Bank of Ireland : launches new mortgage Cashback PLUS

Bank of Ireland launches new mortgage Cashback PLUS

Cashback PLUS - a personalised mortgage offering for current account customers

Bank of Ireland is launching a new mortgage product, Cashback PLUS, which offers current account customers 2% cashback on their new mortgage at drawdown, along with an extra 1% cashback five years later.

The Cashback PLUS offer is available to Bank of Ireland current account customers who draw down a new First Time Buyer, Mover or Switcher mortgage before 31st March 2017. Non-Bank of Ireland customers or customers drawing down Buy to Let or Equity Release mortgages will continue to be eligible for the existing 2% Cashback offering.

Discussing Cashback PLUS, John O'Beirne, Head of Mortgages at Bank of Ireland said: 'We want to support our current account customers with a tailored mortgage offering, so Cashback PLUS is designed to provide an additional bonus a few years into the mortgage journey. Our research with prospective homeowners has informed us of the issues they encounter and the types of support that are important to them. Therefore we have developed an innovative range of offerings to help make things easier, including our new Cashback PLUS product. We have a full suite of products for customers at different stages of the home-buying journey - saving a deposit, searching for the perfect property, and settling in and managing repayments.'
Cashback PLUS features:

• Available for owner-occupier customers - first time buyers, movers and customers switching who drawdown during the offer period;
• 2% of the mortgage back as cash to help with the upfront costs of moving;
• An additional payment of 1% cashback after five years;
• Available with both variable and fixed rate mortgages;
• Existing cashback 2% offer still applies.

Bank of Ireland continues to focus on its fixed rate offering, with a range of one, two, three, five and ten-year fixed rate options starting from 3.10%. Fixed rates provide certainty to the customer at a time when interest rates are at historic lows. More than 7 in 10 Bank of Ireland new owner occupier mortgage customers and almost 9 out of 10 first time buyers chose a fixed rate in H1 2016. Existing customers on variable rates, or coming to the end of their current fixed rate period, can apply for any of the Bank's fixed rate products.

Cashback PLUS is being supported by a new advertising campaign which includes TV, outdoor advertising, radio, digital and social media.

Bank of Ireland's mortgage products are designed to meet customers' needs depending on the stage of their mortgage journey. Products include including MortgageSaver, with 10% Savings Bonus for first time buyers saving their deposit, and Flexi Mortgage features for those who have drawn down their mortgage but may require flexibility in payments.

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