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Normal fixed terms (with cash back) or a 'HVM' with nada?

  • 08-11-2022 4:18pm
    Registered Users Posts: 11

    Hey Folks,

    Just wondering what people's thoughts are from a general standpoint when it comes to fixed term mortgages. Let's say you're in a position when you have decided a variable mortgage in any way, shape or form is not for want to avail of a fixed term mortgage.

    With High Value Mortgages there is no cash back but monthly repayments may workout cheaper. With normal fixed term mortgages, you are however entitled to cash back in certain instances albeit with higher monthly repayments.

    But there's no such thing as free money....

    What are people's thoughts/experiences?


  • Registered Users Posts: 214 ✭✭antfin

    You could take the cashback and then either switch banks to get a second cashback deal with the same or better rates or fix at the HVM rate with the same bank after the cashback.

    If that's not something that you want to do then just do the maths to see which makes the most financial sense across the term that you're fixing for ie is the interest saving on the HVM greater than the total cashback amount. The value that you put on cashback now compared to monthly savings will probably also be influenced by the amount of expenditure needed on your new home in the first year.