Cashback plus offer - eligibility query

Padkir

Hi,

We drew down a mortgage with BOI in June 2018 and received the cashback plus offer. We received the initial 2% cashback no problem. An additional 1% will be paid just after the 5th anniversary of the draw down, subject to meeting criteria.

It looks like we meet all the criteria for the additional 1% draw down except one, which is that "The Loan originally drawn down less scheduled repayments must still be owing on the fifth anniversary of the draw down date". We have overpaid and will continue to overpay a portion of the mortgage.

I understand this to mean that we will not be eligible for the additional 1% cashback, and we will receive nothing. However, I would like to get confirmation that my understanding is correct. If this is the case, then there is no obligation on us to keep our BOI current account open.

Thanks for your help.

Bank of Ireland: Alison

Hi Padkir

Thanks for taking the time to check this with us today.

That's okay if you're making additional payments. We can confirm you will still receive the additional 1% additional cashback providing the mortgage is still owing after the 5th anniversary and the terms of the mortgage have been met.

Hoping the information helps, any further questions feel free to check back with us.

Many thanks
Alison

Padkir

Bank of Ireland: Alison wrote: »

Hi Padkir

Thanks for taking the time to check this with us today.

That's okay if you're making additional payments. We can confirm you will still receive the additional 1% additional cashback providing the mortgage is still owing after the 5th anniversary and the terms of the mortgage have been met.

Hoping the information helps, any further questions feel free to check back with us.

Many thanks
Alison

Hi Alison,

Thanks for coming back to me; that sounds great! 

I don't really understand how an overpayment isn't a direct contradiction of the part of the terms I copied above, but happy to be proven wrong.

Thanks.

Bank of Ireland: Alison

You're very welcome Padkir,

We would like to reassure you, as your mortgage is 'still owing' with us, you are eligible to receive the additional cashback regardless of the additional payments you have made.

Hope this helps,

Many thanks
Alison