Several of the UK and Irish banks that received government bail-outs are offering to write off up to 25 per cent of a mortgage debt for professional landlords and developers – just to encourage them to move to new lenders.Anglo Irish Bank – the institution at the centre of Ireland’s property meltdown and the recipient of €30bn of government money – is one of a number of lenders willing to let certain property owners off a proportion of their debt if they refinance elsewhere.
Brokers report that Bank of Scotland, part of Lloyds Banking Group, and Royal Bank of Scotland have arranged similar deals – often known as “golden goodbyes” – although Bank of Scotland says it is not “policy” to incentivize a remortgage with another bank.
Click here to read the full story Banks write off debt for landlords
