From Charlie Weston today:
http://www.independent.ie/business/...500-to-take-out-150000-mortgage-35003874.html
I have questions.
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.
http://www.independent.ie/business/...500-to-take-out-150000-mortgage-35003874.html
I have questions.
- Can anybody confirm?
- Will this mean the end of the cashback mortgage, or will banks start to turn away frequent switchers?
- In the meantime, can punters make 10-20k by taking their mortgage on a tour of all the banks offering bonuses (with clawbacks that they can't enforce)?
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