BOI rates

BOI are giveing the full .5% , as stated on their web site .
this looks good , is it right , confused reading all the other posts which imply otherwise .

Bank of Ireland and ICS Building Society today, Thursday 6th November 2008, confirms that we will pass on the full ECB rate decrease of 0.5% to our existing Standard Variable Rate (SVR) and Tracker Rate Mortgage customers and across our Variable LTV based product range.

I drew down a mortgage with BOI last week. The offer is dated 16/10/2008. It is a variable rate 5.65% as I just missed the tracker cutoff. I was actually offered a tracker when I spoke to the branch on the phone initially but when I called back the following monday they had pulled trackers altogether.

Today I was informed when I called customer services that I will only be getting 0.3% of the first rate cut. This is an absolute disgrace. The reason given is that they are only passing on the full 0.5% to existing variable rate customers. Surely I am entitled to the full 0.5% as I had an offer in place.

You only become a customer when you drawdown the mortgage. The lenders issue thousands of loan offers every year that are not drawndown so these people can hardly be classified as existing customers.

Saying this, the first rate cut should have been passed on in full to all customers after the taxpayer had bailed them out.

I'd be interested to hear form any BOI existing customers on a variable rate that didn't get a cut of 0.5% following last months ECB cut?
Someone from BOI got in touch with me by email saying they had cut existing variable rates by 0.5% and not by 0.3% after the last ECB cut. (I am not a customer of theirs).

irishlinks said:

I'd be interested to hear form any BOI existing customers on a variable rate that didn't get a cut of 0.5% following last months ECB cut?
Someone from BOI got in touch with me by email saying they had cut existing variable rates by 0.5% and not by 0.3% after the last ECB cut. (I am not a customer of theirs).

Click to expand...

Current BOI rates (ie after the Oct 50bps cut) shown here :
[broken link removed]
(Click on "Rates" tab)

If we could see an equivalent table showing rates prior to that cut, then we would know a lot more? IrishLinks, any chance you could ask them to e-mail that on, now that you have "contact"?

I know from records that I keep that the APR of the variable rates on the BOI website went down by 0.3% - but I am just trying to see if any BOI existing customers may be on rates that are not shown on the website and were cut by 0.5%.

from what I can make out, they have passed on the 0.5% to all existing customers (on trackers and standard variable rates) but have only reduced their rates for new customers by 0.3%.

PTSB did something similar, passed on the full 0.5% to existing customers but this does not apply to any new customers who have just applied for mortgages with them.