EBS extends 2% cashback offer on new mortgages to March

EBS has extended its 2 per cent cashback mortgage offer by five months for new loans and switchers.

The offer was originally announced in June with a cut-off point of October 31st but this deadline has been extended until the end of March 2017.

Under the terms of the offer, customers receive €2,000 back in cash for every €100,000 in new mortgage borrowings that they draw down.

Commenting on the move, EBS chief executive Des Fitzgerald said: "This back in cash offer has been very well-received since we launched it in June this year, especially among first-time buyers who have a strong appetite for cash offers, but still want to avail of very competitive mortgage interest rates.

“We are now extending our offer to give our customers 2 per cent of their mortgage back in cash, a substantial sum that would typically cover home purchase costs such as stamp duty, legal fees and valuation.’’

Mortgage cashback offers are in vogue in the Irish market at present, having been launched first by Bank of Ireland and then by Permanent TSB.

EBS’s offer is available to customers taking out fixed or variable mortgages on private dwelling houses, including first-time buyers, customers moving to a new home, and those switching their mortgage to EBS from another institution.

EBS offers a standard variable rate of 3.7 per cent, reducing to as low as 3.3 per cent for those on a loan-to-value ratio of 50 per cent or less.

The former building society is a subsidiary of AIB, which is 99.9 per cent State-owned.