Non resident with BOI Mortgage and KBC Current Account

J

jambo

Registered User
Messages
50
Hi,

I moved my family to Australia during the Covid outbreak in 2020 and we leased our former family home through a property agent. The mortgage on the property is a five year fixed rate at 3% since early 2018. We are using our KBC joint account to receive rent and to pay the BOI mortgage via direct debit. Obviously the clock is ticking on the KBC closure. I visited AIB when I visited earlier this year to try and re-activate a joint account we hold there, but the process is quite involved requiring statutory declarations to a solicitor here in Australia and I haven't completed that process (yet). I've recently started using Wise.com and am very impressed with them compared to Currency Fair whom I had been using previously. Wise.com is comparable to Revolut for my purposes and could be an alternative to AIB.

I've two questions to ask in the context of our status as non owner occupiers on an owner occupier rate.
1) Will BOI accept a Wise.com IBAN for Direct Debit purposes?
2) Can we renew our 5 year fixed term?

Thanks,

Jambo
 
jambo said:
2) Can we renew our 5 year fixed term?
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In early 2023 BoI will send you a letter asking you which of their fixed rates you want to roll on to.

They will send this to you wherever you tell them, the correspondence address for the mortgage can be different to the address of the mortgaged property. But an address in Australia could raise flags.

I'm not sure what your contract says but BoI might attempt to withdraw the rate on the basis that it is no longer your PPR but instead a BTL property. BTL rates are around 2 percentage points higher and would really hurt.

BoI will almost never find out you are resident in Australia unless you tell them though....

jambo said:
1) Will BOI accept a Wise.com IBAN for Direct Debit purposes?
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I am not sure. I know that Revolut is probably an option too. BoI will tell you this if you call them up I am sure.
 
NoRegretsCoyote said:
I am not sure. I know that Revolut is probably an option too. BoI will tell you this if you call them up I am sure.
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I'm not sure I want to ask any questions that might set the hares racing, including asking about renewing the rate. Another poster has been offered to renew their rate (for 5 years) already with no penalty.

Our property manager has been forwarding all mail from the address, once or twice a year. That arrangement probably also unsustainable.
 
A standard letter will go out to the correspondence address they have on file for you at the end of the fixed period, it will tell you what the options are at that time for fixed/variable rates so no way of knowing now what they will be in 2023. Usually there is a tick box form included that you pick your option and sign/return.

I agree I wouldn't be rocking any boats at this stage but don't know the answer to your dd issue.
 
jambo said:
I'm not sure I want to ask any questions that might set the hares racing, including asking about renewing the rate.
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BoI field hundreds of routine calls like this every day. That kind of query won't raise any flags.

jambo said:
Our property manager has been forwarding all mail from the address, once or twice a year. That arrangement probably also unsustainable.
Click to expand...
You should set up the correspondence address immediately at the home of a trusted friend or family member who will take pictures of whatever BoI send you and forward as well.

You will have to physically sign a new choice of fixed rate in 2023 btw on the basis of the letter BoI sends you. Not sure how long return post to Australia takes but factor that in.
 
How would they know or care?Ask them for a break fee and terms for refix( the letter will go to the house ask tenant to dhl pickup paid next day or 2 day ) With Boi you can do online
If need be if you are paranoid you can dhl the letter to a friend (or someone on the forum who is willing) and they can forward it on to the bank via Irish registered post.
 
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