EBS cuts fixed rates -but not its variable rates

[RedOnion]

Currently have a 190k mortgage with EBS on SVR 3.7% - in negative equity so that rules out a switcher mortgage for me :-( (house value currently 160k)
Any advice on the new EBS 3 year 3.15 and 5 year 3.25 fixed rates - should I consider switching to of these or is there hope that the SVR will drop below 3% in the next 3-5 years?

I would argue that there is no valid reason for any customer to be on EBS SVR.

In your case, if you fix now for 3 years at 3.15%, you'd still be better off than staying on SVR even if the rate dropped to 3% at the end of 1 year. The SVR would need to drop below 2.9% in 12 months before you'd be losing out.

That coupled with how break fees are calculated, and even if the SVR drops you should be able to break at low / zero break fee.

 

[Funnyname]

I spoke to BoI yesterday, they won't take you unless you have 12 months payments on the mortgage you want to switch from.

Also EBS confirmed that once the fixed period is up their SVR is 3.70%. However it is easy to fix again.

BoI mentioned that their cash back deals has been extended to the end of June 2018.

Is their a post on cash back deals and their T&Cs, if not they might be handy to do a key post?

AIB told me last week they will consider all cases, you can switch at any stage. You don't need to wait 12 months. Other banks may not be this flexible though.

 

[Brendan Burgess]

Is their a post on cash back deals and their T&Cs, if not they might be handy to do a key post?

Great idea. Let me know when you have it done and I will mark it as a Key Post.

Brendan

 

[Dauhee]

Definitely need to go fixed ASAP. Hard to know how many years to lock in. Break fees currently low anyhow.

Its very unfair that roll onto high SVR after fixed ends, but since you are already on SVR the choice is already made