Can I get cash back twice from one provider?

JohnWH

Registered User
Messages
2
I got cashbacks from boi nearly 2 years ago. Now I want to do switches and get cashbacks from a few of them. Thinking of going to ptsb and then ebs. Then can I go back to BoI and get the cashback off them again?
 

pauric

Frequent Poster
Messages
65
I managed to do this, first in 2016 and then got it from them about 4 months ago again.

It was the same property and also with BOI. I did email my mortgage advisor to confirm it first just in case. They had sent me the cash within a few days after drawdown.
 

Coldwarrior

Frequent Poster
Messages
140
I managed to do this, first in 2016 and then got it from them about 4 months ago again.

It was the same property and also with BOI. I did email my mortgage advisor to confirm it first just in case. They had sent me the cash within a few days after drawdown.
Very interesting, were you up front with them when applying about having got the cash back before from them on the same house?
 

Sean Og

Frequent Poster
Messages
144
I am not sure about BOI but EBS state very clearly that the cash back offer is only available once on the same property. If you sell your house and move then EBS will give you the cash back on your new house and new mortgage but not if you switch away and then switch back again. I think Pauric may be correct about BOI and also PTSB don't say you can only avail of cash back once. Anyway it is always worth a try. Why would you tell them unless they ask. As i said before never underestimate the stupidity of the banks.
 

jim

Frequent Poster
Messages
464
Am I legally entitled to the cashback once drawdown happens or is there a risk that the Lender might withhold the cashback if I redeemed the mortgage before getting the cashback?.....if you know what I mean!

Reason I ask is because I am close to the 6 month expiry with the 3rd approved offer (late June) and have just being told by the 2nd Lender that drawdown will happen early next week. So I am hoping next week to start the drawdown process with Lender 3 but am worried that if I redeem Lender 2 before cashback is processed that they will withhold it.
 

Sean Og

Frequent Poster
Messages
144
Yes Jim you are under EU law. Red Onion is an expert on this and has posted about it before. Once you draw down your mortgage you are legally entitled to your cash back and the bank will pay it out even if you transfer and switch your mortgage within 1 week. The Government and Central Bank are encouraging people to switch. The Banks are offering these cash backs to attract new business and are not worried about the 0.5% who might switch very quickly. EBS for example will only allow the cash back once on the same property but if you sell and buy a new house they will give you the cash back again on the new mortgage on the new property.
 
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