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Thesun

Switcher Cash-in On home Loan War

By Michael Doyle

Mortgage-holders are being offered thousands of euro in "free money" to switch their lender.

Three Irish banks have launched cashback deals that rowers two per cent of their home loan if they move.

Customers who take a €200,000 mortgage to Bank of Ireland or Permanent TSB stand to get €4,000 handed back on the condition they remain for a set period.

But EBS's terms allow switchers to walk away almost immediately.

Simon Moynihan, of comparison website bonkers.ie, said: "It is effectively free money you're getting from EBS.

"They know it's a risk but they hope their rates are enough for people to stay with them."

However, Irish Sun money expert Karl Deeter believes we are too lazy to go  through the process. He said: "Irish people just don't do it."

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