# BoI cut my SVR when I told them I was moving to KBC



## Daihi40 (23 Feb 2015)

Hi - just an FYI. Our PPR mortgage is with BOI @ 4.5%. I contacted them to say I had been in contact with KBC and had approval in principle to move to 3.9% plus offer of legal fees and home insurance plus another 0.2% if I moved my current a/c. They got back to me within a week to offer me 3.9% on SVR - we accepted and are now on that rate. Thought people should know. I also asked them to confirm that any further reductions to the SVR would be applied to our rate, which they confirmed.


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## Brendan Burgess (23 Feb 2015)

Daihi 

Well done!

That is great news and is contrary to what the banks are saying in public. 

They say that if someone switches, they don't make any effort to keep them. As BoI is the most expensive, they probably have to fight harder. 

Brendan


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## Steven Barrett (24 Feb 2015)

random10 said:


> is there a minimum time you must stay with boi.



No, a variable rate means you are not fixed to a rate and can move whenever you want. 

I'll be phoning BoI this morning!


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## Brendan Burgess (24 Feb 2015)

gnf reported in this thread that he was refused by BoI

In the same thread, Carmel was offered 4.2% to stay with BoI, but has decided to move to KBC for 3.55%

Brendan


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## gnf_ireland (1 Mar 2015)

Brendan Burgess said:


> gnf reported in this thread that he was refused by BoI
> Brendan



Clearly I am doing something wrong with BOI ! I have never been known to have poor negotiation skills, but seemingly others appear to be doing better than me at the moment !

Maybe the issue relates to timing - I contacted BOI just before Christmas after the AIB move, and clearly they had no policy formed at this stage. I also contacted them the day after their new rates were issued, and they may not have seen sufficient backlash against the press release at that stage.  

I did not bother contact them after the Approval in Principle given position they had taken previously ! Maybe I should have done, but at that stage the 'hard work' had been done !


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## Clonback (18 Mar 2015)

I have a variable rate of 4.25% with BoI and told them I was moving to KBC and they immediately reduced my rate to 4%.Thanks for all your help and Brendan I owe you a pint.


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## misemoi (19 Mar 2015)

After a couple of refusals and fixed rate offers from BOI, we got our SVR down from 4.5% to 3.9%.  We had to move our current account to BOI, we had AIP from KBC, & a quote from our solicitor who still holds the deeds.  Mortgage taken out Oct-13 but LTV has changed hugely due to works and market changes.  Happy to stay with them for now, but if rates move significantly we will move banks.  Thanks for all the encouragement!


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## Brendan Burgess (30 Mar 2015)

Conor Pope has a story in today's Irish Times 

_*Pressurising the banks can pay off*
_
_*One Bank of Ireland customer saved €700 in mortgage interest payments last year after pushing his case
*_
“All borrowers on standard variable rate mortgages should be pressurising their lenders to reduce the rate,” he says. “I’ve been with BoI over 30 years, since I was student, but I’m sick of paying penal mortgage rates. The cost of borrowing money is minuscule at the moment, yet the bank was charging me 4 per cent.”

_I made it clear my LTV was far lower than they were giving me credit for. I threatened to move my current account as well. _
 “To be fair to the bank, they came back and knocked 0.3 per cent off my rate, without requiring a house valuation.
*
So, he is down to 3.7% but his LTV is < 25%
*


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## Threadser (30 Mar 2015)

I think every variable rate mortgage holder in this position should ring Bank if Ireland and and complain bitterly. I told them I was very unhappy with the fact that their rates were so out of line with the ECB rate. I had to pay for my own valuation, prove that my LTV was <75%, and fix my rate for two years. It was worth it though as I got a reduction to 3.8% from 4.3%.


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## Galego (3 Apr 2015)

Same boat than last poster. I had to pay valuation and fixed rats for two years but wen from 4.5% to 3.8%.
My fear is that the contract signed for the two years says that after the two years it is their own discretion to select the variable rate hwihc they will apply to the loan.......I didn't like that but oh well... We will worry about that in two years time.


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## Brendan Burgess (4 Apr 2015)

Well if the publicity over the last week or so results in the variable rates being cut further, you will regret having fixed at 3.8%.


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## Galego (4 Apr 2015)

Brendan Burgess said:


> Well if the publicity over the last week or so results in the variable rates being cut further, you will regret having fixed at 3.8%.


