Recently, the Bank of Ireland has been accused of a marketing gimmick. The Bank of Ireland has launched a new mortgage product that does not offer cash back. The bank has maintained a high market share. Bank of Ireland has been offering up to 3% in cash back of the value of the mortgage taken out. However, the Bank does not have the lowest rates in the market.
Cash back can be defined as money back from a mortgage. For example, if an individual borrows €200,000 he or she may get back €6,000. The first 2% of cash back is paid at the time the mortgage is taken out. The other 1% is paid at the end of year five.
However, the bank has now introduced a High Value Mortgage Interest Rate with no cash back. The new mortgage product is the first fixed rate product without cash back that the Bank of Ireland has one since the introduction of cash back in 2014.
The High Value Mortgage Interest Rate only applies to people borrowing more than €400,000. The product is also …