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Stuck in a Bank of Ireland Mortgage
Joeld
Posts: 7 Forumite
My wife and I bought our house back in 2009, right at the peak of the market (good move eh) and got a mortgage with Bank of Ireland. After the initial fix ended I fixed again at a lower rate (which has now become an incredibly stupid move) and we are still with BOI.
So we are now thinking of moving to a larger property and so need about 50-100k more mortgage. I called BOI today to ask about this, they said no problem the mortgage is portable although you will have to go through a credit check etc again, which is all fine. Finally though they told me that due to the EU wanting them to sort out their loan book they are not currently allowed to lend any more money so the only way I would be able to get more is to move to a different provider but this would incur a £7k+ break clause.
So what can I do, I can't get more money from BOI, I don't have 7k to burn to get out of the mortgage and move. I am basically stuck. Any advice would be appreciated.
So we are now thinking of moving to a larger property and so need about 50-100k more mortgage. I called BOI today to ask about this, they said no problem the mortgage is portable although you will have to go through a credit check etc again, which is all fine. Finally though they told me that due to the EU wanting them to sort out their loan book they are not currently allowed to lend any more money so the only way I would be able to get more is to move to a different provider but this would incur a £7k+ break clause.
So what can I do, I can't get more money from BOI, I don't have 7k to burn to get out of the mortgage and move. I am basically stuck. Any advice would be appreciated.
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Comments
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Ask them again for an opportunity to settle at a discount.
They need to get cases off of their books and they may consider giving you terms to re-mortgage elsewhere.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Wait until the fixed term ends? Presumably this is next year, 2014. Hence why BOI are currentlty offering no incentives.0
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Nope, fix ends in 2016 (September). We were on a 2 year fix and then fixed for 5 years (I know I know).0
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