Variable rate

popsy09

Greyian wrote: »

In which case you can switch.

The only thing you can guarantee by looking at current rates is who the cheapest is right now. I can't understand why someone would pay an extra 0.5-1.0% to...avoid filling out a few forms? If a car salesman would give you €10,000 off a car if you filled out your name/address details yourself, instead of him having to ask you for them and write them himself, would you say no?

Honestly now its getting annoying I am staying with boi i feel like its the best bank for me to have a mortgage with I can get a fixed rate of 4% with them which is as good as the other banks

I do not want to go with aib /kbc/ulster etc I feel like boi are the most stable and I want my money with them , just because they are .5% cheaper now I'm thinking of long term and I think boi will be better in long term

Obviously people will say different but this is what I think and what I am happy to do with my money ,its all a gamble at the end of the day and I'm staying with them ..

Now please do comment about other banks anymore I DO NOT WANT TO SWITCH BANKS AND IM NOT INTERESTED IN WHAT THEY HAVE TO OFFER

ted1

hognef wrote: »

And to those who argue for going with the bank offering the lowest (variable) rate: There's absolutely no guarantee that bank will remain the cheapest long term.

With variable rates you can change banks

ted1

popsy09 wrote: »

Honestly now its getting annoying I am staying with boi i feel like its the best bank for me to have a mortgage with I can get a fixed rate of 4% with them which is as good as the other banks

I do not want to go with aib /kbc/ulster etc I feel like boi are the most stable and I want my money with them , just because they are .5% cheaper now I'm thinking of long term and I think boi will be better in long term

Obviously people will say different but this is what I think and what I am happy to do with my money ,its all a gamble at the end of the day and I'm staying with them ..

Now please do comment about other banks anymore I DO NOT WANT TO SWITCH BANKS AND IM NOT INTERESTED IN WHAT THEY HAVE TO OFFER

You came looking for advice on interest rates, your ignoring all advice been offered.

murphaph

Popsy...when you have a mortgage your money is not with them. Their money is with you.

popsy09

murphaph wrote: »

Popsy...when you have a mortgage your money is not with them. Their money is with you.

I worded that wrong to be fair but all my money Is with them savings and some invested

I am not ignoring all advice there was some very good points made which helped me and some valid points that i over looked

Just because KBC are the cheapest now does not mean they will be the cheapest for 25 years so when people are saying you could save money ya I could save money if they stay the cheapest throughout the whole 25 years but I feel long term boi will do the job for me

murphaph

But with a variable rate mortgage you can change lender. As you progress with your repayments your loan to value falls and you become a much more interesting customer to a bank as their risk is lower when they lend to you. Even now with a market in which banks are not mad to lend, they are offering switcher bonuses so you are probably not going to even have to pay the full legal fees of a switch and that all assumes KBC change their rates to such a point that not switching would really hurt.

The fact you use BoI for other financial products is really irrelevant. The days of that making a difference to a bank are long gone. You should look at each product on its own merits. BoI are simply not competitive in mortgages.

Arbiter of Good Taste

popsy09 wrote: »

I worded that wrong to be fair but all my money Is with them savings and some invested

I am not ignoring all advice there was some very good points made which helped me and some valid points that i over looked

Just because KBC are the cheapest now does not mean they will be the cheapest for 25 years so when people are saying you could save money ya I could save money if they stay the cheapest throughout the whole 25 years but I feel long term boi will do the job for me

You do understand that you are not locked into the same mortgage provider for 25 years if you choose to switch?

mickman

popsy09 wrote: »

I worded that wrong to be fair but all my money Is with them savings and some invested

I am not ignoring all advice there was some very good points made which helped me and some valid points that i over looked

Just because KBC are the cheapest now does not mean they will be the cheapest for 25 years so when people are saying you could save money ya I could save money if they stay the cheapest throughout the whole 25 years but I feel long term boi will do the job for me

You have a very very nieve loyalty to a bsnk . Boi don't care about you one little bit

4% fixed is very expensive , robbery in fact
Why do you care about the stability of the bsnk when it comes to mortgage ? It's irrelevant

tigershould

OP, I decided I couldn't predict the market so I went for a split mortgage 50% fixed 3yrs, 50% variable. That way I get the stability of knowing exactly what I'm paying on the fixed portion. And I get the benefit of any rate decreases and the possibility to overpay on the variable.

