BoI extends stamp duty refund offer
Published 08/06/2014 | 02:30
Bank of Ireland has just extended its offer to refund stamp duty – homeowners who are moving to another property can now take it up.
The offer – which refunds stamp duty to the value of 1 per cent of the value of a mortgage – was previously only available to first-time buyers.
Separately, homeowners could save almost €4,000 in interest on a 20-year mortgage of €300,000 by shopping around, according to a survey by The Sunday Independent.
The survey examined the cost of borrowing €300,000 over 20 years to buy a house worth €335,000. The cheapest lender is Permanent TSB, which charges 4.5 per cent interest for a variable mortgage.
Ulster Bank also charges 4.5pc interest – but only for borrowers with a sole income of €70,000 or a joint income of €100,000. Otherwise, the lender charges 4.6 per cent interest.
In the middle are KBC Bank (4.56 per cent) and AIB (4.57 per cent). Bank of Ireland and EBS are the most expensive – both charge 4.6per cent.
It costs €155,732 to borrow €300,000 over 20 years from Bank of Ireland or EBS. It costs €3,724 less to borrow the money from Permanent TSB instead (or Ulster Bank if you have the income to secure the 4.5 per cent rate).
Sunday Indo Business