Bank of Ireland to First Direct Deal

Last post Mon, Feb 20 2012, 2:03 PM by cook0891. 2 replies.
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  •  Mon, Feb 20 2012, 2:03 PM

    Re: Bank of Ireland to First Direct Deal

    Thanks for the reply.

    I might go back to Bank of Ireland and try and haggle and get something more out of them then. 50% would be nice!!!

    I wasn't look at remortgage as happy with paying 2.99% but if they are looking to get rid of customers I suspect they will up their standard variable rate just to get customers to leave so think I will probably end up taking the money on offer.


    • Post Points: 5
  •  Mon, Feb 20 2012, 1:36 PM

    Re: Bank of Ireland to First Direct Deal

    It is exactly what you think. it is a move to try and help capitalise the bank.

    There hace been many lender who have done this over recent years but as far as I am aware nobody with as big a name as Bank of Ireland.

    The deal they are offering is pretty poor compared to what other lenders were offering but then again they are not obliged to offer you anything at all. (Other lenders were reducing mortgage balances by up 50% if they would remortgage with another lender within 3 months) but the deal being offered through another lender is very attractive. If you were looking to remortgage you could do far worse than this on the open market and even though it is a tracker you have no guarantees that lenders own variable rates will not rise in the near future or with Bank of England base rate rises.

    I don't know your circumstances but on the face of it I would make the change

    • Post Points: 20
  •  Mon, Feb 20 2012, 9:56 AM

    Bank of Ireland to First Direct Deal


    After bit of advice really.

    Currently have mortgage with bank of Ireland and am on their standard variable rate of 2.99% been on it for last couple of years and suits me at the minute. However had phone call from them at the weekend saying they are looking at getting rid of customers and have a deal in place with First Direct. You go on 1.49% + base rate for 2 years and then their standard variable rate which is currently 3.69%. There is no fees and you also get £1000 cash back, all have to pay is £195 redemption fee to bank of Ireland (though will try and get them to waive this)

    Question suppose is what do people think, should I take the money and run, or stick with bank of Ireland. Any why are they trying to get rid of customers, suppose to free up some money? Also suppose they could suddenly hike their variable rate to force customers away.

    Appreciate nobody has a crystal ball and its all my decision but seems such a big decision when concerns your mortgage.

    Thanks in advance for any replies.


    • Post Points: 20