Tuesday 23 July 2019

EBS ups mortgage ante with cash-back offers

Charlie Weston

Charlie Weston

Mortgage lender EBS has increased the value of the cash it will give back to mortgage customers - including switchers.

It is offering 2pc back to customers on variable and fixed rates on draw-down and 1pc five years later.

This is similar to the deal Bank of Ireland offers.

But research has questioned the value of cash-back deals, with consistent calls for a ban.

Lenders are competing hard for mortgage business as buyers are being squeezed out by their inability to meet Central Banking lending rule that they can only borrow three-and-a-half times their earnings.

EBS was previously offering 2pc of the value of the mortgage drawn down in a bid to attract borrowers. It has upped this to 3pc if the borrower stays with it for five years.

The lender said this was worth €9,000 in cash back on a €300,000 mortgage or €12,000 for €400,000.

Irish Independent

Also in Business