Many of the mortgage lenders in Ireland are still offering incentives such as cashback to try and attract new customers.
Bank of Ireland have been giving up to 3% cashback with no upper limit for a while now – (2% when you drawdown and 1% after 5 years) It is available to all new mortgage customers including Buy to Let and switchers. More here about the BOI offer
EBS also have a very similar cashback offer – which is 2% upfront and an extra 1% after five years. This offer is available to all new EBS customers, home buyers and mortgage switchers.
Bank of Ireland and EBS don’t have any clawback conditions.
So – in theory – you could move a €300,000 mortgage to EBS , get €6000 cashback which would leave you with about €5000 after legal fees. Then after a short time, you could move your mortgage again to Bank of Ireland and get another €6000 cashback ! After legal and valuation fees you would end up with about €10,000 cashback from the 2 lenders.
Other Cashback Mortgages
Ulster Bank offer €1500 towards legal fees for all new customers.
PTSB offer 2% cashback for new customers until Dec 31st
KBC will give €2000 to mortgage switchers only.
See the current Lowest Mortgage Rates here