BoI says I don't qualify for 1% cash back after 5 years because I did not have a BoI account

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Cudman

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Sorry, please ignore ore my previous post, the page went unresponsive and jumbled up the whole thing.
We drew down with BOI Dec 2017 and stayed paying their higher rates in the expectation of getting the 1% Cashback Plus this month.
They have just told us we aren't eligible as we would have needed to have a BOI current account at drawdown - first time this was ever mentioned to us as obviously we would have opened one before drawing down if that was the case.
Struggling to locate our original letter of offer.
Is anyone aware of this scenario or still have the T&Cs from around that time?
Cheers.
 
There is no mention of a current account in the Terms and Conditions

Did you meet all the other terms and conditions e.g. did you pay all your mortgage payments on time?
  • To qualify for the payment of 1% in year 5:
    1. Your mortgage must have been drawn down within the Cashback PLUS Mortgage offer period;
    2. The Loan originally drawn down less scheduled repayments must still be owing on the fifth anniversary of the draw down date;
    3. You must have made all of your mortgage payments in full and on time;
    4. You must have met all of your other obligations under your mortgage loan documents in full;
    5. You must still live in the home you mortgaged to secure the loan on the 5th anniversary; and
    6. We must not have agreed or arranged to allow you make any reduced mortgage repayments or stop making repayments for any time. If you qualify to take a three month payment holiday and avail of it, it does not affect your entitlement to the 1% cashback payment at year 5.
 
OK, so it was part of the terms and conditions

Bank of Ireland launches new mortgage Cashback PLUS - Bank of Ireland Group Website

Cashback PLUS – a personalised mortgage offering for current account customers Bank of Ireland is launching a new mortgage product, Cashback PLUS, which offers current account customers 2% cashback on their new mortgage at drawdown, along with an extra 1% cashback five years later. The Cashback...
www.bankofireland.com www.bankofireland.com

I must say that I had never heard of this stipulation.

Bank of Ireland launches new mortgage Cashback PLUS​

Cashback PLUS – a personalised mortgage offering for current account customers​

Bank of Ireland is launching a new mortgage product, Cashback PLUS, which offers current account customers 2% cashback on their new mortgage at drawdown, along with an extra 1% cashback five years later.

The Cashback PLUS offer is available to Bank of Ireland current account customers who draw down a new First Time Buyer, Mover or Switcher mortgage before 31st March 2017. Non-Bank of Ireland customers or customers drawing down Buy to Let or Equity Release mortgages will continue to be eligible for the existing 2% Cashback offering.

Discussing Cashback PLUS, John O’Beirne, Head of Mortgages at Bank of Ireland said: “We want to support our current account customers with a tailored mortgage offering, so Cashback PLUS is designed to provide an additional bonus a few years into the mortgage journey. Our research with prospective homeowners has informed us of the issues they encounter and the types of support that are important to them. Therefore we have developed an innovative range of offerings to help make things easier, including our new Cashback PLUS product. We have a full suite of products for customers at different stages of the home-buying journey – saving a deposit, searching for the perfect property, and settling in and managing repayments.”

Cashback PLUS features:

  • Available for owner-occupier customers – first time buyers, movers and customers switching who drawdown during the offer period;
  • 2% of the mortgage back as cash to help with the upfront costs of moving;
  • An additional payment of 1% cashback after five years;
  • Available with both variable and fixed rate mortgages;
  • Existing cashback 2% offer still applies.
 
Yes i was aware of this clause. The 2% on drawdown was applicable to everyone, but the 1% after 5 years was dependent on having a current account. It was explained to us at the time of application. Neither of us had BOI accounts and it didn't bother us as we did a mortgage switch as soon as the 2% was paid. I don't think you will have any recourse as it's in the T&C's per Brendans post above.
 
Thanks for the replies.




I'm going to complain anyway as this really should have been mentioned during the application, they use it as part of the sales pitch after all. Obviously we would have opened a current account if we had known it would be worth 4k to Us.

They have since changed the terms and we would be eligible under the new terms.
 
Cudman said:
They have since changed the terms and we would be eligible under the new terms.
Click to expand...

@Cudman It seems that at some point between December 2021 and May 2022, they dropped the current-account requirement (but only for people who drew down after the date of the change to the Ts&Cs):

Cashback Plus | Mortgage | Bank of Ireland

Get 2% of your new mortgage back as cash upfront. Plus, we'll give you an additional 1% of your mortgage back in cash in five years’ time (subject to T&Cs)
web.archive.org web.archive.org

Cudman said:
I'm going to complain anyway as this really should have been mentioned during the application, they use it as part of the sales pitch after all. Obviously we would have opened a current account if we had known it would be worth 4k to Us.
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Try to find your letter of offer, or ask BOI (or maybe your solicitor) for a copy of it. See if the cashback offer (either the 2% or the 1% part) was mentioned in the letter.
 
Cudman said:
Thanks for the replies.




I'm going to complain anyway as this really should have been mentioned during the application, they use it as part of the sales pitch after all. Obviously we would have opened a current account if we had known it would be worth 4k to Us.

They have since changed the terms and we would be eligible under the new terms.
Click to expand...
If it makes you happy I suppose. But it's in the terms and conditions, which to be fair, you obviously didn't read. Complain if you want, but don't sign or agree to a financial contract without at least reading the T&C's in future.
 
PebbleBeach2020 said:
But it's in the terms and conditions, which to be fair, you obviously didn't read.
Click to expand...

