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Clawback of 2% after pay off / switch within 5Yrs

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  • 30-08-2016 10:05am
    #1
    craic90
    Registered Users Posts: 44 ✭


    Hi,

    We took out a mortgage with Bank Of Ireland in March 2016.

    At the time the conditions of our mortgage were that we would receive 2% of the mortgage paid to us on drawdown. The condition that was attached was that we would have to repay if the mortgage was switched or payed off within 5 years.

    Can you please confirm, as reported in the media,  that this condition no longer applies to us and we would be free to switch to a provider with a much lower variable rate without incurring this penalty.

    Thanks


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  • Options
    #2
    Bank of Ireland: Tara P
    Closed Accounts Posts: 573 ✭✭✭Bank of Ireland: Tara P


    craic90 wrote: »
    Hi,

    We took out a mortgage with Bank Of Ireland in March 2016.

    At the time the conditions of our mortgage were that we would receive 2% of the mortgage paid to us on drawdown. The condition that was attached was that we would have to repay if the mortgage was switched or payed off within 5 years.

    Can you please confirm, as reported in the media,  that this condition no longer applies to us and we would be free to switch to a provider with a much lower variable rate without incurring this penalty.

    Thanks
    Hi,

    Thanks for contacting us here on Boards.ie.

    The offer at the time of draw down is the offer that would be applicable to your mortgage.

    To discuss this further you can contact our mortgage team on 01-6113333 & a representative with account access will be happy to advise further.

    Thanks,
    Tara C


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