Bank of Ireland is still running their offer to refund 2% of the value of a mortgage for all new mortgage customers – including Buy to Let and switchers. This 2% cashback offer applies to all new BOI mortgage customers until mid 2020 .
So – on a €300,000 mortgage – BOI would refund €6000. 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 money.
Bank Of Ireland also has 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 June 2020.
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 is offering a 3 year fixed rate of 3% at the moment.
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 the equivalent of 7.5% cashback on your mortgage.
(Example: On a €300,000 property with a €255,000 mortgage with €7650 cashback from BOI (3%) and €15,000 from the Help to Buy – a total of €22,650)
Note: the cashback does not have to be paid back to BOI when or if you move your mortgage away from BOI.
Tip: First Time Buyers can get another “bonus” of €2000 from Bank of Ireland if you save at least €5000 in their Mortgage Saver Account and then take out a BOI mortgage. More details on the €2000 bonus here.
Some comparison figures here for Switching Mortgage