I'm looking at a mortgage €384k which is a LTV of 80% on €480k over 35 years. Comparing BOI and UB it now seems that BOI is way ahead as they were quite close before.
If I was to fix with BOI for 5 years at 3.45% and get the cash back I would be paying the following:
€1,575.93 x 60 months = €94,555.91
2% cashback of €7680 means paying back €86,875.91 over 5 years or €1,447.93/month.
UB with their 3.35% SVR I would be paying the following:
€1,553.84 x 60 months = €93,230.65
€1500 cashback means paying back €91,730.65 over 5 years or €1,528.84/month.
Saving with BOI is €4,854.75 over those 5 years.
For UB to match the BOI rate they would need to reduce their SVR to 2.96% or else come up with some other cashback offer. It's really hard to look past BOI now.
For completeness, could someone tell me how I would calculate how much principle and interest would have been paid off on each one after the 5 years so I could see how much I would have left to pay with 30 years still to go.