Keep changing lenders to earn €14k in cashback

Bank of Ireland’s move to reduce fixed-rate mortgages to under 2% has created a tempting but risky option for savvy mortgage switchers.

Bank of Ireland’s variable rate is among the highest on the market but its fixed rates are now the very lowest at

1.9% – and its cashback offer to pay 2% of the mortgage into your hand is very appealing.

So why not take the money and run? Savvy switchers can snatch the cheese from the trap if they’re quick enough.

They could grab the cashback fixed-rate offer and then fix again when that’s up if BoI’s fixed rates are still good – or switch to another lender if not.

‘Cashback offers from EBS, PTSB and Bank of Ireland give you 2% of the total mortgage amount back in cash when you take out the mortgage. So on the average switch of €240,000, that’s €4,800 in cash at drawdown,’ money expert Mark Coan says.

‘You could even do it repeatedly with all three cashback lenders and earn yourself a tasty €14,400, he said. ‘When you have picked up your cash from EBS you can then switch to a low fixed-rate deal through a broker with Avant Money or ICS. This last step is really important as it can save you as much as the multiple switch hack. Tread carefully as the rates from these providers are some of the highest.’