Bank of Ireland had a condition attached to this allowing it to clawback the cash if the mortgage holder paid off, or switched, the mortgage within five years of draw down.
But the bank has been forced to drop the claw-back threat after this was banned under an EU directive that was introduced earlier this year.
Just for the 1st yearI presume you fixed your mortgage rate? If so, how long did you fix for?
Brendan
Well the BoI Mortgage guy was fairly explicit with me in April when I drew down my mortgage that early payment in full/part would see the clawback kick in on the 2%
if a better deal becomes available to you elsewhere, I wouldn't hesitate to switch.
Has anyone with existing SVR mortgages approached BoI about switching and the implications of this on the 2% clawback?
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