Villa05

There is a morality argument for sticking with bank of ireland also.
They have fully repaid there bail out money so we're least culpable for the bubble/collapse while the others are less likely to ever pay back what was put into them.
They should be treated with contempt they deserve and starved out of existence.

mickman

Villa05 wrote: »

There is a morality argument for sticking with bank of ireland also.
They have fully repaid there bail out money so we're least culpable for the bubble/collapse while the others are less likely to ever pay back what was put into them.
They should be treated with contempt they deserve and starved out of existence.

Is this a joke ?

murphaph

Or some form of Stockholm syndrome perhaps?

Villa05

mickman wrote:

Is this a joke ?

Just like robbing from your children's future to bail out white collar trash in septic parsite banks.

Is that all our children are worth?

Is this perfectly acceptable?

ted1

Villa05 wrote: »

Just like robbing from your children's future to bail out white collar trash in septic parsite banks.

Is that all our children are worth?

Is this perfectly acceptable?

What are you on about ? Our children have a future unlike those in Greece. Sure we are paying high taxes as a result of bailing out banks but we are a growing economy with foreign funds and companies willing to invest thus providing jobs.

Villa05

ted1 wrote:

What are you on about ? Our children have a future unlike those in Greece. Sure we are paying high taxes as a result of bailing out banks but we are a growing economy with foreign funds and companies willing to invest thus providing jobs.

The higher taxes are only covering our day to day spending. We have not started making in roads on the debt yet. Taxes only covered 1/3 of the cuts. 2/3 were cuts in services which included health care and services to vulnerable children.

Greece is not an excuse for us to screw over future generations by handing them debt they had no hand, act or part in creating

I'm not saying there is a halo over BOI. I would avoid all irish banks if I could but unfortunately in some cases we have no choice but to deal with the trash.

I'll put it to you another way. When you are shopping for a service. Do you select the most incompetent because they are slightly cheaper

ted1

Villa05 wrote: »

I'll put it to you another way. When you are shopping for a service. Do you select the most incompetent because they are slightly cheaper

Incompetence is largely irrelevant, when it comes to borrowing. I'll go with some one that ponies up the cash that will cost me the least to pay back.

L1011

Villa05 wrote: »

I'll put it to you another way. When you are shopping for a service. Do you select the most incompetent because they are slightly cheaper

Considering the competence in giving me a loan exists in only so long as it takes for them to issue it and after that its pretty much irrelevant, I would always go for the cheapest option.

There's a few exceptions - I feel I might avoid AIB after they've shown they can't handle ends of months properly recently.

mickman

Villa05 wrote: »

The higher taxes are only covering our day to day spending. We have not started making in roads on the debt yet. Taxes only covered 1/3 of the cuts. 2/3 were cuts in services which included health care and services to vulnerable children.

Greece is not an excuse for us to screw over future generations by handing them debt they had no hand, act or part in creating

I'm not saying there is a halo over BOI. I would avoid all irish banks if I could but unfortunately in some cases we have no choice but to deal with the trash.

I'll put it to you another way. When you are shopping for a service. Do you select the most incompetent because they are slightly cheaper

So the answer is to bsnk with boi and pay higher rates ? Are you crazy ?
Your argument makes no sense

Kbc aren't an Irish bsnk ? Why don't you bank with them ?

L'prof

Lads, when ya compare the rates across all banks and take into consideration the return of Stamp Duty from BOI surely you're better off starting with them and then if it makes sense change banks down the line?

