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Mortgage interest rate

  • 06-10-2021 4:23pm
    #1
    epfff
    Registered Users, Registered Users 2 Posts: 1,428 ✭✭✭


    Why would I have received a letter today informing me that my mortgage interest rate is rising to 3.9%?

    Yes 3.9% much higher than the market average.

    I have never in the life of this mortgage or any other borrowing missed or was late with a repayment and the property is LTV is under 30%.

    I work 8 to 5 weekdays and cannot find any way of contacting the bank when I am available.

    Is this bank of irelands nice but indirect way of asking me to find another mortgage provider?



Comments

  • #2
    BronsonTB
    Registered Users, Registered Users 2 Posts: 1,905 ✭✭✭BronsonTB


    Mortgage Contact number is 0818 200 339

    You need to shop around & swtich if you want to get a better rate.

    BOI have high rates when compared with others

    Also looks like that rate is lower than they even advertise

    image.png


    Sligo Metalhead



  • #3
    listermint
    Registered Users, Registered Users 2 Posts: 34,217 ✭✭✭✭listermint


    Have you checked your original mortgage documents..you may have been on a fixed rate moving to variable after that period ran out. It's common on all mortgages


    This should all be in your mortgage documentation.



  • #4
    epfff
    Registered Users, Registered Users 2 Posts: 1,428 ✭✭✭epfff


    Tnx for the swift replies.

    The problem with the contract number is the only open Monday to Friday 9-5.

    I am just looking at bonkers and they seem to have providers at much lower rates. I have made appointment for next week for a competitor/cheeper provider so hopefully I can get the day off and it's hassle free to change as it looks like I would be €100plus a month better off on a small mortgage

    Post edited by epfff on


  • #5
    Bank of Ireland: Eve
    Closed Accounts Posts: 309 ✭✭Bank of Ireland: Eve


    https://www.boards.ie/discussion/2058211974/mortgage-interest-rate

    Hi there, thanks for your post here on Boards.ie.

    In order to discuss this further with a Mortgage Advisor you can certainly contact our Mortgage Team on 016113333 and one of my colleagues would be happy to discuss this with you.

    Thanks, Eve



  • #6
    epfff
    Registered Users, Registered Users 2 Posts: 1,428 ✭✭✭epfff


    https://www.boards.ie/discussion/comment/117987009#Comment_117987009

    Thank you as helpful as always by giving me a number that is only operational 9-5 when I am working.



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  • #7
    lomb
    Registered Users, Registered Users 2 Posts: 6,017 ✭✭✭lomb


    Basically they move you into a variable once the fix runs out. If you refix for a year it's 2.9% . I think rates are dropping. I'd expect in a year or two standard fixed it willbe around 2.5 . They have launched a 2% green 4 year fixed no cashback shortly.



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