Does PTSB Cashback trump AVANT low rate?

[BusyAtMaths]

Switching from BOI as our fixed term ends in October. Looking to fix for at least 4 years...

Current rate: 2.9%
Balance: €300k
Remaining: 25 years
LTV: 59%

AVANT 1.95%, 4 years
€1,390 per month
Total after 4 years (€1,390 x 48) = €60,672

versus

PTSB Green 2.35%, 5 years,
€1,323 per month
2% cashback: €6,000
2% cashback per month: €26
After 4 years: (€1,323 x 48) = €63,504
Less csshback €6,000,
 Less cashback €26 x 48,
=€56,234

On the face if it, it appears that I'd be better off going with PTSB.

What am I missing?

Are the APRC figures significant, and if so, could someone please explain why?

PTSB 2.35% has APRC 3.15%.
AVANT 1.95% has APRC 2.02%

When calculating monthly/actual repayments over a period, should we use the APRC figure instead?

I've seen it mentioned numerous times on this website about PTSB'S lousy treatment of existing customers. If my calculations are correct, we'd pay 4k less by opting for PTSB.

 

[Paul F]

Switching from BOI as our fixed term ends in October. Looking to fix for at least 4 years...

@BusyAtMaths Please post your mortgage details in the switcher thread (in the format shown in the first post). I'll estimate the savings you would make from switching to different lenders.

You cannot make accurate estimates of the savings by looking at the monthly repayments.

 

[Brendan Burgess]

This post explains why you should look at the interest charged and not the repayments.

Key Post - How to evaluate if it's worth fixing, switching or breaking out of a fixed rate

Almost every post on this topic is wrong. No matter how often it is pointed out, people look at the wrong figures. They use mortgage calculators when they don't need them. Most of the time, you can do the figures in your head. Do not look at the monthly repayments – they are misleading. Do not...

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