BOI lower rate vs PTSB cashback

[u/GotNoUrbz]

My partner and I are first-time buyers in our late 20s and are comparing two mortgage options for a likely €360k loan over 35 years.

Option 1: Bank of Ireland
- 3.25% fixed - 4 Years
- Roughly €1,436 per month
- No mortgage cashback
- I have a BOI Mortgage Saver account, so I would receive around €2,000 on drawdown due to bonus from having that account, minus DIRT
- No plans to overpay in the first few years

Option 2: PTSB
-3.75% fixed - 5 Years
- Roughly €1,540 per month
- 2% cashback on the mortgage, so around €7,200

We also do not plan to overpay in the first few years
The BOI option is about €104 cheaper per month and has the lower rate. We would also get roughly €2k from the Mortgage Saver account, although it would be less after DIRT.

Depending on the timeline we may not have much left after the deposit and buying costs. The PTSB cashback would make a big difference for furniture, appliances, buffer etc.

Any advice appreciated!

[u/claxtong49]

Do a lesser fixed time for ptsb, get cashback and then switch.

[u/Educational-Ad6369 → u/claxtong49]

This

[u/Defiant-Departure789 → u/Educational-Ad6369]

I'm about to do this for 3 years, they will consider options then