Moving everything from BOI to Ulster Bank

E

eamonnbill

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Meeting local Ulster bank manager on Friday. Over the phone she couldn't give exact figures regarding savings but currently my Mortage is €1069 a month. My Rate on Mortage is 4.35% with BoI. She said 3.5% from Ulster Bank variable if I switch or 3.3% fixed for two years. I'd say around €100 savings for a month if I switch on variable. She also said 1500 towards legal fees... My solicitor said her fees be around under 900 all in... So around say 600 profit there. And moving current account Ulster charge €12 quarterly. My charges with Boi is around €30 quarterly. So it's a no brainier. Any other suggestions?
 
Your doing the right thing, get out from under Bank of Ireland asap. Its disgraceful they way they treat existing customers.
 
Lots more people like you and guess what will happen, BOI will lower their interest rates and charges.
 
There is definitely a repayment saving but check the legal fees, your solicitor's fee may be 900 but are there extra legal fees that the solicitor has to pay and charge to you? Legal outlays or something, registry?? Not sure what they actually break down to, I'm sure someone here will tell you. In case you have the 600 spent in your head already :)
 
Well done Eammon.This is exactly what BOI customers should do.The only reason I am staying with them at the moment is the fact that they reduced my SVR to 3.6% 4 months ago.
 
The total cost of switching (to include valuer's fees, solicitor's fees, outlay and VAT) would very rarely exceed €1,500.
 
It has taken some people I know over 3 months to switch mortgages I think ulster 1500 is up in Dec and I think mortgage has to be drawn down to get 1500. Clarify with ulster on Friday. So you don't slow it up get all paperwork in order ASAP. And get an
assurance from your solicitor he can close it out. My advice ask ulster on Friday have they got a solicitor who they are familiar with or use person you orginally used. This can speed things up. You can have solicitor start process while waiting for approval
 
The manager said usually 6 - 8 weeks to switch mortgage.... Luckily enough my solicitor is next door to the branch so that might speed it up.... Hopefully.
 
You only have to receive the mortgage offer by 31 December to qualify for the €1,500 incentive - you don't actually have to draw down the loan by that date.

Ulster Bank may well extend this offer if they see that it's generating valuable new business.
 
In the process of doing the same thing - 1500 will easily cover the legal costs for me, and there is no clawback.
 
Clonback said:
Well done Eammon.This is exactly what BOI customers should do.The only reason I am staying with them at the moment is the fact that they reduced my SVR to 3.6% 4 months ago.
Click to expand...

I have been onto boi several times and they won't budge off 3.9 % I have a ltv of about 30% . I'm in the process of moving now. Ulster seem to offer the best value for money at the moment.
 
It's quite a few months now since we have had any reports of BOI cutting a rate in response to a threat from a borrower to switch mortgage provider. I think we can safely assume that those days are largely over.

I agree that Ulster Bank's switcher offering is pretty competitive at the moment.

I wonder have many borrowers with other lenders switched to BOI to avail of their 2% cash back offer?
 
While I was considering moving to BOI, < 80% LTV, > €450k, they offered me 3.7% variable when I stated Ulster Banks 3.35% variable high value loyalty rate. The BOI 2% cash back offer is tempting.

Ultimately I've gone with Ulster Bank for reasons mostly outlined on these forums.
 
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