BoI reduced my rate from 4.5% to 3.3% variable (87% LTV) when I told them I was switching.

I didnt make this very clear, my LTV was not eligible for 3.1%, they decided to offer me it any how. So MODERATOR NOTE....this is not widely available.
 
Currently on BoI svr of 3.6% after a rate review in October 16 (LTV 40%). Called BoI yesterday for another review and mentioned I was thinking of switching. They have come back with an updated svr of 3.5% and offered a 3yr fix at 3.0%. Keep calling them.
 
pumba said:
BOI ....our current LTV based on her figures is 87%.

Five minutes later I got a call saying the lowest rate they could offer me was variable rate mortgage with APR of 3.3%!!! Which I accepted and the official paperwork has since come through confirming this. So it took 2 phone calls to drop our APR by 1.2%.
Click to expand...

cannco253 said:
Currently on BoI svr of 3.6% after a rate review in October 16 (LTV 40%). Called BoI yesterday for another review and mentioned I was thinking of switching. They have come back with an updated svr of 3.5% and offered a 3yr fix at 3.0%. Keep calling them.
Click to expand...

Amazing that the 87%LTV was offered 3.3% while the 40%LTV was offered 3.5%

I wonder is there logic to this or is it just random. It certainly looks random, suggests that they really have no clue how to run a sweetshop, let alone a bank.
 
OK. So did the same today with BOI. Currently coming of a fixed rate of 3.8%. Current LTV is about 55%. In their renewal letter then had got my LTV wrong and they were quoting me a variable rate of 4.2%. Once he adjusted the LTV he indicated I could get a variable rate of 3.9%. Said I wouldn't be happy with that and asked for details on outstanding mortgage. He said he would bring this up the line to management and call me back. Got a call back about 2 hours later and said they could offer me 3.5% variable or they would give me a 3-year fixed at 3 %. Really keen for me to go fixed and even offered to split mortgage into fixed and variable. Said I know other people that had got 3.3% and this is what I wanted. Again, he was going to pass it up the line. Got a ring back about an hour later and said they couldn't offer me more than 3.5%. Again pushed the whole 3-year fixed or about splitting the mortgage .

I basically have everything with BOI so they probably took the gamble that I wouldn't move. They are in for a shock :)
 
cremeegg said:
Amazing that the 87%LTV was offered 3.3% while the 40%LTV was offered 3.5%

I wonder is there logic to this or is it just random. It certainly looks random, suggests that they really have no clue how to run a sweetshop, let alone a bank.
Click to expand...

I was wondering the same thing. It does seem really odd, and all I can say is OP was very fortunate in this regard. There is probably no science around it

I am wondering how many others are on a variable rate with BOI <= 3.3% (excluding trackers). 3.5% seems to be the limit for most people

badabingdub said:
Really keen for me to go fixed and even offered to split mortgage into fixed and variable.
Click to expand...
Remember that splitting your mortgage means an element is fixed and therefore costs to switch during the fixed term. The cost may be lower, but it is still a cost associated to switching

badabingdub said:
I basically have everything with BOI so they probably took the gamble that I wouldn't move. They are in for a shock :)
Click to expand...
Yes that is a gamble they are willing to take. Based on numbers of switchers which have been well published on here, very few actually switch and therefore its probably a valid gamble from their point of view. If more people switched, they would be less willing to take the gamble in the first instance
 
badabingdub said:
I basically have everything with BOI so they probably took the gamble that I wouldn't move. They are in for a shock :)
Click to expand...

Good man

Call their bluff.

In a week or so, get your solicitor to request the deeds. That might prompt a bit of action from them.

But in the meantime, shop around.

Do let us know what happens.

Brendan
 
I took out a 1 year fixed rate last year as a FTB and got the 2% cashback on an 80% LTV mortgage. I rang up yesterday evening at 5pm and asked about what I needed to do to switch etc. The girl asked why I was switching and I said the rates were too high so she said someone would examine my account and call me back, I got a call this morning at 10am and was offered a variable rate at 3.3% or 3 year fixed at 3%. I asked what about prices for a 1 year fixed and got another call back pretty quickly saying it would be 3.3% for 1 year and 3.15% for 2 years.

I'm going to go with the variable rate once the fixed is up and then consider my options as thinking about going to PTSB or EBS for the 2% cashback offer again. Would banks be ok with taking someone on who has switched multiple times already as ideally I would go to PTSB and then EBS and finally end up with UB/AIB/KBC or whoever will give me the best deal at that stage.
 
pauric said:
I got a call this morning at 10am and was offered a variable rate at 3.3% or 3 year fixed at 3%.
Click to expand...
Interesting that it appears the higher the LTV the lower the variable rate offered ! Again well done for getting this rate off BOI

pauric said:
Would banks be ok with taking someone on who has switched multiple times already as ideally I would go to PTSB and then EBS and finally end up with UB/AIB/KBC or whoever will give me the best deal at that stage.
Click to expand...
You are simply following the advice of the Minister for Finance :)
It is worth noting that I remember 1 person on here saying that to move to Ulster (I think it was) they wanted 2 years mortgage statements from a single bank. That was 2015 or 2016, but things change all the time.
 
This is an interesting question:
"Would banks be ok with taking someone on who has switched multiple times already as ideally I would go to PTSB and then EBS and finally end up with UB/AIB/KBC or whoever will give me the best deal at that stage".

I am currently planning on leaving BOI to avail of the 3.3%variable rate and the attractive 2% cash back offer with EBS.

After a few months, I would hope to move again to AIB if they continue to lead the way on lower variable interest rates and giving the cuts back to customers. Are banks reluctant to take on customers who have moved in the past? Could you move a mortgage back to your original provider e.g. BOI to avail of a cash back offer? Does anyone have experience of this?
 
You must log in or register to reply here.
Back
Top