Bank of Ireland, free redemption and Cash-back?

JimiH

Hello

Just recieved a letter from the Bank Of Ireland informing me that If I switch to ANY other lender I will receive "No early repayment charges" & £1000 cashback on completion of new mortgage deal. They offer a free "London & Country" mortgage review too. They say since they decided to close "Bristol & West" they need to reduce the amount of mortgage customers they have. Anyone have an opinion on what we should do?

Regards

Geoff

GMS

Check out your options. If you can get a better deal elsewhere then go for it. However if you are better staying put then do not feel under any pressure to move.

angry_chap

Hi Jeff,

Please see my thread re bank of Ireland, i want to move from them and they are trying to (unfairly in my opinion as I only went on market based on thier advice) force me to pay my redemption. My advice would be move away from them if at all possible.

Would you be prepared to let me see a copy of the letter as I can use it to try and help myself? If so please let me know. I would be very grateful

JimiH

Yeah sure pm me with your email addy and I send it tomorrow.

Thanks

Geoff

angry_chap

Hi Geoff,

Massive thank you to you, BOI have waived the charge based on the info you sent me. I really cant thank you enough as this now means I can buy the house I really want for my family.

Thank you

JimiH

No problem ,glad to be of help.

I just had my mortgage review by L&C.

Current situation

Outstanding balance - £73000
Mortgage ends - Oct 2024
Three products I'm on after a few remortgages the main one being 6.39% the other two are 2.99% & 4.5%.
Overall its £620 ppm

I have been offered through L&C a couple of mortgages from ING.

1st fixed for three years, no fees, £581
2nd fixed for five years, no fees, £599

I also notice that to qualify for the cashback the mortgage must be through L&C. I'm going to ask for the variable offers too just for comparison.

Regards

Geoff

eckosix

JimiH wrote: »

Yeah sure pm me with your email addy and I send it tomorrow.

Thanks

Geoff

please could you send me a copy too? Ive pm'd you. thanks

Trig1903

Hi, I'd be grateful for a copy also if you don't mind. Have also PM'd you. thanks.

kingstreet

I have a BoI (ex B&W) mortgage. I've just taken a phone call from a chap at our NatWest branch to tell me about the waived ERP and the cashback offer. I think he was hoping to get some business.

When I told him the cashback was dependent on the new mortgage being arranged by L&C he was quite surprised. We did have a nice chat though and I suggested he have a look on here.

eckosix

JimiH wrote: »

Hello

Just recieved a letter from the Bank Of Ireland informing me that If I switch to ANY other lender I will receive "No early repayment charges" & £1000 cashback on completion of new mortgage deal. They offer a free "London & Country" mortgage review too. They say since they decided to close "Bristol & West" they need to reduce the amount of mortgage customers they have. Anyone have an opinion on what we should do?

Geoff

Have just rung the BoI and they have told me that it is just for certain customers that meet certain critera, not everyone will qualify for this and if you havent got a letter you wont get the £1000 cash back! : (

Trig1903

Thanks eckosix, has saved me a phone call.