Hi all. My partner and I have gone sale agreed on a property (finally) and are currently weighing up our mortgage rate options. We will be getting a mortgage for around €300k. Our mortgage will be with BOI and we have 2 options it seems. The Ecosaver HVM mortgage for a B rated house is at 3.65% fixed for 4 years. No cashback.
The second option is at 4.45% fixed for 5 years that comes with 3% cashback. (2% 30 days after drawdown and remaining 1% in 5 years) so about €6k a month after drawdown and another €3k in 5 years.
I am struggling to weigh up which the better option is. I am leaning more towards the 3.65% rate fixed for 4 years but unsure if the cashback on other option is the better choice.
Any thoughts would be very helpful.