Why is there not more appreciation of BOI 2% Cashback Offer??

R

radharc

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I am struggling to understand why there is not more talk about the BOI 2% offer on here and in the wider public domain. Perhaps it is masked by their outrageous variable rates but to my mind BOI are now the most transparent mortgage provider out there; they will be very competitive on fixed rates while doing everything possible to discourage variable rates. The 2% concession is huge, you could end up with thousands in your pocket now, fixing at 3.6% etc for 5 years and switching again if their rates are not competitive then.

I would switch in an instant if it wasn't for mortgage interest relief, in any event I will be using their offer as a threat to AIB to see if I can get any joy on a reduction in my existing rate.
 
Why does mortgage interest relief stop you from switching? If you switch lenders you can take your mortgage interest relief with you. You just have to apply to revenue again for it.
 
That's correct - a new mortgage loan that is secured on a property and is wholly applied to discharge a qualifying loan for MIR purposes that is secured on the same property is itself treated by Revenue as a qualifying loan.

MIR won't be lost so this not a reason not to switch providers.
 
Last edited:
Sarenco said:
That's correct - a new mortgage loan that is secured on a property and is wholly applied to discharge a qualifying loan for MIR purposes that is secured on the same property is itself treated by Revenue as a qualifying loan.

MIR won't be lost so this not a reason not to switch providers.
Click to expand...

Really interesting, thanks to you both.

I was talking to Revenue yesterday and got the opposite advice?! The lady in question didn't seem too certain about the details when a switch is involved but was adamant that any loan drawn down since 2013 does not qualify, regardless of purpose.
 
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