should i switch to BOI

T

Toshsmith

Registered User
Messages
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Hi Guys,

I am new to this and looking for some advice

I am currently with EBS on a fixed rate of 4.9% this is finished in February 2017.


My loan is for €180,000


The breakage charge is approx. €1,450.


I was considering switching to BOI as their 2% cash back looks good – for me this accumulates to €3,600 back.


My solicitor fee is €850 and the valuation is €150 – so after paying for everything I stand to gain €1,150.


+ I stand to save about €100 a month between now and Feb 2017 = €1800


Total gain is €2,950


I know you are thinking this is a no brainer – However, I have some concerns with BOI. I found out yesterday if I switch to BOI I must stay with them for 5 years. If I move lender within the 5 years I must repay €3,600.


What are people’s opinion of BOI? Are they a good bank?


From the treads I see they do not include current customers with new rates – is this true?


FYI


My LTV will be below 60% so I was going to go variable to see what will happen in September??


With my LTV at <60% is should get a SVR of 3.9%?


Any advice would be appreciated
 
Bank of Ireland treat there existing customers terribly.
They just want to trap you for the next 5 years and then at the end of it charge you what ever they like.

If Bank of Ireland really wanted to be a fair lender they would offer the same rate without fixing and also automatically give it to existing customers.
 
with c18 months remaining on existing mortgage (in my limited experience) the break charge sounds on the low side - is that as provide by EBS?
 
Yes i have confirmation on email for this.

Any thoughts on what to do?

Ask for the following

confirmation that should BOI’s variable rate drop, our rate will drop in line with this.

or

Ideally I would need confirmation from BOI that my loan agreement will specifically provide that I will be charged a discount of at least 0.5% on BOI's SVR throughout the life of the loan (or at a minimum for the five year tie-in period) and this % discount cannot be varied to your disadvantage during that period.
 
Hi All,


So I have made a decision. I have broke out of my fixed mortgage with EBS (4.9%) and moved to their SVR of 3.95%.


The cost of the breakage was €1400


My plan is now to sit tight for 2-3 months and see what happens


Thanks for your help
 
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