Negotiating a mortgage balance reduction with Bank of Ireland?

by Readers Question

11:28 AM, 14th April 2016
About 3 years ago

Negotiating a mortgage balance reduction with Bank of Ireland?

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Negotiating a mortgage balance reduction with Bank of Ireland?

I understand that the Bank of Ireland has previously (years ago) offered to some landlords the opportunity to reduce the mortgage balance of a mortgage in order to entice them to redeem their low interest rate pre-credit crunch mortgage.bank of ireland

I have a BoI BTL mortgage (branded by the Post Office) which was from the pre-credit crunch days. I’m looking to sell or possibly refinance that property and I’m wondering if there is any reasonable possibility of negotiating a mortgage balance reduction?

I know the financial climate is quite different now, so I’m reaching out to see if anyone has any experience or advice on this?

Thanks in advance!
Hugh



Comments

Neil Patterson

11:31 AM, 14th April 2016
About 3 years ago

Hi Hugh,

I saw some very heavy discounts mainly from niche lenders post credit crunch. The largest discount I ever saw negotiated by one of my team for a customer was 50% !

However I haven't personally seen any recently so it will be interesting to see if any readers have negotiated a discount in the last couple of years.

rav singh

13:35 PM, 14th April 2016
About 3 years ago

Hi Hugh. I have boi mortgage they never offered my a reduction but yet I have never asked. But they did write to me once offering £5k if I remortgaged elsewhere. I didn't as I am on low interest tracker.

I would ask them if they would offer you anything and let us all know as will be interesting too see. Good luck, if you don't ask you don't get

Matthew Harvey

14:14 PM, 14th April 2016
About 3 years ago

Hi Hugh,

We have experience in this area and have previously delivered a number of write offs on behalf of Bank of Ireland borrowers. Much will depend on the circumstances (e.g. status of the loan(s) - i.e. performing / non-performing - the scale of the debt and your ability to finance repayment).

Please see my business profile for further details.

Matthew

christine walker

15:24 PM, 14th April 2016
About 3 years ago

Bank of Ireland UK stopped doing BTL mortgages for some time,but they are back now.I wanted to extend my term but a few years ago they didn't want to know but I have recently renegotiated with them to extend it,at a slightly higher rate,to my 80th birthday! I was given an option to fix which I grabbed for at 7years as I don't wish to sell anyway,so you can approach them now,but I tried to get a discount during the crunch and they wouldn't go for it.

Black Panther

19:44 PM, 4th June 2018
About 5 months ago

Does anyone have a copy of the Bristol & West RESIDENTIAL mortgages Ts&C's ? ie. BEFORE BoI took over the mortages.

I'm wanting to see what sections my mortgage offer letter from B&W relates to. As I took it out years ago, I can't seem to find a copy.

Cheers

Old Mrs Landlord

7:21 AM, 5th June 2018
About 5 months ago

Reply to the comment left by Black Panther at 04/06/2018 - 19:44
By 'RESIDENTIAL' do you mean the mortgage on the home you live(d) in or a BTL mortgage on a residence, ie not a commercial property?

Black Panther

12:18 PM, 3rd July 2018
About 4 months ago

Reply to the comment left by Old Mrs Landlord at 05/06/2018 - 07:21
Reply to the comment left by Black Panther at 04/06/2018 - 19:44
By 'RESIDENTIAL' do you mean the mortgage on the home you live(d) in or a BTL mortgage on a residence, ie not a commercial property?

Yes, I mean the mortgage I lived in (NOT a commercial property).


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