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BOI send letter about moving off Tracker

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  • 14-02-2013 7:57pm
    #1
    Galwayguy35
    Registered Users Posts: 16,551 ✭✭✭✭


    Like the title says I received a letter today from BOI about moving to a fixed rate for a period of 3 or 5 years.

    The letter says that it would be gauranteed that I would be able to move back to the Tracker after either the 3 or 5 years.

    Just wondering are any BOI customers who received this letter considering taking them up on this offer?


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    #2
    RangeR
    Registered Users Posts: 7,265 ✭✭✭RangeR


    Why would you move? Are they offering you a better rate than current Tracker? The tracker can't go much lower than it already is.


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    #3
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    RangeR wrote: »
    Why would you move? Are they offering you a better rate than current Tracker? The tracker can't go much lower than it already is.

    But the tracker can go up sharply, if the ECB decide they want it to.


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    #4
    average_runner
    Registered Users Posts: 12,851 ✭✭✭✭average_runner


    GerardKeating wrote: »
    But the tracker can go up sharply, if the ECB decide they want it to.


    Hardly going to happen in the current climate. Trackers could be low for the next 10 years


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    #5
    westies4ever
    Closed Accounts Posts: 1,456 ✭✭✭westies4ever


    GerardKeating wrote: »
    But the tracker can go up sharply, if the ECB decide they want it to.



    But this doesn't look likely and BOI wouldn't be pushing a move to a fixed rate if they thought it was likely either for the foreseeable future.


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    #6
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    One this european economy clearly emerges from recession, there will be huge inflationary pressures - esp. with people looking for salary increases etc. When that happens, ECB will move quickly to increase interest rates to take money out of the economy..

    I personally wouldn't bank on rates remaining low for more than 1-2 years


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    #7
    westies4ever
    Closed Accounts Posts: 1,456 ✭✭✭westies4ever


    I think theres more than 1-2 years left in this recession. Things should certainly improve in that time but I dont think to that extent. Any interest rate changes will be gradual.


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    #8
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,215 Mod ✭✭✭✭godtabh


    If BOI are sending you a letter you are pretty much guaranteed the offer is stacked in their favor. Not yours.

    If they want you to come off a tracker I'd be asking them to do a deal with you as there needs to be something in it for you


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    #9
    RangeR
    Registered Users Posts: 7,265 ✭✭✭RangeR


    "I'd go fixed for a write down"


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    #10
    Galwayguy35
    Registered Users Posts: 16,551 ✭✭✭✭Galwayguy35


    RangeR wrote: »
    Why would you move? Are they offering you a better rate than current Tracker? The tracker can't go much lower than it already is.

    I'm not going to go off the tracker as tbh I don't trust them not to have some scheme to sweet talk people into moving to a fixed rate.

    The fixed rates are 2.5% for 3 years and 2.8% for 5 years which is ok but I think I'll risk it that the ECB won't put up their rates for a few years more.

    I was just wondering if anyone else was going to take them up on it.


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    #11
    msbrobe
    Registered Users Posts: 53 ✭✭msbrobe


    Hi
    Just wondering if anyone took up B of I on this?
    I spoke to my brother at the weekend and he had just got a similar letter. As a previous poster said the odds here are stacked in the banks favour so I told him to call the and see what they might offer for him to move in the way of a writedown/reduced term as at the end of the day all any bank wants at the moment is to move unprofitable trackers off the books.
    I have 2 repayment tracker mortgages with B of I - both currently in NE but fully serviced and up to date. I have not received any letter re: moving off tracker but would only be tempted if they were prepared to make an attractive offer to change!!


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    #12
    Galwayguy35
    Registered Users Posts: 16,551 ✭✭✭✭Galwayguy35


    msbrobe wrote: »
    Hi
    Just wondering if anyone took up B of I on this?
    I spoke to my brother at the weekend and he had just got a similar letter. As a previous poster said the odds here are stacked in the banks favour so I told him to call the and see what they might offer for him to move in the way of a writedown/reduced term as at the end of the day all any bank wants at the moment is to move unprofitable trackers off the books.
    I have 2 repayment tracker mortgages with B of I - both currently in NE but fully serviced and up to date. I have not received any letter re: moving off tracker but would only be tempted if they were prepared to make an attractive offer to change!!

    I haven't heard anything from them since but I would be interested to hear how your brother got on.


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