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05-04-2019, 14:45   #61
lawred2
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Cheers lawred2.

So you could, in theory, swap every couple of months without penalty?

Also, just for complete pig iron....
January, I move from AIB to BOI, get cashback.
July, I move from BOI to EBS, get cashback.
January, I move from EBS to KBC, get cashback.
July, I move BACK to AIB from KBC....get cashback?
if the rates are in your favour then yes
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05-04-2019, 14:52   #62
Cyrus
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Cheers lawred2.

So you could, in theory, swap every couple of months without penalty?

Also, just for complete pig iron....
January, I move from AIB to BOI, get cashback.
July, I move from BOI to EBS, get cashback.
January, I move from EBS to KBC, get cashback.
July, I move BACK to AIB from KBC....get cashback?
banks have started to tell people that they will only accept them if they have been with their previous lender for 12 months, so you need to be creative to avoid that, see a few threads on askaboutmoney
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05-04-2019, 15:40   #63
nok2008
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The BOI 2% initial cashback is given to you on drawdown plus 45 working days. But the mortgage person in bank told me that you can then change bank without penalty.
You must also ensure that your cashback is greater than your solicitor fees in order to make financial sense and the interest rates. I think that there may be some LTV ratios caveats on the cashback i.e. you might not be entitled to cashback if LTV <50%. Not 100% sure on this though and all banks will have different small print.
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05-04-2019, 19:05   #64
cruizer101
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I wonder would it be possible to get a good rate from a solicitor to do this multiple times.
I dont know the ins and outs of what is involved in the conveyancing but would think might be bit less work in doing the same property to same owners.
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05-04-2019, 22:55   #65
Klonker
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Little bit off topic I guess but a related issue. How's the penalty calculated if I was for example to pay a lump of 50k off my mortgage? I presume it would have to be cheaper than breaking out of contract completely.
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05-04-2019, 23:06   #66
Cyrus
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Little bit off topic I guess but a related issue. How's the penalty calculated if I was for example to pay a lump of 50k off my mortgage? I presume it would have to be cheaper than breaking out of contract completely.
It’s proportional
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05-04-2019, 23:14   #67
James Bond Junior
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Just had a skim through and said I'd give my two cents. I was with KBC at 3.9% and moved 9 months after I drew down to Ulster Bank at 3.1%. They paid me €2k so it covered fees and a revaluation but I decided to keep repayments the same which shaved a whole 2 years off my term. UB allow you to move your LTV to a lower amount without penalty so I was able to move it down to well below 3% saving me more again. I will probably fix soon enough but it makes sense to check things out every 6 months rate wise but also keep an eye on the property price register to see how other property prices may effect your own LTV.
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06-04-2019, 09:00   #68
kodak
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Definitely contact the bank. Most people don't bother ever getting their house revalued for mortgage purposes. Banks generally offer better interest rates as the LTV gets lower.
Moved LTV with aib, went from 3.15 to 2.75 % , more than 80 to less than 50% LTV. Cost 150 and about 1 hour in total. Ill have the cost of the valuation back in a few months and I think it worked out at saving 10k over the mortgage. Very simple to do too. Would definitely recommend.
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06-04-2019, 11:23   #69
Millem
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Aib have quoted me thousands to break
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06-04-2019, 11:32   #70
 
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The BOI 2% initial cashback is given to you on drawdown plus 45 working days. But the mortgage person in bank told me that you can then change bank without penalty.
You must also ensure that your cashback is greater than your solicitor fees in order to make financial sense and the interest rates. I think that there may be some LTV ratios caveats on the cashback i.e. you might not be entitled to cashback if LTV <50%. Not 100% sure on this though and all banks will have different small print.
There is a penalty though - the 1% you lose out on after 5 years. Most people are not calculating that.
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06-04-2019, 13:53   #71
Cyrus
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There is a penalty though - the 1% you lose out on after 5 years. Most people are not calculating that.
It's not a penalty if you are saving money by moving
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08-04-2019, 10:25   #72
LizardKing
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Howdy .. So I have BOI fixed rate for 3 years. I have about 6 months left on this rate. When it finishes I go automatically onto BOI variable rate ..if I stay on that I get 1% cashback after year 5 (this will not be worth it in my opinion)

Sounds like I can just change now to a new fixed rate for 2 years on 2.9% ? So less monthly payments

Can you not just do it online via this form ?

https://form.bankofireland.com/perso...e-rate-change/
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08-04-2019, 10:28   #73
 
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Howdy .. So I have BOI fixed rate for 3 years. I have about 6 months left on this rate. When it finishes I go automatically onto BOI variable rate ..if I stay on that I get 1% cashback after year 5 (this will not be worth it in my opinion)

Sounds like I can just change now to a new fixed rate for 2 years on 2.9% ? So less monthly payments

Can you not just do it online via this form ?

https://form.bankofireland.com/perso...e-rate-change/
you get the cash back by staying with BOI. I don’t think you have to be on the variable.
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08-04-2019, 10:28   #74
amcalester
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Originally Posted by LizardKing View Post
Howdy .. So I have BOI fixed rate for 3 years. I have about 6 months left on this rate. When it finishes I go automatically onto BOI variable rate ..if I stay on that I get 1% cashback after year 5 (this will not be worth it in my opinion)

Sounds like I can just change now to a new fixed rate for 2 years on 2.9% ? So less monthly payments

Can you not just do it online via this form ?

https://form.bankofireland.com/perso...e-rate-change/
Double check this but I don't think there was anything in the BOI T&C's that you had to stay on the variable rate to get the extra 1% cashback, just that you still hold a BOI mortgage and current account.
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08-04-2019, 10:49   #75
Klonker
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Quote:
Originally Posted by LizardKing
Howdy .. So I have BOI fixed rate for 3 years. I have about 6 months left on this rate. When it finishes I go automatically onto BOI variable rate ..if I stay on that I get 1% cashback after year 5 (this will not be worth it in my opinion)

As far as I'm aware you'll get the 1% cash back after 5 years if you are still with BOI, I don't think it matters what type or term contract you are on in that time.
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