Bank of Ireland require me to pay their solicitor for a small BTL loan of 40k against a property valued at 110K but would not require me to pay for their solicitor if I was borrowing €80k on it as a private house.
I find this highly unfair as it is only an arrangement between Law Society and Banks and has no basis in Legislation. It takes no account of the amount of the loan or the ability to repay. Just classify it as commercial and let the lawyers get on the gravy train. Why would they object to this. Talk about reducing business costs in Ireland. Neither of these two organisations would concern themselves about this. There is no leeway from BoI on this. Take it or leave it.
I find this highly unfair as it is only an arrangement between Law Society and Banks and has no basis in Legislation. It takes no account of the amount of the loan or the ability to repay. Just classify it as commercial and let the lawyers get on the gravy train. Why would they object to this. Talk about reducing business costs in Ireland. Neither of these two organisations would concern themselves about this. There is no leeway from BoI on this. Take it or leave it.
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