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

[returingjohn]

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.

 

[Dinny]

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

 

[LDFerguson]

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.

 

[Dinny]

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

 

[returingjohn]

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.

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

 

[dodo]

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

 

[returingjohn]

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

 

[dodo]

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

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

 

[geecee]

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?