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