2% Mortgage Cashback Offer
Get 2% of your new mortgage back as cash when you top up your mortgage or drawdown your Buy to Let mortgage
We will give you 2% of your new mortgage back as Cashback if you top up an existing mortgage or buy an investment property.
Features and Benefits
- 2% of your mortgage back as cash;
This is an example of how much you could get back from us when you draw down your mortgage.
| Mortgage amount | 2% Cashback |
|---|---|
| €150,000 | €3,000 |
| €350,000 | €7,000 |
| €500,000 | €10,000 |
Our 2% Cashback offer is available to you if:
- You take out an Equity Release to top up an existing mortgage with us;
- You take out a Buy to Let mortgage to buy an investment property;
- And you draw down your new mortgage between 5 September 2016 and 31 December 2025.
Cashback is not available with the High Value Mortgage fixed interest rate or standard variable rate.
Buy-to-Let
Terms and conditions
The Cashback Mortgage offer is available to you if:
You use your mortgage loan to buy a home in the Republic of Ireland to live in yourself (as a First Time Buyer or Mover), or if you switch your mortgage loan to us from another lender (outside the Bank of Ireland Group) by re-mortgaging the house you live in. You can also use your mortgage loan to top-up an existing mortgage, or to buy a property to let or for investment;
AND
You draw down your new mortgage loan between 5 September 2016 and 31 December 2025.
The Cashback Mortgage Offer is available when you choose a fixed rate for your mortgage. (Cashback is not available with our High Value Mortgage fixed interest rate or our standard variable interest rate). As of 18 April 2024, new mortgage loans on a variable rate will not be entitled to a Cashback offering.
The 2% cashback payment will be 2% of the amount you borrow. The payment will be made into your mortgage-paying current account within 45 days of drawdown of your mortgage.
If you draw down your mortgage in stages (for example, for a self-build):
The first drawdown must be made between 5 September 2016 and 31 December 2025, and must be made within six months of the date of your Mortgage Loan Offer Letter to qualify for the offer;
In addition, final drawdown must be made within 18 months of the first drawdown. If you choose to not draw down the full amount noted in the offer letter, you must tell us within 18 months of the first drawdown;
The 2% Cashback will be paid within 45 days of the final stage drawdown and will be 2% of the amount you borrow;
Any additional lending is excluded from the calculation (for example, a top-up mortgage loan);
We do not require you to use your Bank of Ireland current account to make your mortgage payments or to pay your salary into that account.
The Cashback PLUS Mortgage offer is not available for:
- Top-up mortgages (equity release);
- Any mortgage to buy a property to let or for investment (buy-to let);
- Any mortgage where you do not borrow as a consumer, or;
- Any High Value Mortgage or variable rate mortgage.
We reserve the right to withdraw the Cashback PLUS Mortgage Offer at any time, at our discretion. For example, to reflect any changes in law or regulation or how they are interpreted.
The lender is Bank of Ireland Mortgages. Lending criteria and terms and conditions apply. Over 18s only. Mortgage approval is subject to assessment of suitability and affordability.
The lender is Bank of Ireland Mortgages. Lending criteria and terms and conditions apply. A typical mortgage to buy your home of €100,000 over 20 years with 240 monthly instalments costs €613.16 per month at 4.15% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Property Registration Authority. The total amount you pay is €147,482.50. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income (4 times gross annual income for first time buyers) and 90% of the property value. A 1% interest rate rise would increase monthly repayments by €53.89 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home. Available to over 18s only. APRC calculations are based on the cost per month on a €100,000 mortgage over 20 years.
Investor (Buy to Let)
The lender is Bank of Ireland Mortgages. Lending criteria and terms and conditions apply. A typical Buy to Let mortgage of €100,000 over 20 years with 240 monthly instalments costs €650.63 per month at 4.85% variable (Annual Percentage Rate of Charge (APRC) 5.1%). APRC includes a fee for the Banks solicitor of €950 plus VAT at 23% plus outlay of up to €350. The total amount you pay is €157,669.65. We require property insurance. You mortgage the property to secure the loan. Maximum loan is generally 70% of the property value. A 1% interest rate rise would increase monthly repayments by €55.55 per month.