Anybody negotiated a better deal with Bank of Scotland

R

Ruam

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I have a house with a LTV of about 50% and am currently on the ecb tracker rate plus 1%. I phoned Bank Of Scotland today to see if they would do a better rate but they said no it was the best rate they could do.

I'd prefer not to switch mortgage providers as it's a lot of hassle. Has anybody successfully negociated a better deal with the bank?

Thanks in advance

Ruam
 
Don't think they will. Why don't you tell them you are considering switching mortgages to avail of a more competitive rate and want to know if they could offer you a reduction.
 
I told them I was thinking of switching and negotiated a better rate, but it was slightly higher than the other provider. After a few weeks (recently) they rang me to say that they had to raise their rates and it was a bit higher....
 
PGD1 said:
I told them I was thinking of switching and negotiated a better rate, but it was slightly higher than the other provider. After a few weeks (recently) they rang me to say that they had to raise their rates and it was a bit higher....
Click to expand...

Do you mind if I ask you what rate are you getting? Did they reduce the rate by much when you first approached them?

Thanks

Ruam
 
The trouble is - that the rate you are on is lower than BOS are offering new customers now. The lowest tracker they do is 5.2% - and that's for loans over 500k and LTV under 60%.
I know you thinks it's hassle - but it could be worth moving lenders to get a lower rate. You will have legal fees up front - maybe 1k - but you could save about €90 a month with a rate of 4.5% which is still available from NIB. Short term cost - long term savings.
 
Sorry Ruam I contacted alot of vendors and don't have the specific info to hand.

I think IAB were offering a discounted tracker of 4.45ish% for year 1 and 4.6 thereafter whereas BoS were offering 4.7%.... can't remember if the 4.7 was the lower or the subsequently "raised" offer, I suspect the former.
 
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