Hi PB

I didn't have a BoI mortgage so I never had to read the terms and conditions.

I was the marketing.
I saw the discussion here on Askaboutmoney which is generally well-informed.
I often advised people to switch from BoI but to consider if waiting the 5 years for the additional 1% was worth it.

If the marketing highlights a feature but does not highlight a very restrictive condition then I don't think that the bank should be able to claim "read the terms and conditions".

Another example is the ptsb " one year discounted tracker mortgage". It seemed very clear that people were getting a tracker rate of 0.8% discounted for the first year. But in fact they were getting a one year tracker with no discount. If they had studied and understood the terms and conditions, they might have figured that out. I don't think that the name of a product or the marketing should be overridden by the terms and conditions. If they are not consistent, the title and marketing should take precedence.
 
2% was mentioned in LOO Paul, no mention of the 1%. It would appear the 1% was within different material which Brendan linked above.
T&Cs should be clearly laid out and verbal instructions during the process made no mention of an account at drawdown.
 
Here's the marketing wording from the time the OP drew down:


"
Get up to 3% Cashback

Getting into your new home is great, but then you realise you need furniture and a new set of plates. This is when the Cashback Plus comes in handy.

  • Get 2% of your new mortgage back as cash after you draw down your mortgage
  • Plus as a special ‘thank you’, if you have a Bank of Ireland current account, we will give you an additional 1% of your mortgage back in cash in five years’ time (subject to meeting the conditions of the mortgage)."


Or


"

Features and Benefits of the Cashback PLUS offer​

Cashback PLUS is exclusively for Bank of Ireland current account customers who are buying their first home, moving home or thinking about switching their mortgage to Bank of Ireland.
Love-Mortgage.svg

2% of your new mortgage back as cash upfront.
1-Cashback.svg

As a special ‘thank you’, we will give you an additional 1% of your mortgage back in cash in five years’ time (subject to meeting the conditions of the mortgage).
Approved.svg

Cashback PLUS is available with our full range of fixed and variable owner occupier mortgage rates.
Rate-Mortgage.svg

Our fixed rate mortgages start from 3.0% (from 3.9% APRC) for 1, 2, 3 and 5-years, for mortgages up to 90% loan to value.

The Cashback PLUS Mortgage is available to you if:​

  • You are an existing Bank of Ireland current account customer and you are buying your first home, moving home or switching your mortgage to Bank of Ireland
  • You drawdown your new mortgage between 5th September 2016 and 31st December 2018
If you are not a Bank of Ireland customer or if you take out a Mortgage top-up or a Buy to Let Investment mortgage, you can still avail of our 2% Cashback offer when you draw down your mortgage.
 
Hi Red

That is interesting. I can't find any reference to it on askaboutmoney. I was not aware that there were two separate products "Cashback" and "Cashback plus".

Brendan
 
Hi there, long time reader first time poster. BOI had the same offer in Q2 2018 when we drew done our mortgage. Just wondering does anyone know if there any mention of necessity that the mortgage payment be made from a BOI account. We have just come to the end of a 5 year fixed term, my OH has a BOI account not her main account, but the mortgage was no being paid from that account.
 
Hi, I am having same issue with BOI. This month we were due our 1% cashback, when I phoned them they told me I was not eligible as I had one late payment, however I told them I remember this because at the time - ulster bank had system problems and delay in payments, I explained I phoned next day looking to pay via debit card and the gentleman told me there was no need as the back they system will automatically collect payment again in 7 days. I asked him would this mess up my payment record or credit rating which he replied no. Now they are refusing to pay us our 1% cashback. I have requested for them to go back and check phone records/ recordings which they replied yes but it may take some time . I am so angry and frustrated and this is due to no fault of mine and looks like an escape for them. I am highly considering switching my mortgage to another bank.
 
Lorriekj said:
I have requested for them to go back and check phone records/ recordings which they replied yes but it may take some time .
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Just make a formal written complaint, and get it investigated fully. Explain the circumstances in the complaint. Your circumstances are different to this thread.
 
Lorriekj said:
Hi, I am having same issue with BOI. This month we were due our 1% cashback, when I phoned them they told me I was not eligible as I had one late payment, however I told them I remember this because at the time - ulster bank had system problems and delay in payments, I explained I phoned next day looking to pay via debit card and the gentleman told me there was no need as the back they system will automatically collect payment again in 7 days. I asked him would this mess up my payment record or credit rating which he replied no. Now they are refusing to pay us our 1% cashback. I have requested for them to go back and check phone records/ recordings which they replied yes but it may take some time . I am so angry and frustrated and this is due to no fault of mine and looks like an escape for them. I am highly considering switching my mortgage to another bank.
Click to expand...
If they are going back to check the phone records and recordings, you should put in a Subject Access Request (exercising your rights as a Data Subject under GDPR) for all data they store about you, including any phone call records and recordings. Don't let them dictate the pace.
 
Sorry to hijack this post! Our 5 year mortgage anniversary with BOI was on the 9th of November. I contacted them regarding the 1% cashback and all they could tell me is that it should be credited automatically and by looking at our record that we had satisfied the necessary criteria and told to "wait and see". We're now 34 days since our original drawdown date and no sign of the money as yet! Obviously I didn't think it would go in straight away but I thought by now if might have, would be nice before Christmas!

Is there any other department other than mortgages that I can contact for clarification? They mentioned the "cashback team" but unsure whether or not they can be contacted!

Would love to hear how long that received the 1% waited to get it!

Cheers!
 
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