Cashback PLUS is exclusively for Bank of Ireland current account customers who are buying their first home, moving home or thinking about switching their mortgage to Bank of Ireland.
At Bank of Ireland, we’re with you throughout your home buying journey, with mortgage solutions designed to suit your needs – from the time you start saving for your deposit, when you’re ready to buy, and throughout the life of your mortgage.
- 2% of your new mortgage back as cash upfront
- Plus as a special ‘thank you’, we will give you an additional 1% of your mortgage back in cash in five years’ time (subject to meeting the conditions of the mortgage)
- Cashback PLUS is available with our full range of fixed and variable owner occupier mortgage rates
- Our fixed rate mortgages start from 3.1% (4.0% APRC) for a 3-year fixed rate for mortgages up to 80% loan to value.
The Cashback Plus Mortgage is available to you if:
- You are an existing Bank of Ireland current account customer and you are buying your first home, moving home or switching your mortgage to Bank of Ireland
- You drawdown your new mortgage between 5th September 2016 and 30th November 2017
- The Cashback PLUS offer is not available with any other offer – e.g. our 2% Cashback offer or our First Time Buyer MortgageSaver Bonus.
If you are not a Bank of Ireland customer or if you take out a Mortgage top-up or a Buy to Let Investment mortgage, you can still avail of our 2% Cashback offer when you draw down your mortgage.
Other reasons to choose Bank of Ireland for your Mortgage:
- We have qualified mortgage experts across our network of 250 branches nationwide;
- Our Mobile Mortgage Managers will meet you at a time and place that suits you in the evenings or at weekends;
- You can start your application online in minutes, book an appointment or talk to us via Skype or Facetime;
- We offer a wide range of fixed rate options ranging from 12 months to 10 years. You can even choose a combination of fixed and variable rates – a Twin interest rate – where you fix a portion of your mortgage and put the rest on a variable rate. Ask us about the rate options available to you;
- We offer a range of flexi-options to allow you to tailor your mortgage to your needs.
- Terms and Conditions
The Bank of Ireland Cashback PLUS Mortgage Offer
The Cashback PLUS Mortgage offer is available to you if:
- You (or one of you) is already an existing Bank of Ireland current account customer AND
- 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 AND
- You draw down your new mortgage loan between 5th September 2016 and 30th November 2017.
The Cashback PLUS Mortgage offer is not available in addition to any other offer, e.g. our 2% Cashback Offer or our First Time Buyer MortgageSaver Bonus.
The Cashback PLUS Mortgage Offer is available whether you chose a fixed or variable rate for your mortgage.
2% cashback payment will be 2% of the amount you borrow under your mortgage loan offer letter. The payment will be made into your mortgage-paying current account within 45 days of drawdown of your mortgage.
The 1% cashback payment at the end of year 5 is 1% of the mortgage loan amount you originally drew down. The 1% cashback payment will be made into your mortgage paying current account within 45 days of the 5th anniversary of your mortgage drawdown.
To qualify for the payment of 1% in year 5:
- Your mortgage must have been drawn down within the Cashback PLUS Mortgage offer period;
- You must still owe at least 75% of your original mortgage loan to us on the 5th anniversary of your mortgage drawdown
- You must have made all of your mortgage payments in full and on time;
- You must have met all of your other obligations under your mortgage loan documents in full;
- You must still live in the home you mortgaged to secure the loan on the 5th anniversary; and
- We must not have agreed or arranged to allow you make any reduced mortgage repayments or stop making repayments for any time. If you qualify to take a three month payment holiday and avail of it, it does not affect your entitlement to the 1% cashback payment at year 5.
If you draw down your mortgage in stages (e.g. for a self-build):
- The first drawdown must be made between 5th September 2016 and 30th November 2017 to qualify for the offer.
- In addition, final drawdown must be made within 18 months of 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 under your initial mortgage loan offer letter.
- Any additional lending is excluded from the calculation, e.g. a top-up mortgage loan.
- The 1% cashback payment at year 5 is 1% of the amount you borrow under your initial mortgage loan offer letter. The 1% cashback payment will be made into your mortgage paying account within 45 days of the 5th anniversary of the final stage drawdown.
The Cashback PLUS Mortgage Offer is for our existing current account customers and is intended to reward their loyalty. We do not require you to use your Bank of Ireland current account to make your mortgage payments, or pay your salary into that account.
The Cashback PLUS Mortgage offer is not available (a) for top-up mortgages; b) for any mortgage to buy a property to let or for investment; (c) for any mortgage where you do not borrow as a consumer; or (d) for any mortgage loan applied for through mortgagestore.ie. The Cashback Plus mortgage offer is only available on mortgages from Bank of Ireland Mortgage Bank.
- 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. If we do withdraw the offer before 30th November 2017, we will notify the public of this by putting an advertisement on our website and in at least one national newspaper.
The 2% Cashback Mortgage Offer is not available with any other offer – e.g. our Cashback PLUS offer or our First Time Buyer MortgageSaver Bonus.
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 €615.79 per month at 4.2% 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 €148,114.60. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income and 80% of the property value (90% of the property value for first time buyers). A 1% interest rate rise would increase monthly repayments by €54.02 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home.
At the end of a fixed rate period, existing customers on a fixed rate can choose from our range of fixed rate options or roll to the prevailing Loan to Value Variable rate. Mortgage applicants must be over 18.
Warning: The cost of your monthly repayments may increase.
Warning: If you do not keep up your repayments you may lose your home.
Warning: You may have to pay charges if you pay off a fixed–rate loan early.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future change.
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