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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 1:07 pm 
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Old Time Landlord

Joined: Mar 30, 2016
Posts: 350
yes it was :)

there is a big thread on AAM about it, he was moaning about having fixed at 3% 3 months previous so i told him to see what the breakage fees were

after much huffing and puffing by UB they informed him that there was none


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 1:17 pm 
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Neo Landlord

Joined: Jan 31, 2007
Posts: 279
Location: Middle Earth
so what happens if you take up KBC's 10 year fix offer and your LTV improves over time - are you still stuck on the higher LTV rate? Can't imagine the breakage fee on a 10 year fix is small.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 1:28 pm 
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Old Time Landlord

Joined: Mar 30, 2016
Posts: 350
owenm wrote:
so what happens if you take up KBC's 10 year fix offer and your LTV improves over time - are you still stuck on the higher LTV rate? Can't imagine the breakage fee on a 10 year fix is small.


its not to do with the rate rather there is a fixed formula linked to a banks funding costs,

have a read of this

https://www.askaboutmoney.com/threads/i ... ly.204442/


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 1:32 pm 
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Under CAB Investigation

Joined: Feb 24, 2008
Posts: 1606
TheJackal wrote:
I've a legacy Ulster Bank Ufirst current a/c for 10euro a month - more than the €4 monthly fee for regular current a/c but I get extra perks like 25% off anything booked with ticketmaster, free phone and travel insurance, discount on mortgage rates, free €500 overdraft. so don't plan on closing that anytime soon.

Does the mortgage discount apply any more? I recently switched our mortgage to the Loyalty Discounted Variable @ 3.20% which was lower than the uFirst dicscounted rate.

The mobile phone insurance is pointless, the excess would cover the same reconditioned phone on the open market in my experience.

Travel insurance is the most worthwhile perk for us. Ticketmaster discount not so valuable with a growing family.

We don't use the overdraft, but maybe we should be.
[EDIT]I note that the uFirst portal has been recently revamped. They might be planning on starting it up again?[/EDIT]


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 2:32 pm 
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Under CAB Investigation

Joined: Mar 31, 2009
Posts: 1619
I should ask BoI this question but...has anyone who recently-ish got a BoI mortgage - and availed of the 2% cashback offer - asked about switching/re-mortgaging?

We took our mortgage out around two years ago and have been chipping away. At the time we got 5k but there is a clause that says they reserve the right to claw this back if you repay within five years. I'm wondering whether re-mortgaging or switching would constitute paying off the existing mortgage. Technically, I imagine it would - but that would make the 'break fee' €5,000.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 2:44 pm 
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Old Time Landlord

Joined: Mar 30, 2016
Posts: 350
Ixelles wrote:
I should ask BoI this question but...has anyone who recently-ish got a BoI mortgage - and availed of the 2% cashback offer - asked about switching/re-mortgaging?

We took our mortgage out around two years ago and have been chipping away. At the time we got 5k but there is a clause that says they reserve the right to claw this back if you repay within five years. I'm wondering whether re-mortgaging or switching would constitute paying off the existing mortgage. Technically, I imagine it would - but that would make the 'break fee' €5,000.


there is no enforceable clawback on the cash back


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 3:02 pm 
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Under CAB Investigation

Joined: Mar 31, 2009
Posts: 1619
cyrusir wrote:
Ixelles wrote:
I should ask BoI this question but...has anyone who recently-ish got a BoI mortgage - and availed of the 2% cashback offer - asked about switching/re-mortgaging?

We took our mortgage out around two years ago and have been chipping away. At the time we got 5k but there is a clause that says they reserve the right to claw this back if you repay within five years. I'm wondering whether re-mortgaging or switching would constitute paying off the existing mortgage. Technically, I imagine it would - but that would make the 'break fee' €5,000.


there is no enforceable clawback on the cash back


Is that right? Great!

I remember seeing something about it in the contract and the mortgage manager in the bank explaining that it was to prevent people taking out mortgages, pocketing several grand and then repaying within a few months without paying much/any interest. Obviously that would actually be quite an exceptional and tricky thing to do but this was given as the reasoning behind it.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 3:12 pm 
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Under CAB Investigation

Joined: Mar 31, 2009
Posts: 1619
With apologies for the tangent...
Just looking into this cash-back claw-back thing: Seems BoI has previously said that contracts signed before 2016 are still potentially subject to claw-back.

