Switching for cashback then switching again shortly afterwards?

[Coldwarrior]

I'll be coming off a 1 year 3.5% fixed with EBS shortly (just missed their cashback by a month unfortunately :'( ) and am thinking of switching, as we should now be just below 80% LTV. Considering doing something like applying to a lender than offers cashback like PermTSB or BOI while also applying to lenders with good variable rates like Ulster Bank of KBC at around the same time, then going with a cashback bank first, getting the 2% and then switching soon afterwards to a bank with a decent variable rate. Since the clawback clause has been removed from the cashback offers, this seems to be viable. Am I mad or is there some downside I'm missing here?

 

[Coldwarrior]

Has nobody considered this? Curious to hear if anyone has any experience with getting a cashback mortgage and then either switching or selling/clearing the mortgage within a year or two. Wondering if there'd be downsides in terms of the bank being unwilling to lend to you again, or other banks seeing this and being unwilling to lend.

 

[Blackrock1]

i plan on doing something similar, whats the worst that can happen? another cash back bank refuses you so you goto the own with the lowest SVR instead they will have no reason to be unwilling to lend

 

[Sarenco]

Apparently some lenders are reluctant to refinance a mortgage that is less than 12 months old - discussed on this thread: