Aib or EBS cash back which is better

[Annemarie123]

we are applying for a mortgage. We currently have in the region of 200,000 in savings and are looking at houses up to 450,000. Ideally we are hoping to have a Ltv less than 50% by getting a house for the region of 400,000 but we could fall short of that If we have to go to as high as 450,000.

My question is: would it be better to go with AIB with their low rates or go with EBS and their cashback? All advice is greatly appreciated.

 

[JohnJay]

By my calculations:
assuming 200k over 20 years. LTV < 50%
AIB - 3.1%. repayments 959 per month
EBS - 3.3%. repayments 980 per month
€21 per month difference, 252 per year if you go with AIB.

So, in theory, it would take 8 years to reach the 2000k that you get back from EBS.

BUT - AIB may reduce their rates further, EBS may not (as happened recently)

 

[Annemarie123]

Thanks johnjay for that. If I went with EBS for the cashback and then AIB lowered their rates further does anyone know how much it would generally cost to switch mortgages? And does it take much hassle to switch, particularly from EBS?