For many people, like me, to regret fixing it to 2 years at 3.8%, would really take for SVR to go down around the 2.5%. I honestly do not see variable rates in Ireland going to that level this year or even next purely because there is no competition.


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## Brendan Burgess (4 Apr 2015)

Galego said:


> For many people, like me, to regret fixing it to 2 years at 3.8%, would really take for SVR to go down around the 2.5%.



Hi Gaelgo

Can you show us the calculations which result in that outcome? 

Brendan


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## Galego (5 Apr 2015)

Brendan Burgess said:


> Hi Gaelgo
> 
> Can you show us the calculations which result in that outcome?
> 
> Brendan



I should have edited my previous post. Yes I would regret fixing if varable rates went to be cut under 3%. But two questions here:
1- do I believe variable rates will cut? Absotuely yes.
2- do I believe they will be cut enough (low 2%)? I am afraid, no. At least not in the short term.
I would obviously love to be wrong.


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## shweeney (7 Apr 2015)

Brendan Burgess said:


> 2)If you are switching to another lender to get a better variable rate, should you do so now or wait for a few weeks?  I think I would switch out of Bank of Ireland. They are very unlikely to be competitive. They are very unlikely to pass cuts onto existing customers. So probably start that process now.



I have AiP from PTSB but the difference from my current rate to their VR is pretty small - even with them paying 1K of the legal fees it would still take me over 6 months to cover the other ~€500 costs.  UB are offering 1.5K to switch, which would be effectively a free switch but their variable rates another 0.1% higher.  So I reckon hang on a couple of months to see which if any of the banks react to the current political pressure.


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## Brendan Burgess (7 Apr 2015)

Hi sh

Ulster Bank is the only lender which allows borrowers avail of lower LTV products.  So if your LTV is currently 80%, but after 5 years, you reduce it to 60%, you can get the 60% LTV rate. 

Brendan


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## shweeney (7 Apr 2015)

I'm already probably < 50%...


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## Doorpep (7 Apr 2015)

BOI also reduced our variable rate from 4.3% to 3.9% after threatening to move to KBC - We drew down our mortgage last year at less than 60% LTV. However we informed them that unless they match KBCs rate of 3.55% (<60% and moving our current account also), we would move our mortgage as the valuation and legal fees were covered by KBC and our broker is covering our home insurance renewal, so really is not costing us a cent to move. BOI premier banking confirmed that they were seeing up to three cases per day and were dealing with them on a case by case basis. We have the loan offer from KBC and as BOI won't match the 3.55% rate, will be proceeding and should be moved by end of this month.


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## Bolter (8 Apr 2015)

Just to say rang boi and they offered us 3.8 per cent fixed for 2 years. We are currently 4.3% svr.
Going to get the ball rolling with kbc. How long does approval usually take?


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## Doorpep (8 Apr 2015)

leanbh said:


> Just to say rang boi and they offered us 3.8 per cent fixed for 2 years. We are currently 4.3% svr.
> Going to get the ball rolling with kbc. How long does approval usually take?


BOI offered us a two year fixed of 3.8% also, but we told them we did not want to fix under any circumstances, so they then reduced us from 4.3% to 3.9% variable. We went through a broker, it has taken us 4-6 wks so far as I believe KBC understandably have a backlog, but we now have the loan offer letter and expect to be moved to KBC by the end of this month.


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## gnf_ireland (13 Apr 2015)

I was on to BOI again this morning and the only offer they would make is the 3.8% fixed. They would do absolutely nothing on the variable from my current 4.35%. Letter of Offer with KBC but held up due to clause in it that needs clarification, but should be done by the end of the week and then moving to KBC full stream ahead

Very frustrating that BOI appear to be offering 3.9% SVR to certain customers but not to others with a LTV below 60% !


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## Bolter (17 Apr 2015)

Just to update I had turned down boi offer to accept fixed rate for 2 years @3.8 per cent . Today they rang to say they are reducing my svr to 4 % (currently 4,5%) 
I've told them about kbc 3.55% but they won't budge any further.


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## Clonback (15 May 2015)

On 18th March BOI reduced my SVR from 4.25% to 4% as I said I was moving to KBC.
Last Monday I got at them again and they have just confirmed a further reduction to 3.9%.
My mortgage is over 300,000 euro so everything counts.
If you have a BOI SVR just put the pressure on them and don't give up.
There is no point in me fixing at 3.8% as I believe the SVR campaign will produce further reductions.


