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What rate when fixed term ends?

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  • 07-03-2018 12:02pm
    #1
    robocode
    Registered Users Posts: 491 ✭✭


    I'm in the process of fixing my mortgage. If I do so for say 10 years, at the end of the 10 years are my options to either fix again or take whatever the variable rate is?


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    #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    robocode wrote: »
    I'm in the process of fixing my mortgage. If I do so for say 10 years, at the end of the 10 years are my options to either fix again or take whatever the variable rate is?


    Hi robocode,

    Thanks for your post.

    When you fix your mortgage, at the end of the fixed rate period you can then choose from a range of fixed rate options or roll to the Loan to Value variable rate applicable at the time. To discuss this further, please get in touch with our Mortgages team on 01-6113333.

    Thanks,
    Sarah


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    #3
    robocode
    Registered Users Posts: 491 ✭✭robocode


    The letter you sent me says "the lender's prevailing Standard Variable Rate will apply on expiry of this fixed term", which is different from Loan to Value variable rate that you mention above right?


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    #4
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    robocode wrote: »
    The letter you sent me says "the lender's prevailing Standard Variable Rate will apply on expiry of this fixed term", which is different from Loan to Value variable rate that you mention above right?


    Hi robocode,

    Thanks for your reply.

    We would advise you to contact our Mortgages team on the number above as they will be able to clarify this for you if you have been advised this in a letter you have received.

    Thanks,
    Sarah


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    #5
    robocode
    Registered Users Posts: 491 ✭✭robocode


    Could you show me on your site where the Standard Variable Rate is defined? I can only see references to LTV variable rates.


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    #6
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    robocode wrote: »
    Could you show me on your site where the Standard Variable Rate is defined? I can only see references to LTV variable rates.


    Hi robocode,

    Please check this link on our website for details on our Variable rates. Just to clarify, the term "standard variable" would be a generic term used to describe a variable rate. The rate will depend on the loan to value so it would be best to check this with our Mortgage team on 01-6113333.

    Thanks,
    Sarah


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    #7
    robocode
    Registered Users Posts: 491 ✭✭robocode


    Thanks, now I get you. So if my LTV was > 80%, then the SVR as it applies to me would be "Variable LTV >80%"


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    #8
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    robocode wrote: »
    Thanks, now I get you. So if my LTV was > 80%, then the SVR as it applies to me would be "Variable LTV >80%"


    Yes that's correct. If we can help with anything else please let us know.

    Thanks again,
    Sarah


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