Bank of Ireland are still running their offer to refund 2% of mortgages for all new mortgage customers – including Buy to Let and switchers. This 2% cashback offer applies to all new BOI mortgage customers until the end of November 2017
So – on a €200,000 mortgage – BOI would refund cashback of €4000. There is no upper limit to the cashback amount. If the customer eventually moves their mortgage away from BOI they do not have to pay back the €4000.
(When the offer was originally launched in 2015 – there was a clause that required repayment of the cashback if the customer moved the mortgage within 5 years)
Find Out More and get a quote at Bank of Ireland
Bank Of Ireland also have another cashback offer called Cashback Plus. It is still 2% cashback – but after staying with BOI for 5 years customers get a further 1% cashback – so a grand total of 3% cashback is possible. This is only available to BOI current account holders . It is not available on Buy to Let properties. This new offer is also due to end in November 2017.
Bank of Ireland’s variable rates are not the lowest in the country but their fixed mortgage rates are currently amongst the best available – as you can see on our list of the Best Irish Mortgage Rates .
For someone looking to borrow up to 80% of the value of a house – BOI are offering a fairly good fixed rate of 3.1% at the moment (over 3 or 5 years) .
The cashback up front could come in handy for decorating or furnishing a new house. If used in conjunction with the 5% cashback from the government’s Help to Buy Scheme – it could result in as much as 7.5% cashback. (Example: On a €300,000 property with a €255,000 mortgage that would work out at €7650 cashback from BOI and €15,000 from the Help to Buy – a total of €22650)
Note: the cashback does not have to be paid back to BOI when or if you move your mortgage away from BOI.