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Mortgage after Brexit with Bank or Ireland
laurajanelolly
Posts: 15 Forumite
Hi we have just signed our mortgage offer acceptance with the Bank of Ireland and are awaiting completion. Obviously I now have some pressing questions regarding any changes we might face as a result of Brexit.
I know that the change will happen over the next 2 years so not to worry too much but because our mortgage is with the Bank of Ireland that means that they are still a part of the EU, whilst we will not be. I don't know if this will change anything currently as we have not completed or if the offer could change?
Are we going to face inflation rates? I'm concerned about the mortgage repayments increasing beyond what we can afford. We are meant to be on a 2 year fixed rate.
I understand that house prices may drop and that's ok as we wouldn't be likely to move for another 5 years. There is just a feeling of uncertainty around that I'm not very keen on.
I know that the change will happen over the next 2 years so not to worry too much but because our mortgage is with the Bank of Ireland that means that they are still a part of the EU, whilst we will not be. I don't know if this will change anything currently as we have not completed or if the offer could change?
Are we going to face inflation rates? I'm concerned about the mortgage repayments increasing beyond what we can afford. We are meant to be on a 2 year fixed rate.
I understand that house prices may drop and that's ok as we wouldn't be likely to move for another 5 years. There is just a feeling of uncertainty around that I'm not very keen on.
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Comments
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Payments are not going to increase if you are on a fixed rate.
If you are concerned, fix for longer.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 -
Hi there,
I am in a similar position.
We are remortgaging our house after our 2 year fixed deal with Halifax. Our new mortgage is with Bank of Ireland.
The offer has been accepted and everything is on track to complete on 4th July.
Given the Brexit vote - will anything change with this? or will everything just carry on as normal?
Any help would be great as i am a little worried!0 -
Nothing is going to happen imminently so you will complete as normal on 4th July. How interest rates will go is anyone's guess so if you have gone for a 2 year fixed deal that gives you some certainty. There seems some debate about whether interest rates will rise or fall as a result of Brexit in the medium term so if you are worried see if you can fix for longer.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php0 -
I'm sure Bank of Ireland will continue to operate in the UK after we leave which won't be for at least two years.
It wouldn't make sense for the UK to kick out all non UK banks!Early retired - 18th December 2014
If your dreams don't scare you, they're not big enough0 -
laurajanelolly wrote: »Hi we have just signed our mortgage offer acceptance with the Bank of Ireland and are awaiting completion. Obviously I now have some pressing questions regarding any changes we might face as a result of Brexit.
I know that the change will happen over the next 2 years so not to worry too much but because our mortgage is with the Bank of Ireland that means that they are still a part of the EU, whilst we will not be. I don't know if this will change anything currently as we have not completed or if the offer could change?
Are we going to face inflation rates? I'm concerned about the mortgage repayments increasing beyond what we can afford. We are meant to be on a 2 year fixed rate.
I understand that house prices may drop and that's ok as we wouldn't be likely to move for another 5 years. There is just a feeling of uncertainty around that I'm not very keen on.
BOI has an independent UK operation. Whether they conduct business in the UK or not isn't determined by EU membership. US banks operate in the UK.0 -
Thrugelmir wrote: »BOI has an independent UK operation. Whether they conduct business in the UK or not isn't determined by EU membership. US banks operate in the UK.
And Clydesdale/Yorkshire Banks are/were Australian-owned.0
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