Key Post I have a Bank of Ireland tracker – should I consider fixing?
- Thread starter Mayfield05
- Start date
That is certainly enticing even if the tracker was 1% and I can't see the logic of it for BOI. Possibly it just about makes sense to move those on 1% trackers and it's a bonus for those on mover trackers.
I'd assume that the variable rate would only move with the general variable rate and they would not increase 60% rates by 1% whilst decreasing standard variable by 0.25%.
I'd assume that the variable rate would only move with the general variable rate and they would not increase 60% rates by 1% whilst decreasing standard variable by 0.25%.
Hi, I have just discovered this website and i am looking for advice if i should switch off my tracker which i have been on for nearly 10 years. After restructuring our mortgage. The house was bought at the height of the market in 2007 and has been in negative equity for a long time (and probably still is). I have been burying my head in the sand and just paying my mortgage since then hoping things will get better. It has now got to the stage where i am struggling to meet payments and asking is there any better deal i should move to. Also i was wondering if the samller part of my mortgage on the standard variable rate can be changed without affecting the tracker, or are they treated as one product. Thanks for any advice.
1) Existing tracker margin. (This is set in your mortgage contract.)
5) Lender Boi (switched over from KBC.)
6) Value of your home. Not sure, roughly 170000
7) Might you trade up or overpay your mortgage? No
8) Do you face any barriers to switching? E.g., an impaired credit record, a mortgage with a warehoused portion due to a restructuring, reduced income since you took out your mortgage, you are now renting out the property. We had an interest only period for 1 year in 2012. We restructered our mortgae after this lengthening the term to rdcue payments.
9) What rates are you considering fixing at? Havent a clue about what rates are available.
10) Does your house have a high BER rating which might qualify it for a lower rate? or estimate it if necessary...NO
1) Existing tracker margin. (This is set in your mortgage contract.)
- 1.25% (so currently at 5.75%)
- Yes Top up loan at standard variable rate. (4.5%)
- €138000 on tracker. €29000 on standard variable.
5) Lender Boi (switched over from KBC.)
6) Value of your home. Not sure, roughly 170000
7) Might you trade up or overpay your mortgage? No
8) Do you face any barriers to switching? E.g., an impaired credit record, a mortgage with a warehoused portion due to a restructuring, reduced income since you took out your mortgage, you are now renting out the property. We had an interest only period for 1 year in 2012. We restructered our mortgae after this lengthening the term to rdcue payments.
9) What rates are you considering fixing at? Havent a clue about what rates are available.
10) Does your house have a high BER rating which might qualify it for a lower rate? or estimate it if necessary...NO
Hi there! We are with BOI, when moving to our new house (5 years ago) we got the option to keep the tracker mortgage for the amount we owed on our old house (which back then was great) and we had to take another mortgage out for the remaining about so we fixed the second mortgage for 10 years. I just asked could we now merge the 2 mortgages as I would prefer to have a single payment and overpay on my mortgage to reduce down the years remaining but I was told this wasn't an option. I'm open to any ideas! Any help would be great!
1) Existing tracker margin. (This is set in your mortgage contract.)
BOI Trackers for movers rate 6.7%
2) If you have an additional mortgage on the same property, what is the rate?
Fixed at 3.3% with 5 years of the fixed rate period remaining
3) Amount outstanding on your mortgage
Tracker €160,000 and fixed is €120,000
4) Remaining term
21 years
5) Lender
Bank of Ireland
6) Value of your home
€560,000
7) Might you trade up or overpay your mortgage?
I want to overpay my mortgage each month to reduce loan period as quickly as possible
8) Do you face any barriers to switching?
No apart from having 5 years left on my fixed rate
9) What rates are you considering fixing at?
I don't mind
10) Does your house have a high BER rating which might qualify it for a lower rate?
yes my BER rating is A2
11) How well could you handle a further 2% rise in the ECB rate?
I can afford it but I don't think the tracker is a good option for us anymore.
1) Existing tracker margin. (This is set in your mortgage contract.)
BOI Trackers for movers rate 6.7%
2) If you have an additional mortgage on the same property, what is the rate?
Fixed at 3.3% with 5 years of the fixed rate period remaining
3) Amount outstanding on your mortgage
Tracker €160,000 and fixed is €120,000
4) Remaining term
21 years
5) Lender
Bank of Ireland
6) Value of your home
€560,000
7) Might you trade up or overpay your mortgage?
I want to overpay my mortgage each month to reduce loan period as quickly as possible
8) Do you face any barriers to switching?
No apart from having 5 years left on my fixed rate
9) What rates are you considering fixing at?
I don't mind
10) Does your house have a high BER rating which might qualify it for a lower rate?
yes my BER rating is A2
11) How well could you handle a further 2% rise in the ECB rate?
I can afford it but I don't think the tracker is a good option for us anymore.
Brendan Burgess
Founder
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this looks as if the margin is 2.2% , so it has very little value
The 3.3% fixed rate is a good rate, so you should keep it. Therefore you should not switch from Bank of Ireland.
BoI has a variable rate of
The fixed rate are higher than this at the moment.
Market rates are difficult to predict and the bank's behaviour even more difficult.
But, on balance, I would expect BoI fixed rates to fall rather than rise.
So I think you should opt for the variable rate of 4.15%.
Another advantage of variable is that you can overpay it without penalty at any time. Overpaying a fixed rate could result in a penalty.
Brendan
I'd be stronger than Brendan.
Mover trackers of 2.2% above ECB have zero value.
Another poster said BOI was offering a 3.45% rate for KBC tracker customers. I'd see if this was available and jump on it.
BOI was offering a 3.45% rate for KBC tracker customers
yes but in the space of a year, BOI have raised interest rate from 3.45% to 5.6%!!!!
ECB rate rises that automatically feed into Tracker rates have meant that rates went from 3.45% to 5.6%. Doesn't matter what bank it is.
There's a post (might be above on this thread) where a near identical situation of a mover tracker from KBC was offered a 3.45% variable rate from bank of Ireland just last week to move off their 2.2% + ECB tracker.