Fixed rate ending - will my bank negotiate a new fixed rate lower than published rates?

[Just Askin']

Hi,

My current 2 year fixed rate will end in about 60 days. I've looked at my bank's current published fixed rate options. I've also looked at the other mortgage fixed rates available out there.

Avant are currently the best, 2.3% for a fixed term of 10 years, which is the period that I'm looking to fix for. My current bank has a published rate of 2.95% for the same period.

Obviously Avant is the best choice, but switching basically means going through the same process of applying for a mortgage from scratch. I would like to avoid this hassle if possible.

So my question is, would my current bank be likely to negotiate their rate to match Avant's rate, if I told them that I'm considering switching?

Thanks for your help with this ...

 

[newirishman]

Ask them if they want to or can match. From the variety of similar posts on this forum, it is however doubtful.
As for your "avoiding hassle" comment: a lower interest rate means cash in your hand (or money not spend).
So think about it that way: how much time is it going to be to put the documentation together? I daresay not more than a few to maybe a dozen hours. This will be spread out over a few weeks.
How much money does your day job bring in before tax per hour or day? If your time is better spend doing other work (as the return is higher), don't bother. You will also have to spend some money for the solicitor, somewhere between 1000 and 1550 euro.
If your time plus switching fees is less than interest saved, why not do it.

 

[NoRegretsCoyote]

I am in the same situation with Bank of Ireland at the moment coming to the end of a fixed rate.

They sent me out a list of rates a few weeks ago. I called them up and they gave me a 0.1pp reduction for all rates without any issue. For me it's not much more than €10 a month but it was more than worth a phone call.

They did the same two years ago, a 0.1pp reduction. I pushed harder at the time - threatening to switch if they didn't give me more of a reduction - but they wouldn't budge.

 

[time to plan]

I am in the same situation with Bank of Ireland at the moment coming to the end of a fixed rate.

They sent me out a list of rates a few weeks ago. I called them up and they gave me a 0.1pp reduction for all rates without any issue. For me it's not much more than €10 a month but it was more than worth a phone call.

They did the same two years ago, a 0.1pp reduction. I pushed harder at the time - threatening to switch if they didn't give me more of a reduction - but they wouldn't budge.

I had the same with BoI. Presumably it's worth over-charging those that can't be bothered to move and losing those that can. BoI were right for me before. Now am moving to Avant.