bank of ireland mortgages

davieesox

hi all
just had some one from my bank "Lloyds" phoneing me telling me that the bank of Ireland are getting rid of all their uk based mortgages.and Lloyds can save us money on the mortgage

Any one know anything about this?, have not heard anything on the T.V or radio.and its strange that Martin has not got anything on the homepage????

kingstreet

It only applies if you've received the letter.

https://forums.moneysavingexpert.com/discussion/3511561

We've had one or two try-ons, but it's too early to tell the outcome.

14,000 BoI mortgages were sold to Nationwide yesterday.

https://forums.moneysavingexpert.com/discussion/3553311

Leon_W

Lloyds are being economical with the truth (typical).

Bank of Ireland have sold SOME of their mortgages to The Mortgage Works which is a subsiduary of Nationwide. I would wait to hear from the horses mouth but your current terms will be unaffected.

How do Lloyds know they can save you money ? They are usually better at extracting it.

davieesox

thank you kindly:beer:
Have not recieved any letter.....yet, so it sounds like a fishing excercise by Lloyds.Might ring this mortgage advisor back and have some fun:rotfl:and see what he comes out with:rotfl:was not told about any letters or that only some of the mortgages were being got rid of.
thanks again for your quick and heplful replys:A

Thrugelmir

I'm sure that the BOI would like to offload their entire mortgage book. Trouble is only certain parts have value in terms of onward sale. Those that no one wants will be retained and run down in natural course.

The BOI has a 32 billion euro mortgage book. So will take a long time to unwind, and will be tackled in a systematic manner, piece by piece.

davieesox

Thrugelmir

ours only has less than 10 yrs to run on it,and total was i think around 45k:D

kingstreet

If your mortgage is around the 50% loan to value level, you'll be one of the 14,000 sold to Nationwide. Your chances of a leaving deal are non-existent.

Thrugelmir

davieesox wrote: »

Thrugelmir

ours only has less than 10 yrs to run on it,and total was i think around 45k:D

Then you may be one of the unlucky ones. Who is stuck with BOI to the end.

davieesox

Thrugelmir wrote: »

Then you may be one of the unlucky ones. Who is stuck with BOI to the end.

As long as they don't get greedy with% rates,plus it was a 5 year fixed rate deal, so less than 1 year of it to go and maybe it will be time to see who has a better deals around then ???

Mrs_Huggett

We have just received a letter informing us that they are closing their Bristol and West (we were originally with them) and BOI mortgage brand, in fact they took this decision in 2009 according to the letter. So they are offering to waive early repayment charges and give us £1,000, they have also offered the services of a mortgage broker for a free mortgage review. How does this sound to you guys? We owe around £52,000

Thrugelmir

If you remain with the BOI. You may find that choice of future mortgage products becomes limited and also are uncompetitive.

What mortgage product do you currently have?