Think one of our math must be off a bit here skroogePut simply the cost of your mortgage is the interest element. You want to minimize this expense. Cashback options are always tempting but generally doubt work out well in the long run.
With the KBC option with no inventives other than the 2.8% you will expect to pay Just under €28k in interest over the 5 years. With PTSB, assuming all the cashback goes to paying down the mortgage you can expext to have paid over €3,800 more in the first five years alone.
So KBC is cheaper. However, if I were you I'd get both.... Have both mortgages ready to go, drawdown PTSB get the cashback then use KBC money to pay it off. You will have cashback and lower rate. A number of people have tried something similar on here. It would be worth considering the cost of staying variable with PTSB in order to avoid a potential break fee but either way you are likely to have made a good start to your mortgage
Almost to the penny!with the PTSB loan you'd be €704 better off. Right?
Think one of our math must be off a bit here skrooge. By my calcs the interest on the KBC loan is €27788, while it is €32380 on the PTSB one, so PTSB is €4592 more expensive but they are giving €5296 cashback so with the PTSB loan you'd be €704 better off. Right?
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