BoI cashback expiring 30 June. Will it be extended?

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Scoops

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Hi,

With the current market conditions and ECB commentary do people believe that BOI will continue with their cash back offer post June 31?
 
I can't see them dropping it. It's one of their biggest sales drivers, and other lenders have extended their cashback.
However, they might review exactly how it works as they re-enter the broker market towards the end of summer.
 
How far in advance have they generally announced if they're extending it or not?

I tried to look at older news articles on this topic, but other than a rough ~"2 months" before guideline, I can't quite tell if there's a well-defined pattern.

Does anyone have any more information on BOI's cashback plans by any chance?
If I don't see any announcements on it by mid-May, is it safe to say they won't be extending it? (I have asked BOI themselves, no answer yet though).
 
I would imagine that if you have mortgage approval now or before the 30th June, then the cash back will continue while the offer is live.

I think that the offer lapses if not drawn down within 6 months. So the cash-back would lapse with it, unless it's extended.

Brendan
 
Hi @Brendan Burgess
The cash back terms of all the banks is that it's available if drawdown happens by a specific date. That date can also be amended at sole discretion of the bank, or withdrawn. I have not seen a loan offer, but I would imagine there is very little reference to it to allow them flexibility to react to pricing decisions.

Regarding BoI - their objective is to gain over 30% market share. That's why they're getting back into broker market. The only way they'll keep market share is with the cashback, or a major overhaul of pricing. Given that EBS have already extended their cashback to year end, it's almost impossible to imagine a scenario where BOI don't do likewise. But their broker proposition might be slightly different.
 
I'm currently going through the switcher process with BOI and it is taking some time. But I was told that I need to drawdown by June 30th to avail of the cashback offer. For anyone doing it I would suggest you ask the staff member early on to clearly describe what documentation is required. In my case they keep on adding new documentation requirements so it is adding to delays.
 
RedOnion said:
I can't see them dropping it. It's one of their biggest sales drivers, and other lenders have extended their cashback.
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Agreed. The cash back offer was due to finish last year but has been extended a number of times to compete with other banks.
 
Let's say, for argument's sake, this type of deal is extended again by the banks generally for another year or so. I would like to try to get this deal for a third time in a little over three years. Maybe someone who works on the Banks side may know this but do the banks have visibility on my previous switches (through my credit history report etc) or is it only known if I tell them and am I so obliged to tell them about my previous two mortgages or just my third (current) mortgage.

The sequence has been 1st PTSB > 2nd EBS > 3rd PTSB > + BOI (hopefully)
 
We just got asked for one year's mortgage statement. I really doubt people are switching in such numbers and getting multiple cashbacks to worry the banks.
 
Absolutely, the switching statics are published annually, and reading them would make you think everyone who switched posted on here! :)
 
This does appear to be the switchers echo chamber! And to be fair we only switched after reading about it here, I came on to ask about a different topic but have found it an excellent resource. I did spot a local FS advisor advertising assistance with the switching process recently so maybe it will change.
 
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