Topic: Mortgages August 13, 2016
Author: Neil Cubley

What to spend the mortgage cashback on

Cashback Bank of Ireland

Val, Wes and their kids on the sofa paid for with their Bank of Ireland mortgage cashback. Photo: Neil Cubley.

3 MIN READ

When Val and Wes got the cashback on their mortgage they set about furnishing their new extension. Val works for Enterprise Ireland as a development advisor. Wes is an engineering manager for a pharmaceutical company. When they switched their mortgage to Bank of Ireland from another lender they’d just completed renovation work and added an extension to the house they had bought in Glasnevin two years before.

The cashback didn’t stay in their account for long.

“We spent every penny we had on the renovation and extension,” explains Wes.

“We had a fine big extension room but we’d nothing in it so we bought a sofa from DFS for that and a 49-inch flat screen smart TV.”

“It covered the solicitor’s fees as well,” adds Val.

“The cashback actually came through quicker than I expected,” says Wes.

“I remember one Friday morning I was logging in online, I wasn’t checking for the cashback particularly, I was going to pay a bill and there was a nice surprise waiting for me on a Friday morning.

It was €5,000.”

Both Val and Wes grew up in Ballymun.

They met 25 years ago at Wes’s brother’s 16th birthday party and used to bump into each other from time to time.

They met back up again in 1998 at a friend’s 21st and got married in 2004.

When it came to a place to live, the couple got together with a number of other families to set up their own company during the regeneration of Ballymun.

The co-op appointed an architect and their house was built with a mortgage from Dublin City Council.

“We were in that house for 10 years but it was never our forever home.”

It was just to get on the property ladder,” Val explains.

When their third child came along, the house no longer suited the family’s growing needs and it was time to move along.

After some searching, they found a three-bedroom semi-d in Glasnevin which had great potential but needed a lot of work.

“When we bought the house people thought we were crazy because it was in such poor condition,” laughs Wes.

10 frequently asked first-time buyer questions answered

“We ripped everything out,” explains Val.

“There was nothing left. We rewired it, re-plumbed it. The roof was alright but everything else was done.”

“We could see the potential. We were attracted to the area because it’s in a cul-de-sac and the back garden is 100 feet long.

So we planned to put in an extension,” adds Wes.

The couple and their three children lived in their new home while the extension and renovation work was being done.

It was tough but they were prepared to put up with the disruption to get the house exactly as they wanted it for the foreseeable future.

“We were bouncing from room to room, we had no sitting room, we had no cooking facilities for a few days,” recalls Val.

However they were keen to leave their mortgage lender as soon as they could after issues with the financing of the renovation work.

“I’m a Bank of Ireland customer all my life,”

Wes explains, “and they were offering the cashback.

We knocked three years off our mortgage by switching and keeping the same repayments so it was obviously well worth doing.”

The couple are ‘absolutely thrilled’ with the house, the extension and the people around them in the area.

“The three children love the space and having a playroom on the back of the extension and there’s still a decent size back garden where they have their trampoline,” says Wes.

“Unless we win the Lotto then this is the forever home,” Val says.

Find out more.

Wes and Val received a small gratuity for their time.

The Cashback PLUS Mortgage is available to you if:

  • You are an existing Bank of Ireland current account customer and you are buying your first home, moving home or switching your mortgage to Bank of Ireland
  • You drawdown your new mortgage between 5th September 2016 and 31st December 2020
  • Cashback is not available with the High Value Mortgage fixed interest rate.

The lender is Bank of Ireland Mortgages. Lending criteria and terms and conditions apply. A typical mortgage to buy your home of €100,000 over 20 years with 240 monthly instalments costs €615.79 per month at 4.2% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Property Registration Authority. The total amount you pay is €148,114.60. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income and 80% of the property value (90% of the property value for first time buyers). A 1% interest rate rise would increase monthly repayments by €54.02 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home. At the end of a fixed rate period, existing customers on a fixed rate can choose from our range of fixed rate options available to existing customers or roll to the prevailing Loan to Value Variable rate. Cashback is not available with the High Value Mortgage fixed interest rate.

WARNING: The cost of your monthly repayments may increase.

 

WARNING: If you do not keep up your repayments you may lose your home.

 

WARNING: You may have to pay charges if you pay off a fixed–rate loan early.

 

WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland.

Topic: Mortgages August 13, 2016
Author: Neil Cubley
Tags: Moving home

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