Ex KBC tracker at BOI

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mikerd4

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Not sure if this is the right spot. Decided to speak to BOI as my old KBC tracker rate(I moved so kept the tracker but had the extra 1% added) is at 7%.

I just rang BOI there and they are offering me a 3.45% variable rate. This is for ex KBC customers only according to the guy I spoke to. Am I missing something or should I be jumping on it given it's less than half the rate I'm currently on.
 
Has anyone else switched to this variable rate? How come they are offering this rate? Is there a catch somewhere?
Still waiting on the paperwork at the moment. If it's not here by Monday I'll be ringing them.
 
Best to post in this thread or start a new one in this format.

Key Post - I have a Bank of Ireland tracker – should I consider fixing?

Moderator's note: If you want to ask whether you should fix or not (or switch to another lender), please provide the following information: 1) Existing tracker margin. (This is set in your mortgage contract.) If your tracker margin is 1%, please state it in the following format to avoid...
www.askaboutmoney.com
 
A "mover tracker" where an extra 1% was added has been poor value for several year now. It was only "good value" when the banks were dramatically overcharging non tracker customers on variable rates and high fixed rates.

I can't see any 3.45% rate on BOI site - that might have been an error, but if not, I and many others might be interested
 
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