I'm with BofI, and my main mortgage is at 3.1% fixed, and a smaller one at 2.9%. The fixed period is expiring presently. The mortgage is 60% (at most) of the current value, and I've never missed a repayment in the past five years. The house is also a B1 BER so should be entitled to the Green mortgage rate.
I am creating this thread as a place where people can request guidance on whether they should switch their mortgage to another lender (also called mortgage refinancing or remortgaging) and, if so, which lenders and interest rates they might consider switching to. You are allowed to switch even...
Could you provide the following pieces of information:
Current lender: BOI
Outstanding mortgage balance (how much you still owe), for both interest rates
Approximate value of your property
The date you started your fixed-rate mortgage (month and year), for both interest rates
How many years you fixed for, for both interest rates
Your current mortgage interest rate
Your current monthly repayment (excluding any overpayments)
Your property's BER (Building Energy Rating) – check it here or estimate it if necessary
Are you due to get extra cashback from your current lender in the future, e.g., "1% after 5 years", or "2% cashback monthly"? If so, how much and when?
I will then estimate the savings you would make by switching to different rates with other lenders.