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No Clawback on mortgage cash back offers ?

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    #62
    PriceWatch
    Registered Users Posts: 37 ✭PriceWatch


    I took out BOI mortgage about 2 years ago, 3.45% 3 year fixed at the time. Asked a couple of months ago if I could switch to 3% rate, switched no problem, no penalty and got letter in the post confirming the no claw back regulations.

    I switched to a 1 year fixed so I wonder at the end of the 12 months will they offer me 2% cashback to stay if I threaten to go elsewhere???


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    #63
    Cyrus
    Registered Users Posts: 20,059 ✭✭✭✭Cyrus


    Deleted User wrote: »
    Resurrecting an old but informative thread:
    Did anyone who was going through the process of repaying early or switching get clarity on whether BoI would claw back the 2% cashback?

    I saw several people say they couldn't or wouldn't but I'm not sure if anyone tested the theory in practice.

    ive tested it with both BOI and EBS

    there is no clawback


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    #64
    L1011
    Registered Users Posts: 68,798 ✭✭✭✭L1011


    These offers are keeping rates higher to fund them. You pay for them in the end, as does everyone else on an SVR or fixing now who isn't getting them.


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    #65
    digiman
    Registered Users Posts: 4,217 ✭✭✭digiman


    Cyrus wrote: »
    ive tested it with both BOI and EBS

    there is no clawback

    Have you tried to go back to either of them yet? Wonder will they give the cashback for a 2nd time?


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    #66
    Q&A
    Registered Users Posts: 556 ✭✭✭Q&A


    digiman wrote: »
    Have you tried to go back to either of them yet? Wonder will they give the cashback for a 2nd time?

    It's in EBS terms you only get it on the same property once. Not sure about BOI.


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    #67
    Cyrus
    Registered Users Posts: 20,059 ✭✭✭✭Cyrus


    digiman wrote: »
    Have you tried to go back to either of them yet? Wonder will they give the cashback for a 2nd time?

    I would very much doubt it


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    #68
    kk2014
    Registered Users Posts: 46 ✭kk2014


    I paid off my BOI mortgage in February that I took out in Dec 2015 with the 2% deal - no claw back and no penalty for leaving the fixed rate early earlier - I was very pleasantly surprised!


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    #69
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Thanks KK, that's great to hear. And congrats!


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    #70
    kk2014
    Registered Users Posts: 46 ✭kk2014


    Deleted User wrote: »
    Thanks KK, that's great to hear. And congrats!

    Thanks - unfortunately we didn't have a big windfall and were just moving house and BOI wouldn't approve us for a smaller mortgage than we were paying at the time so we had to pay it off and move to AIB. I had factored paying back the money to them into our costs but instead it went towards redecorating the new house.

    Good luck!


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    #71
    radharc
    Registered Users Posts: 966 ✭✭✭radharc


    digiman wrote: »
    Have you tried to go back to either of them yet? Wonder will they give the cashback for a 2nd time?

    Yes BOI did exactly that for us.


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    #72
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I asked BoI on Boards if they would apply clawback to a mortgage repaid after four years instead of five. They said it would be considered on a case-by-case basis and to contact them directly if this situation arises.


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    #73
    Dublingirl80
    Closed Accounts Posts: 244 ✭✭Dublingirl80


    Can I ask did you sign up before that new rule in 2016 and also, when do you find out if they'
    Will or will not charge the claw back? In process of switching and dont want to get landed with a sudden bill of clawback when all my legal work is done as ill just be down money

    digiman wrote: »
    Have you tried to go back to either of them yet? Wonder will they give the cashback for a 2nd time?


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    #74
    tom1ie
    Registered Users Posts: 10,477 ✭✭✭✭tom1ie


    Dublingirl80 wrote: »
    Can I ask did you sign up before that new rule in 2016 and also, when do you find out if they'
    Will or will not charge the claw back? In process of switching and dont want to get landed with a sudden bill of clawback when all my legal work is done as ill just be down money

    There is no clawback. It’s against eu competition laws. Contact ccpc (consumer body) if you want confirmation.
    I moved from aib (ltv greater than 90%, wouldn’t let us go on a lower ltv) to ebs, (got cash back offer) paid one repayment, and moved back to aib on ltv less than 50%.
    Pure madness to be honest, no wonder our banks can’t manage money!


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    #75
    KingCong
    Registered Users Posts: 220 ✭✭KingCong


    Deleted User wrote: »
    I asked BoI on Boards if they would apply clawback to a mortgage repaid after four years instead of five. They said it would be considered on a case-by-case basis and to contact them directly if this situation arises.

    I've switched away from EBS, PTSB and BOI all within the first year of the respective mortgages, no clawback was applied for any of them, collected 2% each time. Make the most of these cashback offers while they last!


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    #76
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    What if you weren't switching (where there's an obvious competition issue) and are just finishing up early?


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    #77
    tom1ie
    Registered Users Posts: 10,477 ✭✭✭✭tom1ie


    Deleted User wrote: »
    What if you weren't switching (where there's an obvious competition issue) and are just finishing up early?

    The way I look at that is it doesn’t matter if your switching or finishing up early as legally they can’t enforce a clawback if you switched to them.
    They can only charge you a breakage fee or finishing up early fee if you are on a fixed rate mortgage.
    But again I’d go to ccpc for clarification.


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