EBS is the latest financial institution in the Irish market to introduce a cash-back offer on its mortgage products.
Since last week customers who draw down a new mortgage with the lender will receive 2% back in cash.
This would mean that a typical customer borrowing €200,000 would receive €4,000.
However, the window on the offer is relatively tight, as it expires at the end of October.
EBS chief executive Des Fitzgerald said its research has shown that “some customers, especially first-time buyers, have a strong appetite for cash offers, but still want to avail of very competitive mortgage interest rates”.
The 2% cash back is available to customers taking out fixed or variable mortgages on private homes, including first-time buyers and customers moving to a new home.
The move follows similar 2% cash back offers from both Bank of Ireland and Permanent TSB.
Bank of Ireland’s offer, which started in June of last year, runs until the end of September.
Meanwhile, PTSB’s cash-back offer – launched in January – applies to mortgages approved by the end of this month.
Cash-back offers such as these are generally aimed at customers who need to cover costs related to house purchases – such as stamp duty, as well as legal and valuation fees.