Avant - Moving, will I lose existing rate?

S

sham09

Registered User
Messages
2
I have mortgage with Avant, locked in low rate last summer. I know they mentioned zero redemption fee if I sell & take out a new mortgage with them on the next property. Does this mean I would lose the existing rate or can I carry that forward to the new mortgage? Thanks!
 
sham09 said:
I have mortgage with Avant, locked in low rate last summer. I know they mentioned zero redemption fee if I sell & take out a new mortgage with them on the next property. Does this mean I would lose the existing rate or can I carry that forward to the new mortgage? Thanks!
Click to expand...

Correct. It's a new mortgage so subject to their prevail rates. I think it was Dilosk who let you port the mortgage at its current rate but Avant never offered this.

As you took out a mortgage last summer it's almost certain that your break fee will be zero, regardless if you stay with Avant or go elsewhere.
 
I talked to Bank of Ireland recently and they confirmed that they will not allow people to take their fixed rate with them if they move house.

I remember reading a post earlier this year saying that they would so I guess policy has changed.
 
@NoRegretsCoyote

"bring your Bank of Ireland fixed rate with you" – any experience of this mortgage feature?

I spotted the following on this Bank of Ireland webpage (and also here, in the T&Cs): Movers: You can bring your Bank of Ireland fixed rate with you to your new mortgage loan without penalty subject to drawing down your new mortgage within 6 months of redeeming your old Bank of Ireland...
www.askaboutmoney.com

If it's in your terms and conditions it can't be removed. I'm happy to look into it a bit more for you later when I've time.
 
RedOnion said:
I'm happy to look into it a bit more for you later when I've time.
Click to expand...
Thanks! That was the thread I was thinking of.

I will look into my own mortgage agreement (2012) later to see if it is in the T&Cs.

In any case people in the call centre often get these kinds of details wrong.
 
RedOnion said:
Nope, it's the t&Cs attaching specifically to your fixed rate that matters, not all the way back to drawdown.
Click to expand...
So I looked at the letter sent by BoI last October offering us 3.0% for five years. It is silent portability of the rate.

When I read the BoI website here closely the portability feature could be read as being applicable only to customers who are new to BoI entirely, not existing customers. That would be consistent with what I was told over the phone.

New Rates​

Have a look at our range of competitive fixed and variable rates.

Additional Rate Features​

  • Split Mortgage Rate: put a portion of your mortgage on a variable rate and the remainder on a fixed rate – you decide the split.
  • Movers: You can bring your Bank of Ireland fixed rate with you to your new mortgage loan without penalty subject to drawing down your new mortgage within 6 months of redeeming your old Bank of Ireland mortgage.
Click to expand...

I've taken a screenshot of the website but any further insight here welcome.
 
@NoRegretsCoyote

This should be what you need, highlighting mine. This is from the 'existing' customers section of website

Mortgage Rate Options - Manage My Mortgage - Bank of Ireland

View our competitive rates, calculate if you could save on a fixed rate & change your interest rate.
personalbanking.bankofireland.com personalbanking.bankofireland.com



Learn more about fixed and variable mortgage interest rate
We offer a wide range of fixed and variable rate products for both new and existing customers. You can even choose both – a twin interest rate – where you put a percentage of your mortgage on a fixed rate and the rest on a variable rate.
Our fixed rate mortgages are available for periods of 1, 2, 3, 5 and 10 years.

Fixed interest rates​

If you choose a fixed interest rate:
  • You can choose to fix your mortgage repayments for 1, 2, 3, 5 or 10 year periods.
  • Your monthly repayments remain the same for the fixed rate period, making budgeting easier
  • You can overpay up to 10% of your repayment each month
  • Existing customers can bring their fixed rate with them to a new Bank of Ireland mortgage if they move during the fixed period
  • During the fixed rate period, you may be liable for fixed rate compensation fees if you:
    • Switch to a variable rate
    • Pay off all or part of your mortgage.
 
You must log in or register to reply here.
Back
Top