The_Conductor

I'd be inclined to agree. At the outset you need to keep upfront costs down. If you go with BOI you'll get the stamp duty back. If you go variable- you can transfer with only legal fees- when you get a little down the road.

The potential for swings in the rates from the other lenders- is far more significant than those of BOI- as the government's stated aim is to sell them asap. Once they are fully privatised- they are beholden to their shareholders- who will want to milk them- as is their wont.

Villa05

The_Conductor wrote:

The potential for swings in the rates from the other lenders- is far more significant than those of BOI- as the government's stated aim is to sell them asap. Once they are fully privatised- they are beholden to their shareholders- who will want to milk them- as is their wont.

Agreed, 18 months ago I believe ptsb had the best rates. At there agm last week they were asked about there current high rates by a disgruntled variable rate customer. She was practically told to go take a run and jump, we are a loss making bank and can charge what we can get away with

DulchieLaois

anyone have any idea if BOI will cut their variable rates like AIB did ?

piglet76

The bank needs to balance its book. With tsb increasing its rate lately this was only to bring it in line with all the other variable rates on the market as far as im aware its the second best rate on the market.

The_Conductor

DulchieLaois wrote: »

anyone have any idea if BOI will cut their variable rates like AIB did ?

For new customers they will have to- however, they very likely won't change it for pre-existing customers (at least not immediately).

DulchieLaois

so ur telling me, AIB have cut it twice in last year while BOI havent done anything

pretty sad reflection - i wonder if the media will continue on their crusade ?

The_Conductor

DulchieLaois wrote: »

so ur telling me, AIB have cut it twice in last year while BOI havent done anything

pretty sad reflection - i wonder if the media will continue on their crusade ?

AIB are a state owned entity who will bend to their political masters.
Bank of Ireland- are not. They were the only bank who remained outside of state control through the whole mess- because they didn't get carried away as badly as other institutions did. Bank of Ireland are answerable to their shareholders. AIB are answerable to the Minister for Finance.

Barely Hedged

The_Conductor wrote: »

I'd be inclined to agree. At the outset you need to keep upfront costs down. If you go with BOI you'll get the stamp duty back. If you go variable- you can transfer with only legal fees- when you get a little down the road.

The potential for swings in the rates from the other lenders- is far more significant than those of BOI- as the government's stated aim is to sell them asap. Once they are fully privatised- they are beholden to their shareholders- who will want to milk them- as is their wont.

What about the costs associated with switching to another lender further down the line? Legal, arrangement, valuation. There goes the money you saved on the 1% of your mortgage refund (not stamp duty) with BOI.

Glenbhoy

Barely Hedged wrote: »

What about the costs associated with switching to another lender further down the line? Legal, arrangement, valuation. There goes the money you saved on the 1% of your mortgage refund (not stamp duty) with BOI.

You also have to repay BOI the 'stamp duty' if you switch within 5 years.

loyatemu

DulchieLaois wrote: »

anyone have any idea if BOI will cut their variable rates like AIB did ?

If you have low LTV they may offer you a lower (fixed) rate, but you may have to threaten to move your mortgage.

Some banks will contribute to your legal fees if you switch to them - KBC and PTSB are offering €1K and UlsterBank €1.5K.

However given the political noise around SVRs at the moment you might be better off waiting to see if anything happens on that front before moving.

gmisk

I am currently making a decision with regards going fixed or variable with ebs.
http://www.ebs.ie/interest-rates-and-calculators/home-loan-rates.html

Any advice much appreciated!

Im tempted to fix tbh as even if the variable rate is cut (which sounds like it is likely)
3.5 (if going 1 year fixed), 3.8 (if going for 3 years) seems reasonable/
The only thing putting me off is the standard variable rate after this time period of 4.33%

Variable at the minute for me would be 4.2% (as in that 80/90% lending bracket).
Help!