Cashback Products With A Mortgage. Is It Worth It?

Cashback offers for mortgages are an added incentive provided by some lenders to attract borrowers. These offers involve the lender giving the borrower a lump sum of cash payment after the mortgage has been drawn down. While cashback offers can be enticing, it's crucial for borrowers to carefully evaluate the overall cost of the mortgage, including interest rates and fees, before making a decision. Here are some key points to consider:

Pros of Cashback Offers:

  • Immediate Cash Benefit: Borrowers receive a lump sum of cash, which can be used for various purposes such as covering moving costs, home improvements, or other expenses
  • Assists with Upfront Costs: The cashback amount can help offset some of the upfront costs associated with buying a home, such as legal fees, valuation fees, or other expenses.
  • Flexibility: Borrowers have flexibility in how they use the cashback amount, thus providing financial assistance where it is needed most.

Cashback with a mortgage

Cons and Considerations:

  • Interest Rates: While the cashback offer is appealing, borrowers should not overlook the interest rates and overall cost of the mortgage. Some mortgages with cashback offers may have higher interest rates or fees compared to other mortgage products without cashback.
  • Long-Term Costs: The upfront cash may seem attractive, but it's essential to consider the long-term costs of the mortgage. A mortgage with a lower interest rate and no cashback might result in more significant savings over the life of the loan.
  • Comparison with Other Products: Before committing to a mortgage with a cashback offer, compare it with other mortgage products in the market. Consider not only interest rates and fees but also the overall terms and conditions.


What lenders offer cashback?

  • Avant Money - 1% of the mortage amount when switching your mortgage.
  • Bank of Ireland – 2% of the mortgage amount upon drawdown and a further 1% in year 5 of the mortgage. The additional 1%  cashback payment is based on 1% of your initial mortgage.
  • Haven - €5,000 on mortgages over €250,000 and €2,000 for switchers.
  • Moco - €1,500
  • PTSB – 2% of your mortgage amount.

While cashback offers can be an attractive feature, it's crucial to approach them with a comprehensive understanding of the mortgage terms and their impact on your financial situation.

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