Cashback Mortgages In Ireland

Many of the mortgage lenders in Ireland are still offering incentives such as cashback mortgages to try and attract new customers.

Bank of Ireland has 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.

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.

KBC will give €3000 to mortgage switchers only and €1500 towards legal fees for all new customers.

PTSB also offers 2% cashback lump sum for all new customers and 2% off the monthly repayments back until 2027. Switchers need to have been with their current lender to at least 2 years. (Due to end 2022).

Ulster Bank offers €1500 towards legal fees for all new customers. (

AIB give €2000 cashback for switchers.

The banks don’t have any clawback conditions on the cashback – so you are free to switch mortgage lender again as soon as you want.

Book a free no obligation mortgage advice call with our mortgage partner

Multiple Cashback Mortgages

It is possible to get several cashback mortgages one after another.
For example – you could move a  €300,000 mortgage to PTSB followed by a switch to Bank of Ireland and then EBS and finally KBC.
The total cashback on these 4 switches would be

  • PTSB €6000
  • BOI €6000
  • EBS €6000
  • KBC €3000

A total of €21,000 cashback on a €300,000 mortgage.

With legal fees estimated at €5000 – the profit will be in the region of €16,000. If all the switches go smoothly it could all be done in less than a year.

All the cashback payments are tax-free.

On a €400,000 mortgage – the total cashback would be €27,000 – with an estimated profit of about €22,000

Obviously, on a smaller mortgage, the profit will not be as big.

It might need a few hours of effort and form filling – but lockdown could be a great time to do it. The financial rewards will far outweigh the time you have to put in. Even if it takes say 20 hours in total – and you get €16,000 – it’s not a bad hourly rate ! (€800 an hour).


  • Get a solicitor and tell them your plans to make sure they are OK with doing it. They should charge a lower rate for multiple switches.
  • Apply to all the lenders at the same time – the mortgage offers will be valid for at least 6 months.
  • PTSB will require you to have been with your current lender for 2 years – so switch to them first if you are using them
  • Make sure the final switch is to the lender with the best interest rate.
    See the current Lowest Mortgage Rates here
  • It is advised for all but the last switch to go for a variable interest rate. The rate might be higher – but you will not be on it for long. If you opt for a fixed rate there is always the chance that there could be an early repayment penalty.

Legal Fees

You should use the same solicitor for all the switches – and tell them beforehand what you are planning to do and make sure they will co-operate. Some solicitors might not want to do it – but it is all completely legal. A solicitor should be able to give a reduced price for 3 or 4 switches in such a short timespan. We estimate legal and valuation fees should not cost more than €5000 for 4 switches.

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6 thoughts on “Cashback Mortgages In Ireland

  1. Hello,

    Can you confirm that it is possible to do 4 switches in one year. For example with Bank of Ireland there is a break clause if you are on a fixed term mortgage. The cash back offer for variable is also only for when you have a LTV of 60%.

    Being able to switch is limited in these circumstances and would be good to include in your informative article.

    Kind Regards,


    • Hello Colum

      We have seen confirmation that people have switched 3 or 4 times in a year.
      We did mention to switch to variable-rate mortgages to avoid breakage fees on fixed rates.

      There is nothing we can see on the BOI website about any LTV limits for the cashback. Where did you see it?

  2. hi,

    if you take the €6000 cash back, does this go on top of your mortgage when you switch again?

    Thanks if advance of the reply

    • No – it’s a tax free bonus for you to spend as you wish.
      If the bank let you – you could use it to pay off a lump sum on your mortgage and this would result in even more interest savings.

  3. Hello, I have 5 years left of my mortgage in April. Would I have any use switching lenders at this stage? Thanks

    • Most lenders will have a minimum mortgage amount they will lend – so it depends on how much capital is outstanding.
      Also – with the percentage cashback – the amounts may not be big enough to even cover legal costs.
      You would need at least 200,000 outstanding to make it worthwhile doing.

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