to home owners to bring the rate down to the market average of 4.5%.
 
I was one of the individuals that took a case against NIB.

But I was offered this discount with the prestige account.
I was offered it approx. 1 year ago.

My rate has been increased from 3.9% to 4.5%
 
Tomorrow said:
I was one of the individuals that took a case against NIB.

But I was offered this discount with the prestige account.
I was offered it approx. 1 year ago.

My rate has been increased from 3.9% to 4.5%
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Hi Tomorrow

Do you have an investment property mortgage?

It wasn't clear to me that the Prestige discount applies to Residential Investment Property mortgages.

If you have a home loan, you are bang in the middle of the pack at 4.5%

If you have an RIP loan, you are probably paying the lowest SVR of any of the lenders.

Brendan
 
I hold a NIB residential property mortgage and I also have a prestige account which I opened when the svr increased the last time. My current rate is 3.9% and it will rise to 4.5% in July. I hold a NIB mastercard which offers a reduced interest rate and I do all my banking online on their app on my phone or on the internet. I also move small amounts of money each month into the mortgage account to try to bring down the term of the loan and this works well for me. It is a very high rate when you consider the tracker rate and is unfair as it should be in some way in line with the ECB rate.

Thanks
 
I called NIB today about the Prestige Account - they told me I cant just open a Prestige Account. I would have to attend an interview and I would have to be approved. They said this would be based primarily on me transferring my current account to them. I dont know whether i want to end my 20 year relationship with Ulster Bank which has been pretty good. Switching my current account to save money on my mortgage with a bank i dont trust may not be that wise?
 
I also rang NIB today and was told I would to be on a salary of 70 to 80k to avail of the prestige account.
I'm not on that buti have arranged a meeting with them anyway.
I'll keep AAM updated.
 
Yes Brendan - the loan is for an investment mortgage.
They offered the prestige account to me that last time they increased their mortgage rates.

Kateball - I have my current account with Ulster Bank - I only use the prestige account for the mortgage payments.
 
An interview and approval for a current account , how we have changed or just back to the 1940s
 
some thoughts on this as Ive been through it.

To go on the prestige account they recommend you get your own solicitor to review the details. They then want utility bills PLUS financial statements (NIB ones wont do) and copies of passports/drivers licences. This is for identification. Its also beyond all reasonable comprehension as I went to the branch at the time to sign up to it. They know enough to ID you to give you your money with a bank card or take it when your depositing but not apparently enough to give you a discount on your mortgage, yet somehow they know enough to increase your rate when they want!!! anyone?


I have a PPR offset mortage account and an Investment mortgage account with NIB. When NIB brought in their fees nearly a year ago I recognised the benfit of the prestige straight away and signed up to it. Several weeks ago I was going through my accounts and when I rang NIB to confirm the .45% discount was being applied I was told it wasnt. So the guy who I was talking to has spent the last 3-4 weeks trying to find out why. guess what? they cant find out why so Im trying to get them to backdate it as ?Ive been on prestige and paying fees for last year.

so then I rang and asked to speak to someone else and was then told that the prestige mortgage discount does not apply to my offset PPR mortgage which is completely at odds with what I was told last year when I signed up to it.
Apparently as part of the offset mortage I get something like a .2% discount of the var rate, this disqualifies me form getting the .45% discount unless i come off the offset. And then I find out only yesterday from same guy that the .6% increase doesnt affect the offset mortgage. check this yourselves if you have one. do the maths on that one, if I come off the offset (whatever about the benefit of the offset which is low for me), I lose the .2% discount, can qualify for the .45% discount of the prestige but also qualify for the .6% rate increase

Must have talked to 5 different people in the last year. Everyone gives different pieces of information. Am so filled with lack of confidence. If I wasnt locked in neg equity Id move for no reason other than they havent a gods honest clue what theyre doing.
 
kateball said:
I called NIB today about the Prestige Account - they told me I cant just open a Prestige Account. I would have to attend an interview and I would have to be approved. They said this would be based primarily on me transferring my current account to them. I dont know whether i want to end my 20 year relationship with Ulster Bank which has been pretty good. Switching my current account to save money on my mortgage with a bank i dont trust may not be that wise?
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Hi,

While I'm a happy customer of Danske, I don't work for them or have any other relationship with them.

