EBS will give €2,000 to customers who switch their mortgage and select its green four-year fixed rate.
With inflation and the cost of living at near record levels, households countrywide have been looking for ways to put some money back into their pocket.
And one of the best ways to save money is by switching your mortgage to a cheaper rate.
For many households their mortgage is likely to be their biggest outgoing so it’s one bill that you don’t want to overpay on. Yet households often ignore the savings that are available and pay more than they need to each month.
And even though mortgage rates are on the rise, there is still money to be saved by switching.
And today EBS has come out with a new cashback offer to entice people to do just that!
What's the offer?
EBS is offering €2,000 cashback to anyone who switches mortgage between now and 31st December 2024 and who chooses its green four-year fixed rate which is currently 3.75%.
The cashback can be used to pay for the legal fees associated with switching, which usually amount to around €1,500 max, meaning you'll have a bit left over to treat yourself to a weekend away, a new sofa, or a new coffee machine perhaps!
And while a rate of 3.75% might not seem that low to some (rates as low as 1.90% were on offer until the middle of last year) it’s an extremely competitive rate in today’s market. PTSB only recently hiked its fixed rates to between 3.90% and 4.90% for example. And most tracker customers are now paying close to 5%.
What’s more, the European Central Bank (ECB) is likely to hike interest rates to 3.75% or even 4% over the next few months, meaning the best mortgage rate on the market by the end of the year is likely to be over 5%.
So being locked into a rate of just 3.75% for four years might look extremely attractive in a few months’ time.
Terms and conditions
As it’s a green rate, in order to avail of the offer, your home must be either A or B energy rated.
You also must be switching from another lender. If you have a variable rate with EBS for example and want to switch to this fixed rate, you can’t get the cashback.
Your property must also be in Ireland.
Doesn’t EBS already offer cashback?
Yes - EBS has a 3% cashback offer on some of its non-green fixed rates.
For example, it offers up to 3% cashback on its five-year fixed rate which is currently 4.50% (it removed its cashback offer on its variable rates last year).
However, like most lenders, it didn’t offer cashback on its lowest ‘green’ rate until today.
Not for everyone
This offer obviously won’t appeal to everyone.
Only homes built after around 2010 are likely to be A or B rated (unless you've undertaken an expensive and deep retrofit!) so many mortgage holders won’t qualify for the deal.
But you could switch to EBS’s aforementioned five-year rate of 4.50% instead and get up to 3% cashback.
And of course, if you took out a mortgage over a year ago, you might be paying less than the 3.75% on offer from EBS already. But be warned - if you’re on a variable rate, this is likely to rise over the coming months.
Check out our other mortgage articles
- If you’re looking to switch, check out free mortgage calculator. Our mortgage calculator and comparison service lets you easily compare interest rates, offers and cashback incentives from all Ireland’s mortgage lenders and will quickly show you how much you could save by switching.
- Wondering how a mortgage switch works? Check out our in-depth guide on switching mortgage where we explain everything you need to know.
- More people are opting for fixed rates over variable rates, however it’s important to understand the pros and cons of both.
Looking to switch? You can now do it through bonkers.ie.
Head over to our mortgage calculator and start your switch by comparing rates. When it’s time to apply to switch your mortgage, you can submit an online enquiry through our mortgage broker service and one of our experienced financial advisors will call you back to get your application started.
Our free mortgage switching service is fully digital from start to finish, meaning everything can be carried out online from the comfort of your home and it's completely paper-free too!