BOS Variable Rate

My mortgage is with BOS Ireland and is fixed at 4.88% reverting to standard variable at the end of the fixed term. Their current standard variable rate is actually higher than the fixed rate at 6%. Since I'm in negative equity, what are my options, or do I have any option at all for that matter, in terms of switching mortgage provider when my fixed rate ends? Otherwise I will be stuck paying way over the odds for my mortgage. For example, the current comparable AIB standard variable rate is around 2.5%. How can BOS justify charging 5% higher than the current ECB rate? They must not want to attract new customers in the current market but are content to fleece their existing customers.

deleted - misread BOI/BOS

Celt07 said:

They must not want to attract new customers in the current market but are content to fleece their existing customers.

Click to expand...

Pretty much it. They are in effect pricing themselves out of the market. There was talk of Halifax withdrawing completely. BOS are a UK bank and thus received UK government bailout. I think people in the UK were concerned that BOS was offering mortgages at rates lower than the rates they offered in the UK.

Wow...that is some SVR they have got there, and I thought UB at 3.85% was high.