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Broker warns Bank of Ireland mortgage offer could cost borrowers thousands?

geek1981
geek1981 Posts: 184 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Mortgages & endowments
Hi guys

I am using postoffice (BoI) mortgage for my new home which will be completing this week. I am going for 75%LTV fixed 2.99% for 5 years as i couldn't find any better deals elsewhere. But today i found some broker advising to stay away from BoI but as far as i understand he is talking about Early Repayment Penalty which is 5% if i want to repay or switch. What's the extra "more than double rate" he is talking about? did anyone see this link?

Sorry I'm a mortgage newbie and didn't understand his point.

Thanks
Rakesh

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    That link is dated last November.

    In general terms the BOI is shedding its UK mortgage lending book. All part of Irish banks contractng their assetbooks. Following nationalisation and the EU bail out.

    BOI offered many good deals in years gone by. Now they're trying offload their customers.
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