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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Sun Jun 24, 2018 8:40 pm 
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Real Estate Developer

Joined: Feb 17, 2013
Posts: 870
Dubhgeannain wrote:
pm1977 wrote:
Anyone who has switched to BOI, was there much involved beyond the stuff listed on the site and how long did it take?


Started switching in February. I found it more hassle to switch than to get a mortgage out to be honest. Thankfully it'll all be completed in the next couple of days.

There was a little added complication of us varying our term slightly so we ended up switching Life Cover providers too. Our Life application had to go to the underwriters so again that added to the delay with BOI.

The biggest delays were probably with KBC. The funds were drawn down on June 11th and have been sitting in my solicitors account since because KBC decided to drag their heels in issuing the final redemption figure. Finally got it in Friday evenings post after I pestered them due to my solicitor finding them unresponsive. They were slow issuing the deeds in the first place too. I can't remember how long but it was around about 3 weeks or more. The redemption figure was dated earlier in the week but conveniently only came in Fridays post with interest of €20 per day applied. I requested the figure on Monday.

I'm not surprised by any of the above so it hasn't bothered me that much but just wanted to paint the picture.


All very good to know in advance, much appreciated!


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Sun Jun 24, 2018 8:54 pm 
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Of Systemic Importance

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BoI had a deal the past 3 years for those on trackers who were getting a new house and thus a new mortgage. You got to keep the tracker +1% for 5 years at the amount remaining and the rest at their fixed/variable rates. After 5 years, the amount on tracker +1% also reverted to BOi's fixed/variable rates.
2 weeks ago they announced you could now keep the mortgage amount pre-move at tracker +1% for all of the remaining years on that mortgage i.e. the 5 year rule is gone.

And they are backdating that for anyone who is currently on the 5 year rule. Might be of benefit to some of you on here


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jun 25, 2018 9:34 am 
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It appears from a peruse over AskAboutMoney that there is no time limit on switching. I was reading previously that banks were refusing borrowers who had switched recently.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jun 25, 2018 5:03 pm 
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Posts: 51
FreeFallin wrote:
BoI had a deal the past 3 years for those on trackers who were getting a new house and thus a new mortgage. You got to keep the tracker +1% for 5 years at the amount remaining and the rest at their fixed/variable rates. After 5 years, the amount on tracker +1% also reverted to BOi's fixed/variable rates.
2 weeks ago they announced you could now keep the mortgage amount pre-move at tracker +1% for all of the remaining years on that mortgage i.e. the 5 year rule is gone.

And they are backdating that for anyone who is currently on the 5 year rule. Might be of benefit to some of you on here



Yes got this deal - and was a little suspicious on a couple of fronts.

It is hard to believe they did this out of the goodness of their hearts. So it raises a few questions.

1) Where they under pressure to stay clear of trackers from a higher level / regulator ?
2) Does it raise questions about the validity of mover product at all - and have people on a mover product a claim to get back onto their full tracker ?


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jun 25, 2018 9:47 pm 
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#2 is an interesting point alright. But who could look into the validity of forcing people trading up to go on to tracker +1%? The Central Bank?


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Fri Jun 29, 2018 4:06 pm 
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Joined: Jan 29, 2013
Posts: 564
Ulster Bank ups ante over home loans with 2.3pc mortgage rate

https://news.google.com/articles/CAIiEFhVllZ9isioJhHYu7_KxIIqGAgEKg8IACoHCAowseyfCTDMyG8wr8qiAQ?hl=en-IE&gl=IE&ceid=IE%3Aen


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Sat Jun 30, 2018 5:15 pm 
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Posts: 870
Quango Unchained wrote:


Excellent, think KBC's best 2 year fixed is 2.8, BOI possibly 3%, so this really puts it up to them.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Sat Jun 30, 2018 10:44 pm 
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Mortgage price war hots up as Permanent TSB is latest to cut fixed rates
https://www.independent.ie/business/per ... 65847.html
Quote:
Permanent TSB is set to announce in the coming days deep cuts in its fixed mortgage rates for its existing customers.
It comes after dramatic reductions in Ulster Bank lending rates, a move that is set to put AIB under huge pressure to cut its lending rates.
Permanent TSB is set to announce a 0.5pc reduction in its two, three and four-year fixed rates for existing customers.
This will see its two-year rate go from 4.20pc to 3.7pc for existing customers who lock into it.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jul 02, 2018 8:47 am 
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How come every banks is ignoring the variable market? AIB has best variable of 2.75. They dropped that last year and no bank has reacted!


