Saturday 16 December 2017

BoI extends stamp duty refund offer

Louise McBride

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

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