Do you mind me asking why?I have no interest in a fixed rate product
Do you mind me asking why?
I'm always amazed at the number of people in BOI SVR rate that could save over 1% by fixing, so it would be great to understand the reservations that people have, which in turn allow the banks to keep SVR high.
In BOI you can over pay by greater of 10% of monthly payment and €65 - I also reduced term by a couple of years as i know what the payments for the next 5 years are going to be - something to consider but everyone has their own preferences.
Agreed to ask BOI - they appear to be open to negotiation than most other banks, even if it takes effort and sometimes luck to get it doneShould also consider talking to BOI and tell them you are thinking of moving and can they match AIB rate - i did that and got a 5 year fixed for 2.8% (please no one tell me rates are going to fall significantly again)!
You could get marriedI have no interest in a fixed rate product - unfortunately as with everything in life there appear to be no simple solutions..
Agree here - if you wish to stay with BOI you really need to consider fixing. I would ask how much you overpay the mortgage by on a regular basis and does it make sense to be paying an extra 1% for this facility. You can always fix for 3 years, save the overpayments into a regular savers account and pay down at the end of the fixed period, before you fix again.In BOI you can over pay by greater of 10% of monthly payment and €65 - I also reduced term by a couple of years as i know what the payments for the next 5 years are going to be - something to consider but everyone has their own preferences.
As an FYI - when we switched from BOI to KBC the house and mortgage was in a sole name. As we were married and the house was the family home, we had to change this to joint names - both on the mortgage and the title deeds. It was a condition of the mortgage with KBC that it was joint names only on family homes. No tax implications as we were married.We're a couple considering switching mortgage. Currently mortgage is in one persons name, and if we switch we would want either a joint mortgage or to move the mortgage to the other person.
I would ask how much you overpay the mortgage by on a regular basis and does it make sense to be paying an extra 1% for this facility.
You could get marriedalthough I am not sure that is a simple option
Should also consider talking to BOI and tell them you are thinking of moving and can they match AIB rate - i did that and got a 5 year fixed for 2.8% (please no one tell me rates are going to fall significantly again)!
I rang them up and told them I was thinking about moving and i could move to Ulster bank and get 4 year fixed for 2.6 or 5 year fixed for 2.5% and could they match to stop me moving (same approach I take with all the utility companies). I had done nothing else except rang them. They said they could give me 3% over the phone but as that wasn’t going to be enough they would revert to another section and call me back. Got a call back next day with 2.8% for 5 years. As they had always treated me well and I had a good record with them I decided to stay - also there was a risk Ulster might not take me for whatever reason !!
I think this can be hit and miss with BoI. It really does depend on who you get to talk to and sometimes you have to ring a few times.I rang them up and told them I was thinking about moving and i could move to Ulster bank and get 4 year fixed for 2.6 or 5 year fixed for 2.5% and could they match to stop me moving (same approach I take with all the utility companies). I had done nothing else except rang them. They said they could give me 3% over the phone but as that wasn’t going to be enough they would revert to another section and call me back. Got a call back next day with 2.8% for 5 years. As they had always treated me well and I had a good record with them I decided to stay - also there was a risk Ulster might not take me for whatever reason !!
Called them said I was planning to switch to Ulster Bank, they were very eager to try and match the rates and rang me back within an hour with offers of 2.8% for either 3 or 5 years fixed or 3.2% for 10 years. Not quite as good a rate as Ulster Bank but with the 1% cashback in 5 years time it works out better, so will likely fix for 5 years with them.That's brilliant, I'll try the same thing, thanks very much for the info
Be sure to get written confirmation you will be getting the 1% cashback in 5 years time off them!Called them said I was planning to switch to Ulster Bank, they were very eager to try and match the rates and rang me back within an hour with offers of 2.8% for either 3 or 5 years fixed or 3.2% for 10 years. Not quite as good a rate as Ulster Bank but with the 1% cashback in 5 years time it works out better, so will likely fix for 5 years with them.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?