Some UK SVRs are over 5%

Yes, but that's not their SVR.

BOI (like all Irish lenders) clearly have very little appetite for advancing any more BTL loans (because the default rate on these loans has been horrendous) and hence the high rates for BTL loans.

The point is that we are not somehow unique in having a high dispersion of mortgage rates. The divide between the best and worst rate in the UK for PDH loans seems to be more extreme than the position here but this gets very little media attention.
 
Sarenco said:
Yes, but that's not their SVR.

BOI (like all Irish lenders) clearly have very little appetite for advancing any more BTL loans (because the default rate on these loans has been horrendous) and hence the high rates for BTL loans.

The point is that we are not somehow unique in having a high dispersion of mortgage rates. The divide between the best and worst rate in the UK for PDH loans seems to be more extreme than the position here but this gets very little media attention.
Click to expand...


How do you mean it's not their SVR?

I'm paying 5.65% svr
 
No, you are apparently paying a BTL variable rate of 5.65%. (That's a dreadful rate by the way, why don't you fix?)

BOI's standard variable rate (SVR) is 4.5% - it's the same in both Northern Ireland and the Republic.
 
So when you say SVR you are referring only to private dwelling house?

Can't investment mortgage have a standard variable rate?

Not inclined to fix while awaiting central bank review of tracker
 
rodger said:
So when you say SVR you are referring only to private dwelling house?

Can't investment mortgage have a standard variable rate?

Not inclined to fix while awaiting central bank review of tracker
Click to expand...

SVR stands for Standard Variable Rate. The SVR is a specific rate, and whilst other rates (such as the buy-to-let one) can be variable in nature, they are not the same thing. Arguably they're "non-standard variable rates".
 
SVR = standard variable rate. Each bank has one, and only one, SVR.

I think you are absolutely nuts not to mitigate your losses by fixing asap.
 
I'm betting on my tracker being restored.

In which case the losses will be returned.

Also it's another complication which could be misconstrued by the banks.

I never asked to be put on this rate.

By requesting a fix it would kinda legitimise it
 
Were you on a tracker at some stage? Did you fix for a period without a right to revert to a tracker or how did you lose your tracker?

I don't see how fixing letigimises anything or why you should be compensated for paying an unnecessarily high rate when a better value fixed rate is on offer. There's nothing complicated about it - take the fix.
 
That would save me money in the short term.

But if I get my tracker then the bank will return the overpayment.

My point is that if I fix I am acknowledging the rate I'm on and then asking for another rate, effectively playing ball with the bank.

But the bank wrongly put me on this rate: I should be returned to my tracker after the expiry of the fixed rate.

The bank with their sneaky ways could use this against me. Not sure how but I wouldn't put it past them.
 
Rodger

Fixing your rate doesn't acknowledge anything and is not "playing ball with the bank". It's in your interest to fix - it's not in the bank's interest.

Were you ever on a tracker? I thought you were hoping the Central Bank would re-interpret your contract - not that you would be restored to a rate that you were on previously. No?

Frankly, I think you are being irrational in believing that fixing your rate in anyway prejudices your position. But that's obviously your decision.
 
yes I was on a tracker
And fixed for 5 years
At the end of the 5 year fix the bank refused to return me to tracker
I understand your point and it's not a bad one
I am just being cautious

What if you recommended to a PTSB customer who had been on a tracker to switch to AIB while waiting for their tracker review?
Surely PTSB would return them wouldn't they .. hah hah hah
 
We're not talking about switching lenders - we're talking about the logic of continuing to pay a higher rate then you have to with the same lender.

I assume the terms of your fixed rate mortgage didn't give you an option or default you back to your original tracker rate. Is that correct?
 
rodger said:
When I fixed it was a temporary pause on the tracker
Click to expand...

So you did have a contractual right to revert to your tracker? Why haven't you sued BOI for breach of contract?

Or did you just have it in your head that fixing "was a temporary pause on the tracker"?
 
Hmm

This is familiar. We have been through this before.

Correct I should have sued.

I went with the ombudsman.

I'm still waiting for the ruling.

The contract said I would revert to variable. Which was tracker variable. That's the only rate mentioned.

The bank pulled a fast one by claiming variable = svr
 
hmm it's like you're wrong again

Residential Buy-to-Let Rates - Over 20 Years


Rate APRC over 20 years Cost per €'000 over 20 years
Standard Variable 4.85% 4.97% €6.51
1 Year Fixed 5.55% 5.06% €6.89
2 Year Fixed 5.75% 5.18% €7.01
3 Year Fixed 5.95% 5.34% €7.12
4 Year Fixed 6.15% 5.53% €7.23
5 Year Fixed 6.35% 5.75% €7.35
 
rodger said:
Who's being childish
Click to expand...

Accusing somebody who is trying to help you of ranting is childish.

The difference between a tracker, an SVR and any other type of variable rate product is not simply a matter of terminology. The fact that you still don't understand the difference between these products is odd.

Oh well, best of luck.
 
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