EBS has become the latest financial institution to curb over-eager mortgage switchers from availing of multiple cashback offers in the one year, as lenders look to curtail switching activity. LimitsThose offering cashback deals all now impose limits. Cashback deals have been criticised for costing homeowners more, with a study last year finding that these mortgage deals could end up costing a borrower as much as €30,000 more over the life of a mortgage because of the higher rates associated with such products. However, some homeowners have sought to exploit the cashback offers by switching multiple times. ClawbackLenders previously sought to encourage borrowers to switch less frequently by imposing a clawback on their cashback offers.

Source: The Irish Times April 03, 2019 01:07 UTC