Is the 1% cash back after 5 years calculated on the original balance or balance at 5 years?

I rang Bank of Ireland mortgages, apparently this question has been asked a few times based of the clause in the loan:

To qualify for the payment of 1% in year 5:
  • The Loan originally drawn down less scheduled repayments must still be owing on the fifth anniversary of the draw down date;
They confirmed that once you aren't in arrears/missed payments etc and you still have any amount outstanding at end of fixed term, they will pay it.

They are issuing a letter confirming this, I'll post the details of it when I get it.

The scenario pointed out in post #3 should be the one to follow.
 
Finally received the letter, it states:

CASHBACK PLUS

Dear Mr and Mrs

I am very happy to confirm you existing mortgage is entitled to our Cashback Plus which will be paid within 45 days of the 5th anniversary of your initial mortgage drawdown subject to:

> Mortgage remaining open as at that date
> House being your occupied as your private dwelling as at that date

Please see full terms and conditions on your original mortgage Letter of Offer

Yours sincerely,
Bank of Ireland
 
Hi hoping someone has been in similar position. We took out 5 year fixed with BOI in 2018 and received the 2% cash back on draw down with the 1% due 45 days following the 5 year anniversary. We recently fixed again with BOI for a further 5 years in Oct 22.
Could I please check if anyone has been in similar position and will we receive the 1% cashback in 2023 as we still have loan with BOI ? Thanks in advance
 
I have never had a BOI mortgage but I'm almost certain that you will get the 1% cashback next year.
 
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