All said and done, you'd be a very long time trying to convince me that UB are worth trusting ... I left them several years ago for very good reason and will never be going back (and thats before we even start getting into the issues surrounding their technology "glitches" etc :)).

I've an ECB Tracker (Homeloan) with Danske and am very greatful to have it, as it helps me offset (in my mind aswell as financially) the burden of negative equity my wife and I will carry for years to come.

A friend in work has a Standard Variable Rate Homeloan with Danske, was offered Prestige and does not earn a significant salary - he has completed the application process and is waiting for his new cards etc. Is it possible the salary range is required, to quality for certain credit limits on a overdraft or mastercard, perhaps (because if so, surely lower limits or even no credit card can be agreed) ?

Regards

Mr. Earl.
 
The ony requirement with the prestige was that you mandated your salary to them each month and you paid the quarterly fees. There's no interview process. As they've done away with branches they send you a form you send it back.
 
car said:
The ony requirement with the prestige was that you mandated your salary to them each month and you paid the quarterly fees. There's no interview process. As they've done away with branches they send you a form you send it back.
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It is possible they changed the process, no? At least one of their current customers on this thread is being asked to attend for an interview/meeting.
 
bugler said:
It is possible they changed the process, no? At least one of their current customers on this thread is being asked to attend for an interview/meeting.
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Hi,

As previously mentioned, I'd suspect it's for the purpose of assessing a credit application - such as for an overdraft or mastercard.

A simple phonecall to Danske might just answer the question and no harm asking for an email, for record purposes thereafter :)

[broken link removed]

Regards

Mr. Earl.
 
They only have 2 branches in the country. They don't want to meet anyone. When I asked about why I wasn't getting the discount they just sent me out new forms they didn't ask to meet me.
I also asked about a home loan they said no without asking me how much I was looking for as I had an investment mortgage. They didn't want any more exposure despite me never having missed a payment on anything with them and well capable of paying the amount back.
 
car said:
They only have 2 branches in the country. They don't want to meet anyone. When I asked about why I wasn't getting the discount they just sent me out new forms they didn't ask to meet me.
I also asked about a home loan they said no without asking me how much I was looking for as I had an investment mortgage. They didn't want any more exposure despite me never having missed a payment on anything with them and well capable of paying the amount back.
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Hello,

Perhaps someone more familar with the workings of this website can assist

.. I am sure there was previously a poster here (recently) who mentioned they had an offer for a new homeloan, from Danske and also one from another lender so they did secure a homeloan from Danske, assuming I recall correctly.

I am sorry I don't quite know how to find the previous discussion thread I'm thinking of and when I try the search function, I get no where.

I suspect they have become extremely "selective" in who the lend money to (absolutely no disrespect intended here) - after all, there is a limited supply of Banks lending money these days, so they can have their pick of the customers, charge whatever fees and rates they want etc.

Regretfully, we didn't know (and didn't make the most of it, perhaps) when we had it good with various other Banks active in the marketplace .... The Post Bank, BoS/Halifax, ACC Bank etc.

Regards

Mr. Earl.
 
Just to be clear. The home loan I was refused by danske was a short term top up. I wanted circa 15k for home renovating which primarily was going to involve energy saving renovations so it was going to pay itself back over a number of years. My financial situation comfortably would allow me to pay that back over a short term of about 3 years or even shorter.

To apply, I rang the call centre and asked to speak to someone from loans, without even getting a call back to ask how much i wanted or what my income status was I got a letter in the door 5 days later from loan department with one line in it "we're not in a position to offer you a loan" with no explanation.

I followed up with a phone call to find out it was because I have an investment mortgage. now I can probably save up that money over the next 2-3 years and/or get it elsewhere from another instituation, but thats not the point. its the blanket refusal of a line of credit being from my bank that Im in good stead with that annoys me.

(oh, and no disrespect taken :) )

anyway, dont mean to hijack the thread but its all related to danskes position in the market, or not as it may be. Ive raised a complaint with them to see what their answer is on their cust service rep general lack of knowledge on their products.
 
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