Does BoI put you on the LTV rate after fixed period expires?

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eamo15

Registered User
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Is bank of ireland lowering its variable rate based on LTV, THEY told me because im in positive equity by 100 grand i dont need a valuation to fix again by august 29th or i roll over to the standard variable rate..what i dont understand is that they told me after the fixed period i would roll onto a variable rate based on my ltv but why wont they not do this now???

I WOULD LOVE TO SWITCH TO AIB but my wife is not working and we live on 38 k a year..we have a mortgage for 156000 with 28 years left but house is now valued at 260000.. we were blessed to get a mortgage in 2013 but feel trapped with boi at the moment ..my wife will go back to work when children go to school in a few years and then we will be in a better position to switch..
 
eamo15 said:
Is bank of ireland lowering its variable rate based on LTV
Click to expand...
Richie Boucher recently said that they're not planning on reducing any variable rates any time soon so all you can deal with right now is their published rates and/or any individually negotiated rate if anybody has managed such a thing. I tried for somebody but got nowhere.

https://personalbanking.bankofireland.com/borrow/mortgages/rate-table/?buyer_type=0

Hopefully they WILL reduce their variable rates (and fixed rates further) but at the moment anything in that vein is pure speculation.
I don't understand - when did/does your fixed rate period end? 29th August? Some other date?
Your LTV is 60% (let's assume just under?) so as an existing customer these BoI rates are available to you:

SVR = 4.5%
Variable LTV<60% = 3.9%
2 or 3 year fixed LTV<60% = 3.6%

Why do you feel trapped - those are not the worst rates on the market at the moment even if, like all others, they are still too high.

As far as I can see, right now you are not going to get significantly better from AIB:

http://www.askaboutmoney.com/threads/aib-cuts-all-rates-by-0-25-svr-now-3-65.195210/
http://personal.aib.ie/our-products/mortgages/mortgage-interest-rates

Variable LTV > 50% = 3.55% (from October) - OK - this IS 0.35% lower alright...
2 year fixed ~ 30 year term 3.6%
3 year fixed ~ 30 year term 3.65%
 
Last edited:
Hello

Thanks for the reply
BOI sent me out a letter stating my two year fixed rate is up on 29th august and that i will roll onto the standard variable rate of 4.5 percent..

however im under 60 percent in ltv but they said over the phone that i couldnt roll onto the variable rate of 3.9 percent based on ltv but if i fixed then after fixing i would roll onto a lower rate variable rate based on my ltv..

maybe they are a bunch of chancers but they were nice as pie on the phone and said because we bought in 2013 we are exempt from having to get a current valuation report..

im going to ring them monday and basically tell them i want a variable rate of 3.9 percent or im switching to kbc or aib or is it better to fix for 3 years at 3.6 percent will BOI FIXED RATES DROP FURTHER
 
I don't know what BoI's policy is on variable LTV rates and whether or not that precludes existing customers from switching to one rather than taking their very high SVR.
From my (indirect) experience with BoI I wouldn't take what they say on the phone as final.
I would write or talk to somebody else asking for the option of the LTV < 60% 3.9% rate if that's an option that you want to consider.
Whether or not BoI fixed rates will drop further is anybody's guess at the moment.
If you are considering the 3.6% fixed then you can fix for 2 rather than 3 years.
You could ask them if you could fix for 1 year (like new customers) but when I did for somebody they gave us short shrift...
 
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