Would they actually pursue you to test a case that they might lose and would definitely cost all parties more in legal fees than the sum at stake? Probably not - but I'd want that in writing.

Even before hearing of this EU directive it did sound like an anti-competitive practice. If we are all supposed to be free to switch then this is a severe barrier to shopping around. Their new approach - giving you a bonus 1% after five years - seems more defensible as it's a carrot rather than a stick.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Sep 20, 2017 3:31 pm 
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Too Big to Fail
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Joined: Aug 20, 2009
Posts: 4912
DSE3Br wrote:
TheJackal wrote:
I've a legacy Ulster Bank Ufirst current a/c for 10euro a month - more than the €4 monthly fee for regular current a/c but I get extra perks like 25% off anything booked with ticketmaster, free phone and travel insurance, discount on mortgage rates, free €500 overdraft. so don't plan on closing that anytime soon.

Does the mortgage discount apply any more? I recently switched our mortgage to the Loyalty Discounted Variable @ 3.20% which was lower than the uFirst dicscounted rate.

The mobile phone insurance is pointless, the excess would cover the same reconditioned phone on the open market in my experience.

Travel insurance is the most worthwhile perk for us. Ticketmaster discount not so valuable with a growing family.

We don't use the overdraft, but maybe we should be.
[EDIT]I note that the uFirst portal has been recently revamped. They might be planning on starting it up again?[/EDIT]


the discount applies, but as you said, you'd never use it as the Loyalty Discounted Variable is lower than the ufirst variable rate, which to me makes no sense


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Tue Oct 24, 2017 4:22 pm 
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Property Magnate

Joined: Sep 8, 2009
Posts: 508
Location: North Dublin
Hi all - am in the process of refinancing BOI with KBC. Have run in a weird issue - BOI is not sending out a redemption amount. First requested in September; no sign despite repeated calls to "Redemptions" by my solicitor and myself.

Mortgage is chunky - I reckon I will save a lot over the remaining 24 years relative to BOI SVR.

Anyone else with the same experience ?


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Tue Oct 24, 2017 7:28 pm 
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Under CAB Investigation

Joined: May 12, 2012
Posts: 1882
Write them a letter and threaten them with the Financial Services Ombudsman.

This generally puts the skids under the bank as dealing with the Ombudsman is hassle.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Oct 25, 2017 8:46 am 
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Too Big to Fail
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Joined: Aug 20, 2009
Posts: 4912
Ulster Bank are due to change their rates this week. No announcement yet


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Wed Oct 25, 2017 1:10 pm 
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Under CAB Investigation

Joined: Mar 31, 2009
Posts: 1619
Can't decide whether the tracker scandal is making it more or less likely that banks will drop their rates. On the one hand, they need money to pay compo but on the other, they could do with a PR win. Maybe wait a couple of weeks, soak up the bad news and go for tabloid headlines 'Christmas windfall as banks slash mortgage payments for all'


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 06, 2017 5:06 pm 
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Too Big to Fail
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Joined: Aug 20, 2009
Posts: 4912
TheJackal wrote:
Ulster Bank are due to change their rates this week. No announcement yet


NEW UB rates effective from tomorrow are here

Variables (says valid from Nov 7)

https://www.ulsterbankintermediaries.ie ... -mortgages

Fixed (still says July rates)

https://www.ulsterbankintermediaries.ie ... -mortgages

BTL (says valid from Nov 7)

https://www.ulsterbankintermediaries.ie ... -mortgages


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 06, 2017 9:13 pm 
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Property Magnate
User avatar

Joined: Mar 25, 2008
Posts: 742
Location: North Dublin
TheJackal wrote:
TheJackal wrote:
Ulster Bank are due to change their rates this week. No announcement yet


NEW UB rates effective from tomorrow are here

Variables (says valid from Nov 7)

https://www.ulsterbankintermediaries.ie ... -mortgages

Fixed (still says July rates)

https://www.ulsterbankintermediaries.ie ... -mortgages

BTL (says valid from Nov 7)

https://www.ulsterbankintermediaries.ie ... -mortgages


Can’t see any (significant) difference to current rates though? Not sure what has changed.


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