Black_Knight
Registered User
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As the title says. We're to the point of deciding our mortgage provider and rate, and I noticed EBS have an offer on 2% cashback, but their variable rates are 0.2% more than we can get elsewhere. Karl's Mortgage Calculator (cant insert link yet) seems to make a good argument for taking the cheaper variable rate, even if means saving only €20 a month in repayments, and missing out on about €5k cash (our 2%).
Over a 35 year mortgage (assuming we never move, rates never change, and EBS are always 0.2% higher than our other options), it works out as us paying an extra ~12k in interest. Simple so! Take the lower interest rate! It's a no brainer in the long run, isn't it?
Any thoughts on when these cashback offers are a good idea and when they're truly just a gimmick?
Over a 35 year mortgage (assuming we never move, rates never change, and EBS are always 0.2% higher than our other options), it works out as us paying an extra ~12k in interest. Simple so! Take the lower interest rate! It's a no brainer in the long run, isn't it?
Any thoughts on when these cashback offers are a good idea and when they're truly just a gimmick?