Mortgage Interest Rates - 0.15% hike?

....just got letter from B of I saying they've upped my variable mortgage to 3.75%. Seems a tad high. I'd leave them in the morning if I got a better rate. Anyone know one?

copacetic

well rates went up 0.25 so doesn't sound like a big rise but you are on a high rate, should move to a tracker imo, everyone does them pretty much now, mine is at 3.35% with aib after the rate rise..

Thanks davey.

Time to phone my friendly bank manager...

The_Conductor

My tracker is at 3.2% at the moment (ECB of 2.25 + .95)
I got that from Bank of Ireland.
The rate they quote you will depend on a number of factors- including-

Mortgage to a max of 4.5 times joint salaries
Mortgage (for this rate) must be 60% or less than the equity value in the house
Both borrowers (presuming its two) must be in fulltime permanent employment (no contract work) but overtime/travel claims etc will be factored towards the 4.5times salary sum

The very best rate available that I have found (which unfortunately I did not qualify for) is a tracker of ECB +.85% from Bank of Scotland (Ireland).

Do look around- you should have no major probs getting 3.25/3.3% quotes.

Thanks for that. If it saves me a few bob, I owe you a cyber pint...

Sponge Bob

NIB also do a tracker which can be under 1% over base rate and will fund a move from your existing bank . a 0.95% tracker implies LTV under 60% am I right ????

The_Conductor

Sponge Bob wrote:

NIB also do a tracker which can be under 1% over base rate and will fund a move from your existing bank . a 0.95% tracker implies LTV under 60% am I right ????

Yes, LTV of 60% or lower. Probably rules out first time buyers unfortunately.

Sponge Bob

trackers are not typically offered at less than 80% LTV by many lenders, being more of a remortgage option once you have some equity.

if you hassle your current lender into a tracker from a variable its well worth it and free as it is not a remortgage per se. Ring em up and threaten to move elsewhere unless its a spanking new 100% mortgage .

Everyone I know who did so got their tracker rate , usually the same day verbally , and with a small piece of paper to sign and return by post within a week. I got a 1% over base that way meself which was the easiest haggle I ever had witha bank.

BoI it was too, the very day my new mortgage discount finished

copacetic

aib do trackers for >90% and for ftb although it is 1.1%, when I was looking three other lenders were offering a similar deal..

cltt97

There's defo LTV <60% out there and there's some very good ones. All the banks have their rates on their webpages, you should hit them all, there's some good deals out there.