Hi all,
We took our mortgage in 2014 with a 6 year fixed rate of 4.2% which is due to expire at the end of this month. We received a letter from Bank of Ireland a few weeks ago advising us of our options including a 1 or 2 year fixed rate of 2.9%. I meant to follow-up as the LTV was incorrect, however, we received a call from someone at the bank today advising us that if we did not inform them that we wanted to change our terms we would automatically be placed on the variable rate 3.9% and advising us to return the form as soon as possible. I just think it is strange that the bank would go to the trouble of ringing us when they are potentially going to lose money and wondered if it is possible that there is going to be a dramatic fall in the variable rate in the months to come based on what is happening with Covid?
We took our mortgage in 2014 with a 6 year fixed rate of 4.2% which is due to expire at the end of this month. We received a letter from Bank of Ireland a few weeks ago advising us of our options including a 1 or 2 year fixed rate of 2.9%. I meant to follow-up as the LTV was incorrect, however, we received a call from someone at the bank today advising us that if we did not inform them that we wanted to change our terms we would automatically be placed on the variable rate 3.9% and advising us to return the form as soon as possible. I just think it is strange that the bank would go to the trouble of ringing us when they are potentially going to lose money and wondered if it is possible that there is going to be a dramatic fall in the variable rate in the months to come based on what is happening with Covid?
