Lender offers cashback on five-year fixes to help offset upfront costs first-time homebuyers
Bank of Ireland for Intermediaries has unveiled a new suite of mortgage products aimed at supporting first-time buyers, introducing cashback incentives across a range of five-year fixed rate deals.
The new offers include a 95% loan-to-value (LTV) product at 5.42% with no fee and cashback options of £1,000, £2,000 or £3,000. A second product, available up to 90% LTV, is priced at 5.12%, also with no fee and the same cashback options. A third deal, up to 85% LTV, is priced at 4.94%, carries a £995 fee, and comes with £3,000 cashback.
The lender said the cashback was designed to help first-time buyers manage the significant upfront expenses associated with purchasing a home. Throughout 2024, rising mortgage rates and house prices placed affordability under pressure, with average first-time buyer property values nearing £227,191 — close to the £250,000 Stamp Duty threshold. In London, the average exceeds £443,000, well above the limit. Skipton Group also recently warned that the planned changes to Stamp Duty in April are likely to make homeownership even more difficult for these new buyers.
“We strongly support the ambitions of many consumers to own their own homes and the release of this new range of products demonstrates our commitment to provide solutions that help even more first-time buyers get onto the property ladder,” said Alan Longhorn (pictured), head of sales, distribution and marketing at Bank of Ireland for Intermediaries.
“We have provided cashback incentives across this new range to give a boost to first-time buyers balancing the multitude of expenses associated with buying a home.”
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