Yes from 8.5% to 8.15%, only received the letter in the last couple of days. I have applied for a switcher and praying they will accept me as the rate is so poor. I would love to hear if anyone has actually been successful in switching but from what I’ve read here it seems virtually impossible
Success! I switched from Pepper to BoI
- Thread starter Wicklow1
- Start date
anderson07
Registered User
- Messages
- 12
Good luck with the switch I’ve been unsuccessful myself in the past going to try again next year . Currently paying 6.65 % with no notice of a reduction yet .
I’m sorry to hear that. Hopefully the reduction letter comes shortly to you. I will update here if I get the switch, I went about it previously also but was told it was unlikely. I have my fingers crossed that it works out this time!
Just wanted to update to say I have successfully switched mortgage from pepper to BOI. I didn’t have to revert to full repayments with pepper (pepper wouldn’t tell me how much they’d be when I had asked previously) I met with a BOI mortgage advisor in the bank and that was key. I still bank with Ptsb so not even a BOI customer but going to change that next. For anyone distressed about their current situation please keep the faith, and keep trying to get away. My mortgage payments are about €90 more per month but that’s based on full payments and I won’t owe €70k at the end of the term!
Brendan Burgess
Founder
- Messages
- 55,038
@Wicklow1
That is great news and a big encouragement to other people in a similar position.
Would you mind giving a more detailed account of how you switched?
Original lender.
Arrears and restructuring history.
When were you sold.
What interest rate you were paying.
Value of house
Balance on mortgage
Salaries
Did you use a broker?
Did BoI make it easy or did they make you jump through hoops?
Did you apply to any other lender?
Thanks in anticipation.
Brendan
That is great news and a big encouragement to other people in a similar position.
Would you mind giving a more detailed account of how you switched?
Original lender.
Arrears and restructuring history.
When were you sold.
What interest rate you were paying.
Value of house
Balance on mortgage
Salaries
Did you use a broker?
Did BoI make it easy or did they make you jump through hoops?
Did you apply to any other lender?
Thanks in anticipation.
Brendan
Happy to do so!
On a split since 2013, 130k on variable (9%interest or thereabouts) and €70k warehoused at 0%. No arrears since the restructure, small arrears initially that were recapitalised at the time.
Not a perfect credit score an odd late payment on a credit card but had been paying that down.
Original lender Ptsb and sold in the tranche of ‘non performing loans’ in 2018.
Salaries are €50k each so repayment capacity wasn’t an issue. House valued at €390,000.
Didn’t use a broker.
Went from advice on these pages if i’m honest and knew that BOI appeared to at least consider vulture customers!
Initially went to boi online got aip, then they asked for savings and was told there was no point proceeding as I didn’t have any!
Saved for 6 months and went at it again but this time met a boi mortgage advisor directly in branch, done via a request online.
Didn't have to jump through any hoops just gathering the usual paperwork,
only issue was my solicitor who asked me for proof that the mortgage with pepper was the same as the original mortgage with Ptsb just as it was closing, but pepper did regenerate my welcome letter and sent it to me pretty fast.
All in all, I could not recommend BOI more!
I hope this gives people feeling trapped a glimmer of hope. It can be done, but it does take time and effort and in my case some preparation but worth it in the end - can’t wait to see my mortgage reducing now the way you could see it reducing pre-restructure.
On a split since 2013, 130k on variable (9%interest or thereabouts) and €70k warehoused at 0%. No arrears since the restructure, small arrears initially that were recapitalised at the time.
Not a perfect credit score an odd late payment on a credit card but had been paying that down.
Original lender Ptsb and sold in the tranche of ‘non performing loans’ in 2018.
Salaries are €50k each so repayment capacity wasn’t an issue. House valued at €390,000.
Didn’t use a broker.
Went from advice on these pages if i’m honest and knew that BOI appeared to at least consider vulture customers!
Initially went to boi online got aip, then they asked for savings and was told there was no point proceeding as I didn’t have any!
Saved for 6 months and went at it again but this time met a boi mortgage advisor directly in branch, done via a request online.
Didn't have to jump through any hoops just gathering the usual paperwork,
only issue was my solicitor who asked me for proof that the mortgage with pepper was the same as the original mortgage with Ptsb just as it was closing, but pepper did regenerate my welcome letter and sent it to me pretty fast.
All in all, I could not recommend BOI more!
I hope this gives people feeling trapped a glimmer of hope. It can be done, but it does take time and effort and in my case some preparation but worth it in the end - can’t wait to see my mortgage reducing now the way you could see it reducing pre-restructure.
Last edited by a moderator:
Brendan Burgess
Founder
- Messages
- 55,038
@Wicklow1 Thank you very much. Such case studies are far more persuasive than talking heads like me saying that BoI might consider you if you still have a split.
Just to confirm, when you switched to Bank of Ireland in 2025 (?), you switched directly from a mortgage which was still split?
So BoI looked at your figures:
Mortgage €200k
House value €390k - so LTV = c. 50%
Income: €100k - so LTI Twice
A very comfortable mortgage if you had been applying fresh for a mortgage.
Good business by Bank of Ireland.
Just to confirm, when you switched to Bank of Ireland in 2025 (?), you switched directly from a mortgage which was still split?
So BoI looked at your figures:
Mortgage €200k
House value €390k - so LTV = c. 50%
Income: €100k - so LTI Twice
A very comfortable mortgage if you had been applying fresh for a mortgage.
Good business by Bank of Ireland.
Brendan Burgess
Founder
- Messages
- 55,038
So what would your advice be to current vulture prisoners?
1) Don't exit your split, as there is no need to.
2) Build up a savings record of at least 6 months - this shows that you can comfortably meet the repayments.
3) Make an appointment to meet an advisor instead of trying to do it all online.
This last bit is important. These are sales guys and they want to give you a mortgage.
1) Don't exit your split, as there is no need to.
2) Build up a savings record of at least 6 months - this shows that you can comfortably meet the repayments.
3) Make an appointment to meet an advisor instead of trying to do it all online.
This last bit is important. These are sales guys and they want to give you a mortgage.