BOI launched EcoSaver Mortgage with lower rates

[gidmos44]

https://preview.redd.it/kvxwnca94ht...bp&s=34775cb39e18562ff3536660b2e0713b7a103b5d

BOI has launched above Mortgage. I think this is a very good step for people who ar not on A or B ratings. you could be C1 but would have to pay higher rates. This incentives people on much lower BER to at least do the Min (cheaper) energy upgrades to save on interest.

To me it feels like a Mortgage rate war has started. We might see other banks lowering their rates too.

 

[sicky12]

@gidmos44 I can’t believe there are mortgages at 6.65%. I got mine at 2.8% three years ago, there is no way I could afford the current rates.

 

[mischael]

@sicky12 I locked in a 20yr mortgage at a fixed 2.5% summer of 2022 just before the ECB increases. Gambling on them not falling back down too much but if they do it’s unlikely they’ll be that much lower.

 

[sicky12]

@mischael Wtf! 20 years?!? You lucky duck! I only have 2.5 years left before my fixed rate ends. Can’t imagine what it’ll be by then.

 

[mischael]

@sicky12 Yeah very lucky alright. Stressful ol’ time trying to get it sorted before the ecb increases.

 

[sicky12]

@mischael I wonder will they ever go that low again

 

[tentmaker17]

@sicky12 Same here. 2.1% for the next 2 5 years - god only knows what it'll be like then...

 

[tentmaker17]

@asurfpro Sorry, that was supposed to say 2.5 years from now!

 

[asurfpro]

@tentmaker17 Ha right

Start worrying!

My wife's place rolls off 2.5% next Jan. God knows how much we'll be paying then. Trying to hide from the bank the fact it's now rented as well

 

[tentmaker17]

@asurfpro Ooh I see. Yeah that BTL rate is quite different alright!

With my own case I'm hoping rates will trend downwards again in the next 2.5 years. If not then I may have a few bob together to pay off a little chunk. We shall see

 

[asurfpro]

@tentmaker17 You may not see 2.5% but you might not be hit too hard at that stage

 

[tentmaker17]

@asurfpro That's the hope anyway! Let's see what happens. The solar panels last year brought the BER from B3 to A3 as well so let's see what products are available at that point

 

[ambi3333]

@mischael Didn't know you could fix for 20 years. Great deal though.
Ive fixed with AIB for 2.35%, and 5 years was max with them back then.

 

[mischael]

@ambi3333 Avant offer longer terms compared to some other banks. I think they even do fixed up to 30 years.

 

[gidmos44]

@sicky12 The ones you are referring to are for Buy to let. These are always higher. I don't think so that even three years they would as low as 2.8%.

 

[alexfromnorway]

@gidmos44 We bought our place almost 3 years ago and the solicitor thought our 2.9% was high.

 

[soniagupta]

@gidmos44 Incorrect. I’ve a fixed rate mortgage at 2.65% from early 2022, not but to let - Straight purchase. They were that low.

 

[emjay1985]

@soniagupta Yep, i locked back in 2 years ago at 2.75% for another 5 years

 

[hospitaller96]

@soniagupta I fixed mine in December 2022 @ 2.65%, loweste available as a green rate. Missed a lower rate by weeks as the architect didn't get paperwork together in time.

 

[tony58]

@gidmos44 Avant were doing 1.9% mortgages up until the first of the ECB rate hikes.