AA Mortgages are provided by Bank of Ireland UK.
All new AA Mortgages come with what we call 'mortgage reducing' features – these help you reduce the amount you pay over the life of your mortgage, and decrease the time you're paying your mortgage.
One of these features is the annual loyalty bonus. Every year on the anniversary of your AA Mortgage start date, you'll receive a bonus to the value of 0.1% of your mortgage balance – regardless of the length of your fixed term period.
While 0.1% may not sound much, it's important to think about your mortgage balance and how much it could be worth. Here are some examples:
|Mortgage balance||Annual loyalty bonus|
It's your choice what you do with your annual loyalty bonus. You can either have it paid into the bank account you pay your mortgage from, or take it as an overpayment on your mortgage. Of course, it's always nice to have some extra bucks in the bank – but an overpayment could reduce the interest on your mortgage over the time you're paying it.
The annual loyalty bonus is only available for mortgages applied for after 16 April 2018 and will be paid automatically every year that you have the mortgage, including after your fixed term ends. Find out how overpaying on your mortgage can benefit you.
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Your home may be repossessed if you don't keep up repayments on your mortgage.