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.
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
7 comments on this article
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Member Since February 2011 - Comments: 3462 - Articles: 286
11:31 AM, 14th April 2016, About 10 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.
Member Since June 2014 - Comments: 17
1:35 PM, 14th April 2016, About 10 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
Member Since April 2016 - Comments: 9 - Articles: 1
2:14 PM, 14th April 2016, About 10 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
Member Since February 2015 - Comments: 33
3:24 PM, 14th April 2016, About 10 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.
Member Since January 2015 - Comments: 38
7:44 PM, 4th June 2018, About 8 years 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
Member Since February 2016 - Comments: 1056
7:21 AM, 5th June 2018, About 8 years 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?
Member Since January 2015 - Comments: 38
12:18 PM, 3rd July 2018, About 8 years 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).