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Advice on mortgage rates ptsb

  • 28-03-2021 9:01pm
    #1
    gauffres
    Registered Users, Registered Users 2 Posts: 9 ✭


    We have been approved for mortgage with ptsb and have been offered 2.95% fixed on 3 years on 185k over 15 years, with 2% cashback on drawdown (3.7k) and 2% back on monthly repayments. They wrote last week offering 2.25% fixed over 4 years with no cashback on drawdown but we get the monthly cashback. I figured out (if I am right) that we would end up paying the same interest back over the 3 or 4 years so I am figuring that we have to decide whether it is better to take the 3.7k on drawdown and shorter and higher fixed rate or a lower fixed rate over 4 years with no cashback? Can anyone advise me please ? Thx !


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,036 ✭✭✭✭Geuze


    Put the question on AAM, they are good at those issues over there.


  • #3
    Darc19
    Registered Users, Registered Users 2 Posts: 3,817 ✭✭✭Darc19


    AAM (askaboutmoney.com - Irish financial forum) will give the answer quickly, but I suspect it will work out similar.

    I'd prefer the lower payments as you'd tend to spend the cashback.

    Interest difference is about€4200.

    2% cashback and 2% payments is about €4400.


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