Bank of Ireland quoting lower rates than their rate card?

Brendan Burgess

Brendan Burgess

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From another post

"Initially I was going switch to BOI for 3 or 5 year fixed and they have offered be 2.8% Fixed with cashback 3% and (2% & 1% after 5 years - €10,710)"

From the BoI website, the rate is 3%.

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I have heard of BoI offering lower rates to hold onto business. But I had not heard that they offered lower rates for new business.

This would suggest that I need to note this on the Best Buys tables.

Brendan
 
If they offer you a better rate 2.8% during term of mortgage does that impact the 1% cashback after 5 years?
 
Im switching at the moment and I asked specifically for 2.8% on the phone and the chap played dumb!
 
Switched to BOI last month for the 3% cashback@ rate of 3% fixed for 5 years. They wouldn't play ball at the time on the rate. I got cashback into my account this week so rang them today for break fee which was zero. They rang me back 20 mins later with offer of 2.8% or 3.2% over 10 years.
 
Fire away said:
Switched to BOI last month for the 3% cashback@ rate of 3% fixed for 5 years. They wouldn't play ball at the time on the rate. I got cashback into my account this week so rang them today for break fee which was zero. They rang me back 20 mins later with offer of 2.8% or 3.2% over 10 years.
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Ha! Was there a break fee? I fixed for one year. Was thinking of going to Ulster straight after!
 
Who are you ringing in BoI to get those reduced rates...HQ or local branch?
 
Delboy said:
Who are you ringing in BoI to get those reduced rates...HQ or local branch?
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Ring their mortgage line in HQ (016113333) and say you're thinking of switching and ask for the full redemption value. They'll very likely ask is there anything they can do to keep you and ring you back in a few hours with reduced rate options. If you're on a fixed rate currently be sure to ask them for the breakage fee and factor that into weather you'd save money or not.
 
Fire away said:
Switched to BOI last month for the 3% cashback@ rate of 3% fixed for 5 years. They wouldn't play ball at the time on the rate. I got cashback into my account this week so rang them today for break fee which was zero. They rang me back 20 mins later with offer of 2.8% or 3.2% over 10 years.
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Excellent, you've given me hope for my case. I've just switched to PTSB about 2 weeks and they have reduced their rate for "new" customers only. They withheld the pending rate cut from me while I signed the papers. . . . I've just been bankered
 
I was on a fixed rate of 3% with BOI. I rang BOI, they quoted a breakage fee of €31 on day I rang. They rang back the next day and have offered 2.9% interest rate. Still think I should push for the 2.8%. Not sure if such a small mortgage amount like mine (€59000) matters to them or wether they will still not want to lose the business and meet me at 2.8%. Any thoughts?...
 
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Just so you are aware, we took the 2.8% with BOI last July. We've called them loads quoting the 2.3% with Ulster and they finally offered 2.7% but we didn't take it, as we decided to move to ulster.
This was in the last month, I think it was for 1-3 years but it was higher for a 5 year fix.
 
Yeah I'll definitely push them again. But just wondering if a smaller morgage amount like mine (€59000) makes any difference to how low they're willing to go?...
 
Coldwarrior said:
Ring their mortgage line in HQ (016113333) and say you're thinking of switching and ask for the full redemption value. They'll very likely ask is there anything they can do to keep you and ring you back in a few hours with reduced rate options. If you're on a fixed rate currently be sure to ask them for the breakage fee and factor that into weather you'd save money or not.
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Thanks for the above Coldwarrior, I rang the number you provided just before Christmas and received a letter on Christmas Eve offering the 2.8% for up to 5 years and the 3.2% for 10. We only drew down the mortgage 2 months ago @ 3% for 1 year and they're quoting 34euro break fee so sounds like a good deal. From what other posters have said above I might give them another call and see if they'd be willing to waive the break fee.
 
I took out a mortgage with BOI 6 years ago; the pre cashback era. I changed to EBS 18 months ago to avail of the cash back. I am now on the move again and have been in contact with BOI. They are telling me the lowest rate they will offer me is 3% for 5 yr fixed + cashback. I have told them I won’t change back unless I get the 2.8%. What are my options if they don’t offer me 2.8%? Could I chance changing to them and then renegotiate down to the 2.8%?
 
If i was you i would wait 6 months, then also apply to PTSB for their 2% cashback. Once you get full mortgage approval and letter of offer, then switch to PTSB on their variable rate and then switch to BOI (make sure your offer is still valid) asap to avail of their 2% cash back. Then switch to Ulster Bank for the lowest fixed rates on the market. Simple.
 
My one-year mortgage rate of 3.0% with Bank of Ireland expires in February. LTV is <50%. They've quoted me 3.0% again for the same term.

We could switch to KBC for 2.5% for one year and €3k cashback but partner's income is lower than at origination so the underwriters would probably turn us down.

Anyway I rang up BoI to see if they could at least match KBC's 2.5%. After 24 hours BoI came back with 2.8%. I asked if this was their best offer, that I was ready to switch to KBC, that they would lose a profitable customer, etc, etc but no, 2.8% seems the best they can do.

The good news is that BoI will indeed quote you a lower rate just for asking, but the bad news is that they won't match the competition.
 
Agreed. On the back of this thread I gave them a ring. Sure enough the sent out the letter offering 2.8%. I though that I would be cute and pay off a lump sum seeing as I was going to be paying a break fee but it seems to be a rigmarole! I have to sign a letter accepting their (expensive) variable and then they would fix at the 2.8 a few days later, after receipt of the lump sum! Messy! A fly in the ointment though is the break fee has moved from ~€50 to ~€350 in two weeks or so. Maybe @RedOnion could run the numbers for me? ~€387k fixed for 1 year, @ end of Oct @3%.

Ill look to switch to UB in 6 months (just changed job) so it probably isn't worth my while for the savings atm.
 
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