AIB, EBS cut variable interest rates

Am I correct in saying that as for AIB is concerned the Standard Variable Rate no longer applies to new Mortgages and the Variable Rates are LTV in the 3 categories mentioned in their press release. The SVR has "discontinued" in brackets.
 
The banks used to all charge all home loan customers the same "standard variable rate". But they have all now introduced much more sensible "Loan to Value" rates. Someone borrowing 90% will pay a higher rate than someone borrowing less than 50%

But customers who took out SVR loans are still on those loans, which is why they still have to quote an SVR.

I am not sure what happens when a fixed rate expires. In some cases, they go onto the SVR by default. I am sure others will offer SVR options to the borrowers.
 
So, for EBS customers, should we fix now? And, if so, for how long? I'd be interested in hearing views here, especially Brendan's!!
 
If current asking prices in my area ring true my LTV will have decreased significantly. I bought in 2011 - I guess there must be plenty more in the same situation.

How easy is it to switch from BOI to AIB? What factors will the new valuation take in to account? EG There's a house on my road on the market with an asking c. 50% higher than what we paid in 2011. It's slightly bigger and end- as opposed to mid-terrace but much worse location, aspect and condition.

ps @ceoldude I feel for you.
 
I would probably hold off switching for a while to see how the other banks react to the AIB reductions. However, it might be no harm going into Bank of Ireland and asking for your rate to be reduced.

You will need a new valuation of your premises if you are switching.

Brendan
 
sona_sasta said:
That's incorrect - it is possible to move between LTV bands by submitting an up to date valuation of your property. I did this at the end of 2013 on a mortgage with AIB.
Click to expand...

Does that apply to Bank of Ireland also?

Do these rates apply only to First time buyers?
Variable (LTV <=50%) 4.1% 4.2%
Variable (LTV >50% <=75%) 4.3% 4.4%
Variable (LTV >75% <=80%) 4.4% 4.5%
Variable (LTV >80%) 4.5% 4.6%
 
Hi - i have my mortgage with Haven and rang today to request moving to a 5 year fixed rate at 3.9%. They wouldn't speak with me though, said i have to do it through by broker....is this normal practise? I mean, i pay the mortgage each month, not my broker so surely i should be able to make changes to my account if i so wish to!
 
Thanks Brendan - i got onto my broker and he was baffled by it too!!

But yes, i did read that other thread AFTER i contacted Haven so maybe i'll hold out a bit longer!

Thanks :)
 
Hi all,

Looking for some advice on whether to fix or go variable on a self build mortgage. The estimated value on completion is €370000 and we will be borrowing €200000.
The EBS seem to be pushing a fixed rate for the following terms:

1 year @ 3.5%
2 and 3 years @ 3.8%
4 and 5 years @ 3.9%

The variable rate is currently 4.25%.

I'm just wondering what ye think would be the best option. Any advice appreciated!
 
Thanks for that, Brendan. Very informative. This is a first mortgage and we are not very clued in on the whole thing! I guess it's just a personal decision at the end of the day.

Thanks again.
 
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