BOI existing customer, can’t avail of new customer rates

Dublinbay12 said:
What are new customer rates? If I look on the website, I was offered the same rate as a new customer. Is this because the rate is theoretically lower due to cashback offer for new customers?

My only frustration is that they wouldn't switch me to a HVM which has lower rates.
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Yes, the "new customer rates" are for a high-value mortgage (balance of €250k or higher) and any of the "green" rates (a 0.3% discount for properties with a BER of B3 or better).

None of these rates are available to existing customers.
 
NoRegretsCoyote said:
That's big...was it on the one year? In January 2022 I got them down from the advertised 3.0% to 2.9% but they wouldn't go further.

My guess is that if it's impossible to negotiate the advertised rate then it's a sign that margins are tighter and advertised rates are more likely to rise in the near term.


I'm tempted to do same but will leave it be. My baseline assumption is that rates will rise but there is recession in 2023 and/or energy price increases unwind then I think policy rates could fall back again.
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It was on the one year rate. I tried when fixing for the 5 year and the advisor said their discretion for reducing rates had been removed. I ended up not being in a position to switch, and felt a 3% for 5 years on a 29 year mortgage was prudent. Maybe they will cut their cashback offers before touching the mortgage rate as it has better optics.
 
Paul F said:
Yes, the "new customer rates" are for a high-value mortgage (balance of €250k or higher) and any of the "green" rates (a 0.3% discount for properties with a BER of B3 or better).

None of these rates are available to existing customers.
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Is that 100% accurate? I was led to believe that if I took out a HVM initially then I would be able to continue to get those rates at the end of the fixed period.
 
Dublinbay12 said:
Is that 100% accurate? I was led to believe that if I took out a HVM initially then I would be able to continue to get those rates at the end of the fixed period.
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From BOI's Ts&Cs:
  • The High Value Mortgage fixed interest rates are available to you if you:
    • are buying or building a property to live in as your home or are switching your mortgage loan to the Bank of Ireland Group from another mortgage lender outside our Group, AND
    • are borrowing €250,000 or more, AND
    • draw down your new mortgage loan prior to 31 December 2023.
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The Americans call them "teaser rates".
 
Paul F said:
From BOI's Ts&Cs:


The Americans call them "teaser rates".
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That doesn't specifically mention follow on rates. When I spoke to BOI it was indicated that the HVM rates are only available to those that selected that product initially. Irrelevant for me as I did not get that product, but are you certain the HVM rates only last for the initial fixed period?
 
Dublinbay12 said:
are you certain the HVM rates only last for the initial fixed period?
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What do you need to convince you? A letter from the Chief Executive telling you that they don't apply?

There is no evidence that they do apply.
The Ts & Cs state clearly "and drawing down a new mortgage"
It is consistent with BoI's practice of discriminating against existing customers.
If you filter the BoI rates page by "existing customer" then you will see no mention of them.
 
Dublinbay12 said:
Except their mortgage advisors saying they do.....
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There are plenty of threads on this site of customers being told things by staff that aren't true.

Dublinbay12 said:
I am sorry if that is not good news for your campaign......
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It would be fantastic news all round if BOI offered their high-value mortgage rates to existing customers but it's almost certain that they don't.
 
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DublinHead54 said:
I am sorry if that is not good news for your campaign......
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You have me completely confused.

I have been campaigning to ban the discrimination between new and existing customers.

If the banks do it of their own accord, I would consider that very good news.

Most of my campaigns are like banging my head against a brick wall.

Brendan
 
Paul F said:
It would be fantastic news all round if BOI offered their high-value mortgage rates to existing customers but it's almost certain that they don't.
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Thanks @Paul F, when I spoke with BOI they said that their high-value mortgage rates are available to existing customers of the HVM mortgage product. They don't offer the HVM rates to customers who took out a cash-back mortgage. The advisor might have been wrong, or it might be accurate. I imagine the vast majority of BOI drawdowns are on the cashback product, I have a mortgage that qualifies as High value but by default they offered the cash back.

It would be good to hear from any posters that have a HVM mortgage product with BOI.
 
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