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Bank of Ireland fixed rate mortgage at 3.1% for 3 years?

  • 02-04-2017 9:55pm
    #1
    [Deleted User]
    Posts: 0 ✭


    3.1% is an APR of 4% according to this. They have offered me this for a 3-year-fixed rate mortgage but I have several questions.

    The BofI variable rate is obscene and I wouldn't go near the company with that rate. I don't want to revert to that in 3 years time. So, would I be better off looking for a longer fixed-rate period than 3 years? Part of the current offer would be the 2% Cashback Plus deal, which is given back when you sign up. My current train of thought is to take this deal and then after the 3-year fixed rate ends, move my mortgage to a different, more competitive provider. How difficult would that be? Or could I extend this fixed rate then?

    Or is there a better offer in the mortgage market than this? Thanks.


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Bank of Ireland came back and said they'd give me a five-year fixed rate of 3.1% (they brought the 3-year fixed rate down to 3%). On top of that, I'll get the Cashback Plus offer of 3% cashback (2% now; 1% in five years). So, it looks like this is the best I can get in the market.

    Anybody know of a better deal? (Ulster Bank is very slow in approving compared to Bank of Ireland). Also, how difficult would it be to switch bank after the five years (assuming there has been no change in income and all payments have been made)?


  • #3
    Lekrub
    Closed Accounts Posts: 418 ✭✭Lekrub


    What's your LTV ratio? We're going with the same BOI 5 year fixed too.

    Compared a lot of banks and factors and this seems like the best. The cash back at the start and the end plus the rate is good. Will then look to move after the 5 years. In the bank we were also told BOI have pretty much stopped doing variables, they want everyone locked into fixed so both sides are covered.


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