BoI Fixed Rate Campaign

S

Steven Barrett

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Got a letter from BoI yesterday marketing their fixed rates to try to get you to switch over to them. No rates were given.

So, I went to their website, again, no rates were given (or easily viewable).

Contacted them on Twitter, the mortgage rates were given in the Press Release section!! When I questioned why they weren't on the mortgage page, I got sent a link for the new buyers. When I told them I wasn't a new buyer, they said they would pass on my query.

So I phoned them. 25 minutes on hold.

I am on variable, paying 4.5% for a property with a LTV <60%. New customers get an interest rate of 3.9%.

The 2 & 3 year fixed for that LTV is 3.6%, subject to a new valuation. I told her that my LTV has always been <60%, it didn't matter, a new valuation was required.

When I asked her to send those rates out to me, she said she could only send out the 80% rates. When I asked her why, she said it's because the lower rates are subject to a satisfactory valuation. Couldn't you put "subject to satisfactory valuation" on the letter? Not possible, I was told, we can only send you out the highest rates.

Time to move...


Steven
 
I have two variable rate mortgages with the blood-sucking vampires. I would move in the morning if I could.

When I see Bank of Ireland's massive billboards touting for new mortgage business I want to scream.

Why would anyone in their right minds take out a mortgage with them when they see how they treat their existing customers? I will never in my life purchase another Bank of Ireland product.
 
Yeah - offering 2% cashback to new business (switchers only or any new business?) is really sticking it to existing customers who are already overcharged...
 
ClubMan said:
Yeah - offering 2% cashback to new business (switchers only or any new business?) is really sticking it to existing customers who are already overcharged...
Click to expand...

Oh yeah, I forgot to mention that! The letter they sent me told me there was a 2% cash back offer to new business. Which I'm obviously not, seeing as they'd my mortgage account number on the top of the page!
 
Got that same letter yesterday and that 2% really annoyed me too! Not only am I being screwed with a 4.5% variable rate I am also loosing out on this cashback. What are they at???
 
BOI letter states 'new fixed rates start at 3.60%(3.9%APR)'
but their variable rate mortgages start at 3.9%.
Is there any difference in these rates?
 
My sister is on a BoI tracker.
She got a letter from them today telling her the great news about their 2% cashback and lower fixed rates offers.
Go figure. :rolleyes:
At best a waste of resources and/or a sign of incompetence.
At worst - in the hope that some gullible tracker holders might somehow sign up for these lower fixed rates or something?
 
Fed up of BOI's sweet talk? Go on their facebook page and leave a polite message on their 2% promo campaign about what it's like to be a SVR mortgagee with BOI. Banks hate this type of attention because it frightens away new business. Better still, get your friends and family to do likewise.
 
Grand if you use FB but not everybody does.
I suppose those who don't can use more traditional routes as outlined elsewhere in this forum.
 
What happens if someone moves to BOI, and say takes out a 3 year fixed rate of 3.6%?

Do you get put on SVR adterwards, or can you fix again at whatever rates will be available at the time?
 
ClubMan said:
Grand if you use FB but not everybody does.
I suppose those who don't can use more traditional routes as outlined elsewhere in this forum.
Click to expand...
True. The profile of the average SVR customer who is being screwed most by BOI probably doesn't fit the profile of the average Facebook user but the point is non traditional routes such as FB offer a means of getting the message out to potential BOI customers how long term this bank will treat them. It's only when BOI see this affecting their bottom line profits that they will be forced into giving their existing SVR customers a fair deal. So if people aren't FB users why not ask FB family and friends to do you (and themselves) a favour?
 
You go back to svr after the fixed rate is up, so do new customers, you both get screwed.

Do you or the bank organise and pay for the valuation?
 
kildon said:
You go back to svr after the fixed rate is up, so do new customers, you both get screwed.
Click to expand...

"At the end of the fixed rate period, existing customers on a fixed rate can choose from our range of fixed rate options or roll to the prevailing New Business Variable rates." - so currently if you are < 60% LTV you can get 3.9% variable.
 
shweeney said:
"At the end of the fixed rate period, existing customers on a fixed rate can choose from our range of fixed rate options or roll to the prevailing New Business Variable rates."
Click to expand...

That is very interesting. Make sure to keep that letter in case there is any dispute when the fixed rate term is up.

Any chance of someone scanning the letter and uploading it?

Or email it to me brendan at this website and I will anonymise it and attach it.

Brendan
 
Here is the complete list of rates

upload_2015-5-29_18-35-27-png.559
 
FWIW, if nothing dramatic happens in the next couple of weeks, I'm tempted to take BOI's 2 year fixed rate. Whilst I expect variable rates to keep dropping, it looks like it's going to take time and in the meantime I'm paying extra... (I can't move to KBC as their lending criteria seem to be more stringent than the other banks).
 
The banks have said that they would have their plans in with the Minister before July, so that is by tomorrow.

I don't think it's right that they are forcing you to fix for two years, while they allow new customers to fix for one year.

Brendan
 
Brendan Burgess said:
I don't think it's right that they are forcing you to fix for two years, while they allow new customers to fix for one year.
Click to expand...

I know, I'm also not impressed they're insisting on a fresh valuation as we were 62% LTV when we bought during the crash, there's no way on earth we could be >80% now. But that's BOI for you.
 
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