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08-04-2019, 11:06   #76
vincedh
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The banks use different methods for calculation of break fees. With base interest rates not moving for the past few years, break fees are miniscule in most cases except for AIB who take a different view on the calculation.
On the cashback deals. Some solicitors were doing deals for a multiple switch as the extra work involved was not extensive. However the banks have now caught onto the loophole and are now insisting on the mortgage being with the previous lender for a minimum of 12-24 months.
But do be ware of cashback deals. Banks are not charities and cashback deals usually cost the more in the long run especially if the bank has horrendous standard variable rates like ptsb or do not permit current customer avail of all fixed rate options (again ptsb are the worst in this regard).
But certainly if you have a fixed rate, check and see if one of the current fixed rate deals is better for you. The break fee in most cases is miniscule or zero.
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08-04-2019, 11:35   #77
LizardKing
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just went through the online link to give this a go. Will let people know if it works out

Thanks OP
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08-04-2019, 11:58   #78
mrcheez
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just went through the online link to give this a go. Will let people know if it works out

Thanks OP
I'm guessing it's this link? https://form.bankofireland.com/perso...e-rate-change/

what does that form do when you submit it?

Just for them to review your details and get back to you with options?



EDIT: ah I found the parent page that explains it: https://personalbanking.bankofirelan...your-mortgage/


cool, I'll give it a shot

Last edited by mrcheez; 08-04-2019 at 12:03.
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08-04-2019, 12:53   #79
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When you want to switch mortgage I presume it’s a whole new application as in they’ll be looking at your employment etc again?
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08-04-2019, 13:45   #80
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When you want to switch mortgage I presume it’s a whole new application as in they’ll be looking at your employment etc again?
Salary cert, home insurance cert, home valuation, can't remember what else they looked for
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08-04-2019, 13:50   #81
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Hi
I am on a discounted variable with UB (3.1%). I see I can take out 4 yr fixed at 2.6% also from UB which would be a saving. However, my question is what happens at the end of Year 4 ?

I suspect I go onto the standard variable at that time (currently 4.3%) and need to contact them to take any of the other variable or fixed offers at that time?
I presume I don't have the option to return to the var 3.1% unless it is still offered?

thanks
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08-04-2019, 15:09   #82
vincedh
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Hi
I am on a discounted variable with UB (3.1%). I see I can take out 4 yr fixed at 2.6% also from UB which would be a saving. However, my question is what happens at the end of Year 4 ?

I suspect I go onto the standard variable at that time (currently 4.3%) and need to contact them to take any of the other variable or fixed offers at that time?
I presume I don't have the option to return to the var 3.1% unless it is still offered?

thanks
you'd automatically go onto the standard variable rate, but Ulster will also let you choose to go onto any other rate they offer at the time. So you could choose a further fixed rate at the rates they offer then. Ulster, like AIB will allow all customers access all rates offered
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08-04-2019, 20:01   #83
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you'd automatically go onto the standard variable rate, but Ulster will also let you choose to go onto any other rate they offer at the time. So you could choose a further fixed rate at the rates they offer then. Ulster, like AIB will allow all customers access all rates offered
Or switch again
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10-04-2019, 12:40   #84
LizardKing
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just went through the online link to give this a go. Will let people know if it works out

Thanks OP

So have heard nothing back from BOI as yet . No email, sms .. nowt.


I know they are really understaffed so am expecting a slow turn around


They make it sound sooo easy though!!!


Quote:
Originally Posted by BOI

You can do this all online, there’s no need to call or visit a branch:

  • Select the “Request a new rate” button below
  • Complete the online form
  • We will then email and text each person named on the mortgage
  • Open the email and use the 6 digit code within the text to access your request securely
  • Follow the online instructions to request your new rate…. and that’s it!
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10-04-2019, 12:47   #85
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Or just ring them.
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10-04-2019, 13:33   #86
LizardKing
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Or just ring them.

I'll just wait thanks .. if I hear nowt I'll ring after a week or so... wanna see how/if the service online works..



I'm sure others are interested too
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10-04-2019, 13:36   #87
The Megaphone
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Or just ring them.

Great advice - definitely call them!


I phoned earlier today and it was the easiest 3 minute conversation ever - gave my details, the Rep gave a quick overview of the available rates and possible savings (€60/month) so now they are sending out the paperwork for me and the wife to sign and return!


Also was quoted a €0 break/funding fee - my own situation is that I have two separate mortgages with BOI for the purchase and refurbishment of the same property, and both were fixed for 3 years @ 3.1% with 7 months to run (before then returning to a variable rate for the rest of my life ).


So big thanks to sternn for this one!

Last edited by The Megaphone; 10-04-2019 at 13:39.
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12-04-2019, 09:47   #88
LizardKing
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Got the letter this morning as I was running out the door.

Only had a quick check

It didn't quote a break fee and had some initial blurb about possible charges for breaking fixed rate and refer to section D ( section D had some formula they use for calculating the fee but no actual fee (that I could see)

It had a number of rate options listed including the 2 year 2.9% and also a 3 year 3.0%

I may be better off waiting to change when my fixed rate ends.

Even thought they suggest "You can do this all online, there’s no need to call or visit a branch:"

I'm thinking this may require a PHONE call after all as suggested by others in order to get the calculated break fee figure from them.
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12-04-2019, 10:58   #89
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I chatted to them as well, I'd only save approx €15 / month going to 2.9% 2 Year and my breaking fee is €81 so not THAT much of a saving

...BUT...

she said that you can pay in a lump sum off the capital without penalty when changing the rate. Normally you'd have to wait until the fixed term had ended, so that's handy for anyone in a position to pay in a chunk of cash.

The savings for this are huge.
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12-04-2019, 11:07   #90
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Quote:
Originally Posted by mrcheez
she said that you can pay in a lump sum off the capital without penalty when changing the rate. Normally you'd have to wait until the fixed term had ended, so that's handy for anyone in a position to pay in a chunk of cash.
You can pay off lump sum without ending your contract and it's done at a proportionate level. For example, if your outstanding mortgage is €200k and they give you a quote of €1,000 to break the fixed term, if for example you didn't fully break and decided to just pay off €50k lump some it would only cost €250. Might be a better option if your main motivation is to make a lump sum payment and if the difference in the interest rates isn't much.
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