Bank of Ireland variable rates to drop soon?

josip

Mods please move if there's somewhere more appropriate.

I think Bank of Ireland variable rate mortgage rates will soon drop.
Although there's been a lot of press coverage about them being very high
the clincher for me was a call I got from them last week suggesting I move from our existing variable rate to a fixed rate because they have very competitive fixed rates. Has anyone else received a call from them encouraging them to switch?

loyatemu

BOI seem very stubborn about their rates - I've been waiting as well, but at this stage I think I'm going to move to PTSB. Customers on fixed rates can't switch, so that's one motivation. Even if they do drop their rates to attract new business (and they're already throwing 2% cashback at new customers) they may not extend the rate to existing customers.

WicklowTiger

josip wrote: »

Mods please move if there's somewhere more appropriate.

I think Bank of Ireland variable rate mortgage rates will soon drop.
Although there's been a lot of press coverage about them being very high
the clincher for me was a call I got from them last week suggesting I move from our existing variable rate to a fixed rate because they have very competitive fixed rates. Has anyone else received a call from them encouraging them to switch?

I got a letter from them a month or two ago suggesting I consider fixing... Was promptly recycled!

johnnyskeleton

josip wrote: »

Mods please move if there's somewhere more appropriate.

I think Bank of Ireland variable rate mortgage rates will soon drop.
Although there's been a lot of press coverage about them being very high
the clincher for me was a call I got from them last week suggesting I move from our existing variable rate to a fixed rate because they have very competitive fixed rates. Has anyone else received a call from them encouraging them to switch?

BOI are fundamentally disfunctional. I rang them up to increase my monthly payment and to make a lump sum payment off the principle, and they insisted on telling me that if I had any difficulties paying my mortgage I should contact them and not bury my head in the sand. It broke my brain!

Shedite27

josip wrote: »

Mods please move if there's somewhere more appropriate.

I think Bank of Ireland variable rate mortgage rates will soon drop.
Although there's been a lot of press coverage about them being very high
the clincher for me was a call I got from them last week suggesting I move from our existing variable rate to a fixed rate because they have very competitive fixed rates. Has anyone else received a call from them encouraging them to switch?

In my opinion it's a bout risk. From the bank's point of view, variable rates make it hard for the banks to predict for the future (are customers going to repay early, are rates gonna come down and they'll be under pressure to reduce etc) so a risk-averse bank would prefer everyone to be fixed.

That's what I interpret BOI doing, they want to be stable, ideally everyone on fixed rate for 3 years, then regnegotiate for a further 3 years etc etc.

That's the only reason I can see for them having such a large variable rate (otherwise they'll do themselves out of business)

L1011

WicklowTiger wrote: »

I got a letter from them a month or two ago suggesting I consider fixing... Was promptly recycled!

I got that letter, when I *am* fixed, for another 14 months (longer at the time). Waste of paper and just causes annoyance for people who assume they can get the new rates immediately.

If they've not dropped sufficiently by the time my fixed is done I'm off for a <50% LTV somewhere else, as my already decent deposit, non-borrowing funded improvements and improvements in the market since 2012 mean I definitely shouldn't be on the same rate as a 90% LTV.

Toots

I got the letter about 2 months ago and I fixed for 3 years, bringing my monthly repayment down by about €200. Unfortunately I own a 1 bedroom apartment, which is in such a staggering amount of negative equity I've no option of switching elsewhere, although when my hubby lost his job a couple of years ago and we needed forebearance I found them very accommodating. I'm delighted because this is the lowest rate my mortgage has been since 2007!

newacc2015

josip wrote: »

Mods please move if there's somewhere more appropriate.

I think Bank of Ireland variable rate mortgage rates will soon drop.
Although there's been a lot of press coverage about them being very high
the clincher for me was a call I got from them last week suggesting I move from our existing variable rate to a fixed rate because they have very competitive fixed rates. Has anyone else received a call from them encouraging them to switch?

The banks dont care about media coverage. PTSB repossessed homes and made some serious mistakes in the process. Even after all the media coverage. They weren't bothered by it.

BOI like any PLC has a duty of care only to shareholders. They are determined to be profitable enough to pay a dividend soon. They can't start cutting rates and be profitable.

There is no real competition in the market. Cutting rates may led to a race to the bottom with interest rates and only reduce profit. As the new customers to gain will be marginal

gogreen81

Any news about BOI fixed and variable rates
need to finalise amongst BOI , Ulster and KBC. Inclined towards BOI but are they going to cut the rates soon.. any idea anyone?