EBS has become the third financial institution in the Irish market to offer a cash back on its mortgage products.

EBS is now offering two per cent back in cash to customers who draw down new mortgages between now and October 31st.

EBS customers will receive €2000 back in cash for every €100,000 in new mortgage borrowing drawn down.

For example, a typical customer borrowing €200,000 will receive €4000; a customer borrowing €300,000 will receive €6000 and a customer borrowing €400,000 will get €8000 back in cash.

EBS Chief Executive Des Fitzgerald said their research found first-time buyers, have a strong appetite for cash offers, but still want to avail of very competitive mortgage interest rates.

Mr Fitzgerald said the cashback offer would typically cover home purchase costs such as stamp duty, legal fees and valuation.

The offer of two per cent back in cash is available to customers taking out fixed or variable mortgages on private dwelling houses including first-time buyers and customers moving to a new home.

Permanent TSB and Bank of Ireland are also offering similar two per cent cash back offers.