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jul 02, 2018 9:58 am 
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FreeFallin wrote:
Mortgage price war hots up as Permanent TSB is latest to cut fixed rates
https://www.independent.ie/business/per ... 65847.html
Quote:
Permanent TSB is set to announce in the coming days deep cuts in its fixed mortgage rates for its existing customers.
It comes after dramatic reductions in Ulster Bank lending rates, a move that is set to put AIB under huge pressure to cut its lending rates.
Permanent TSB is set to announce a 0.5pc reduction in its two, three and four-year fixed rates for existing customers.
This will see its two-year rate go from 4.20pc to 3.7pc for existing customers who lock into it.



I just checked the Ulster bank website

2 Year Fixed LTV 60% 2.3%

At the end of the fixed rate term, you go onto the the SVR 4.3%

Really 4.3% ???? I knew it was too good to be true

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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jul 02, 2018 10:02 am 
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Just fix again rather than go to SVR


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jul 02, 2018 10:09 am 
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Magpie wrote:
FreeFallin wrote:
Mortgage price war hots up as Permanent TSB is latest to cut fixed rates
https://www.independent.ie/business/per ... 65847.html
Quote:
Permanent TSB is set to announce in the coming days deep cuts in its fixed mortgage rates for its existing customers.
It comes after dramatic reductions in Ulster Bank lending rates, a move that is set to put AIB under huge pressure to cut its lending rates.
Permanent TSB is set to announce a 0.5pc reduction in its two, three and four-year fixed rates for existing customers.
This will see its two-year rate go from 4.20pc to 3.7pc for existing customers who lock into it.



I just checked the Ulster bank website

2 Year Fixed LTV 60% 2.3%

At the end of the fixed rate term, you go onto the the SVR 4.3%

Really 4.3% ???? I knew it was too good to be true


Nobody is actually paying 4.3% though. They offer a discount, depending on LTV and if you open a current a/c. 3.2% to 3.4% is average


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jul 02, 2018 10:25 am 
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Joined: May 12, 2012
Posts: 2109
BOI have had a policy for several years of trying to get people off variables and on to fixed rates. Ulster are probably doing the same.



I suspect it allows them to match asset and liability maturities on the balance sheet, with cheaper funding costs.

Long run it is much better for the mortgage market if borrowers aren't exposed to short-run fluctuations in interest rates.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Jul 02, 2018 11:07 am 
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Posts: 1511
Location: A rock drifting aimlessly in the north atlantic
TheJackal wrote:
Magpie wrote:
FreeFallin wrote:
Mortgage price war hots up as Permanent TSB is latest to cut fixed rates
https://www.independent.ie/business/per ... 65847.html
Quote:
Permanent TSB is set to announce in the coming days deep cuts in its fixed mortgage rates for its existing customers.
It comes after dramatic reductions in Ulster Bank lending rates, a move that is set to put AIB under huge pressure to cut its lending rates.
Permanent TSB is set to announce a 0.5pc reduction in its two, three and four-year fixed rates for existing customers.
This will see its two-year rate go from 4.20pc to 3.7pc for existing customers who lock into it.



I just checked the Ulster bank website

2 Year Fixed LTV 60% 2.3%

At the end of the fixed rate term, you go onto the the SVR 4.3%

Really 4.3% ???? I knew it was too good to be true


Nobody is actually paying 4.3% though. They offer a discount, depending on LTV and if you open a current a/c. 3.2% to 3.4% is average



Ahh, ok, thanks. Probably not worth moving as I am on a 3.05 % with KBC, but good to see a bit of downward pressure being applied.

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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Tue Jul 03, 2018 5:29 pm 
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Posts: 4518
Location: Mesopotatia
So KBC have lost the redemption cheque which was signed for as "received" last week. They proceeded to debit my account again yesterday for a mortgage repayment.

So, at the moment I now have 2 mortgages. I am currently lodging a formal complaint with them due to the additional interest that should not have been accrued and the hours I've wasted on the phone bouncing between my solicitor and particularly them in the past couple of weeks.

My solicitor opted to pay by cheque since bank didn't even post account details on the redemption letter.

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