BOI 1k to switch have to be paid back?

Hi guys,

Moved to BOI almost two years ago and got 1k to switch covering legal costs, etc. Now I am thinking of selling and was getting my mortgage redemption figures and this 1k has to be paid back. I was never told this when I originally switched - that I had to stay with them for a certain period of time or it would have to be paid back and can find no mention of it online. Anyone know anything about this? I wouldn't be moving banks again but paying off the mortgage when I sell my house. Thanks

Check your loan offer, was usually listed in the conditions.

Yes. That was a standard rule at the time. I believe it was five years BUT interesting that you say you are selling as oppose to switching elsewhere. Have you approached them and asked them to forego this charge given that you are discharging the debt in full ?

There was a 5 year clwback clause see [broken link removed]

I am fairly sure the clawback would kick in if you redeem the mortgage (ie switch or pay off) .
Treat it as a 2 year interest free loan

Thanks for the information. I checked the letter of loan offer and it makes no mention of it at all. I have asked BOI to check for me as the quite helpful lady I was dealing with didn't know exactly why I had to pay it back or what the rule was and I'm waiting to hear back from her. Obviously if I have to pay it I have to pay it but no harm trying to save myself 1k if at all possible.