Jameson1987
New Member
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Myself and my husband are purchasing our first home, we initially wanted to build our own home but after two years no sites have came up in the location we want so we decided to buy our first home in a housing estate it wont be our forever home but its a good start!
However I have two questions, we have applied with AIB & BOI and we were offered a mortgage with BOI of E370,000 for 5 years fixed at 3% with a cash back incentive, since then I have been doing a bit of research and noticed they recently rolled out a 4 year fixed term @ 2.3% but no cash back offer - I think going with the lower rate is a better option however my husband reckons the cash back option works out better - surely the bank are not giving us free money?
Second question, since availing of our mortgage approval a family member has given us quite a large gift of E100,000 - as we are hoping to buy a site in the near future are we better to hold onto the cash or use it against our mortgage and lower our monthly repayments ?
However I have two questions, we have applied with AIB & BOI and we were offered a mortgage with BOI of E370,000 for 5 years fixed at 3% with a cash back incentive, since then I have been doing a bit of research and noticed they recently rolled out a 4 year fixed term @ 2.3% but no cash back offer - I think going with the lower rate is a better option however my husband reckons the cash back option works out better - surely the bank are not giving us free money?
Second question, since availing of our mortgage approval a family member has given us quite a large gift of E100,000 - as we are hoping to buy a site in the near future are we better to hold onto the cash or use it against our mortgage and lower our monthly repayments ?