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## sandy18 (20 May 2015)

Hi All,
I rang BOI last week and threatened to move to KBC. I told them I was aware of other people getting "deals" and wanted a reduction. She tried to steer me towards one of their fixed rates but I said I wanted to stay on SVR.The girl advised that she would forward my query to their business retention team. I waited a week and they got back to me to say that they would reduce rate from 4.5 to 4%. I stated that I was aware of people getting 3.9%. She said that this was not the case and I had done well to get 4%. She said usual reduction is to 4.3%. I will move to kbc as soon as I get a handle on my overdraft


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## Clonback (21 May 2015)

I have just received confirmation by post that BOI have now reduced my SVR from 3.9% to 3.6%?
Not worth moving to KBC but by putting constant pressure on my bank manager I have moved from 4.25 to 4 to 3.9 to 3.6 in 2 months.
A big thank you to BB and fellow posters.
I am not finished yet and will update.


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## Rob F (21 May 2015)

Clonback, That is a great outcome! Am in a similar position paying 4.05% SVR. We are not in arrears and actually overpaying our repayments with LTV of less than 75%. I threatened moving to KBC. The best BOI came back with was offering a 2 year fixed at 3.8%. Just wondering what you have done different to get this result??


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## Clonback (21 May 2015)

I dealt directly with my local BOI branch manager who obviously pushed my case with the pricing unit.I emphasised I would prefer to stay with them rather than move.I still believe BOI is better for me long term rather than KBC.


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## Bolter (21 May 2015)

That's a great result, clonback. I contacted boi by phone again today and they said they would not reduce our mortgage any further. Ours was reduced from 4.3 to 4 variable.(We regularly go into overdraft never more than 1k per month) I'm waiting for all my bank statements for submission to kbc but I'm concerned that as we are regularly overdrawn and have credit card debt of about 7k that we won't look good on paper to kbc. What do ye think? I have never met the bank manager of my branch in drumcondra. Do you think it's worthwhile going in to see the bank manager?


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## Clonback (21 May 2015)

I know my manager for 2 years so that was important in getting the reductions.Also I have borrowings of c.30%.
I suggest meeting the manager and putting your best case forward.Try and get the credit card in better shape and then try Kbc.Whats your Ltv?


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## cannco253 (29 May 2015)

I rang BoI 2 weeks ago stating I was unhappy with the SVR I was paying (split mortgage 2yr fix/float taken out in 2012 recently paying SVR 4.05% and 4.5%), and told them I had contacted KBC and was considering moving my business. A letter arrived in the post yesterday confirming they have amended the SVR to 3.8% for both amounts outstanding, LTV <=60% with effect from June repayment. Their website still shows 3.9% variable mover rate for LTV <=60% but looks like the 0.25% cut is happening. A good start but more to come I think.


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## dlmayo (29 May 2015)

I'm in a similar position to yourself. I have a split mortgage taken out in 2013. I'm paying 4.3% (SVR) and 4.69 (Fixed) respectively. I've been offered 3.9% SVR with a fee to break out of my fixed rate (approx 1.5 years left on fixed term).

Did BOI accept a recent market valuation to bring LTV < 60 or was LTV < 60 when you took out your mortgage in 2012


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## cannco253 (29 May 2015)

No valuation needed, just a phone call. The mortgage in 2012 was based on 70% LTV and property value would have increased after works and market stability.


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## InterParty (19 Jun 2015)

BOI won't seem to budge with me from the 4.5% SVR even though I am currently on >80% SVR LTV while they are offering me a <60% LTV fixed rate. Thinking of switching to Fixed for the reduced rate. . . .


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## ronny78 (22 Jun 2015)

Hi Clonback, is that 3.6% APR on your SVR with Bank of Ireland or 3.9% APR? Just looking at the current rates they have on their website.
Thanks


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## Clonback (24 Jun 2015)

It is now 3.6% which was reduced from 4.25% to 4% to 3.9%.


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## dgray_ie (24 Jun 2015)

Clonback said:


> It is now 3.6% which was reduced from 4.25% to 4% to 3.9%.


Clonback,
Fair play to you I must try branch even though I don't know them. What's your LTV? 
Cheers,
Dgray


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## Clonback (25 Jun 2015)

dgray_ie said:


> Clonback,
> Fair play to you I must try branch even though I don't know them. What's your LTV?
> Cheers,
> Dgray


LTV 30%


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