B of I changing rate, ltv now less than 60%

  • Thread starter returingjohn
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returingjohn

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Hi,
Thanks to a lot of advice and help I got here three years ago I took out a mortgage with B of I with a tracker at ecb + 1.15.

B of I have been on to say they may now be able to do a bit better and are to get back to me. My questions:

What kind of a rate should I be agruing for now? My ltv is less than 60% (just at about 58/59%)

If I could bring the payments down I have worked out on Karl Jecale's calculator that if I do an overpayment of 100 a month I would save €14,900 approx and 3yrs 4months. Am I doing this right? Its approx 160,000 with 22 yrs left to run.

My idea was that if they could offer better rate and lower repayment I would stay paying what I am paying now, so no difference to me on a monthly basis but save alot in long run -- this make sense?

Couldn't get the old login details, sorry for the error in user name - is was meant to me returning rather than returing.

Thanks. John.
 
Reply,

Got a rate of ECB +0.75 tracker of them Sept last year. Told them that i was getting it from anotherr lender and they cam back to me in 3 days. Have a LTV of 65%

Regards

Dinny
 
Out of curiosity, did Bank of Ireland proactively contact you to let you know that you could have a better rate, or did you have to initiate contact? It would be unusual (although welcome) for a bank to make the effort to tell its customers about better rates.
 
I wouldn’t call it unusual more likely unheard of. I had to threaten them that I was going to leave before they would do anything. Didn’t have to show them any proof that I was talking to anyone else. One of my friend call up and they got the reduction straight away as well
 

Ya, they rang me. Not the first time have got calls in the past.
- U happy with service
- using online --> reminder no charges if min balance or 3 online trans
- doing good rate on motor loans at minute
- happy with mortgage, ur ltv has changed so will look into (with ?) better rate, expect that "we could do a bit better"
- any positive or negative comments about the service u received from Bank generally and branch.

If I could get ecb +0.75 it would be brill, who else is offering such rates? just in case I have to argue for a lower rate than their first offering.

Are my overpayment calculations correct, it seems like a lot of savings in money and time
 
I think you would get better with NIB as this is their bread and butter, LTV 50% you would get .5% above ECB, so close to that I think you would get
 
Re: B of I changing rate, ltv now less than 60%. Banks reply

The bank left a message for me:
will/have reduced the rate to 4.95% from 5.15%.

Should I be arguing for better?

(I haven't spoken to them just left mesage)

Its circa 162,000 with a ltv of circa 60%.

If I am arguing for a better rate is it just NIB that I can claim are offering a better rate?

Do NIB need you to have mortgage over certain figure ? ie would I qualify at €162K?

Am obviously delighted with a .20% drop in rate but now that got someit am wondering can I do even better
 
Re: B of I changing rate, ltv now less than 60%. Banks reply

I have mortgage of 150K with NIB and if you have LTV of 50% the rate is .5% above ECB, Why not ask a broker to do the searching for you
 
Did you try the AIB?
i would have thought that 0.75 above ECB(= 4.75 currently) was the normal rate for worst case scenario with AIB tracker mortgages?
think you could even get 4.60% as a new customer?
 
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