# Double switch



## Coldwarrior (4 Jul 2018)

Currently with BOI, planning on switching to EBS to avail of their cashback offer and then shortly afterwards switch to Ulster for their better rates (either the 2.3% for 2 years or 2.6% for 4 years). Has anyone done something like this and if so how did you deal with the second bank (Ulster in this case)? Were you upfront with them about switching to the other bank and then leaving them shortly afterwards or just do the application as if it was just a single direct switch to them? Assume they'll have to know either way at the drawdown stage.


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## Blackrock1 (4 Jul 2018)

its an easy conversation with ulster, their rate is much better


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## Coldwarrior (4 Jul 2018)

Yes but would they care if I had just switched to EBS and left them after 2 months when I got the EBS cashback? Should I apply to Ulster at the same time and tell them what I'm doing with EBS? Would be on a variable with EBS which is .5% higher than current rate, so want do have all my ducks in a row to switch away to Ulster as soon as the EBS cashback lands in my account.


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## Marobar1 (4 Jul 2018)

Ulster Bank told me that they require 6 months bank statements with your existing mortgage provider.


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## Blackrock1 (4 Jul 2018)

Marobar1 said:


> Ulster Bank told me that they require 6 months bank statements with your existing mortgage provider.



I didn't have that issue but I went through private banking so not sure if that was a factor


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## misemoi (5 Jul 2018)

I'm about to switch to UB and we recently (< 6 months) switched to AIB. I will be able to provide continuous statements for all months so I'll be making my case that covers the six months. As we will be moving to a fixed rate anyway I'm sure they are not concerned about us switching further.


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## Coldwarrior (5 Jul 2018)

Spoke to mortgage advisor in my local Ulster branch this morning, he said they only give mortgage approval once you've been with your current bank at least six months. Disappointing, seems to be a counter-productive policy from their point of view as it may cost them my business, or at least 4/5 months worth of interest. 

Current options so seem to be switch to EBS as planned and either fix for 5 years and stay with them, or possibly fix for 1 year and break out after the 6 months (assuming the breakage fee would be small & Ulster rates are still available) and switch to Ulster then. If I just had to wait 2 months to switch to Ulster I'd stay on EBS's variable  rate and just pay the couple of months higher repayments but 6/7 months of it would negate a lot of the cashback, the whole point of switching to EBS.


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## Marobar1 (5 Jul 2018)

Depending on the size of your mortgage of course, I can't imagine that 6 months of interest with EBS at 3% (versus 2.3%) could really negate the benefit of the cash back.
I'm planning on doing this exact switch in the coming months & will need to pay approx 600 euro extra in interest over the 6 months with EBS, but will get thousands in cashback even minus the solicitor fees.


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## Sean Og (6 Jul 2018)

you are missing a massive trick Coldwarrior, follow my advice closely now. Get everything in order, wage slips, bank accounts 6 months, salary certs etc. Make 3 copies of everything and then apply to EBS for 2% cashback, apply to PTSB for 2% cashback also and apply to Ulster Bank for their 2.3% rate. They will all process your application at the same time and will all offer you a mortgage everything going well. Your mortgage lasts 6 months. PTSB gave me my cashback within 10 days of drawdown last month. I am already in the process of drawing down my BOI offer which i have. I moved from EBS to PTSB last month so after BOI i am going back to EBS for 2% cash back because i never got it previously. The bank might call you and say the underwriters have seen that other banks have carried out a credit check on you within the last days/week, just tell them you are shopping around for best deal and looking at all options. I told them that and it was fine.You are doing nothing wrong and your solicitor should have no issues also. You are just playing the system, less than 1% switch mortgages and you are just ahead of the game.


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## Marobar1 (6 Jul 2018)

Sean Og said:


> you are missing a massive trick Coldwarrior, follow my advice closely now. Get everything in order, wage slips, bank accounts 6 months, salary certs etc. Make 3 copies of everything and then apply to EBS for 2% cashback, apply to PTSB for 2% cashback also and apply to Ulster Bank for their 2.3% rate. They will all process your application at the same time and will all offer you a mortgage everything going well. Your mortgage lasts 6 months. PTSB gave me my cashback within 10 days of drawdown last month. I am already in the process of drawing down my BOI offer which i have. I moved from EBS to PTSB last month so after BOI i am going back to EBS for 2% cash back because i never got it previously. The bank might call you and say the underwriters have seen that other banks have carried out a credit check on you within the last days/week, just tell them you are shopping around for best deal and looking at all options. I told them that and it was fine.You are doing nothing wrong and your solicitor should have no issues also. You are just playing the system, less than 1% switch mortgages and you are just ahead of the game.



Wow!! That’s a great plan!
My only question is that on the paperwork will the new bank not notice that your current bank has changed?!
Let us know how you get in with all the moves!


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## misemoi (6 Jul 2018)

Sean Og said:


> you are missing a massive trick Coldwarrior, follow my advice closely now. Get everything in order, wage slips, bank accounts 6 months, salary certs etc. Make 3 copies of everything and then apply to EBS for 2% cashback, apply to PTSB for 2% cashback also and apply to Ulster Bank for their 2.3% rate. They will all process your application at the same time and will all offer you a mortgage everything going well. Your mortgage lasts 6 months. PTSB gave me my cashback within 10 days of drawdown last month. I am already in the process of drawing down my BOI offer which i have. I moved from EBS to PTSB last month so after BOI i am going back to EBS for 2% cash back because i never got it previously. The bank might call you and say the underwriters have seen that other banks have carried out a credit check on you within the last days/week, just tell them you are shopping around for best deal and looking at all options. I told them that and it was fine.You are doing nothing wrong and your solicitor should have no issues also. You are just playing the system, less than 1% switch mortgages and you are just ahead of the game.



Wish I had seen or figured this out before we started our switching journey!  Great plan.


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## Sean Og (6 Jul 2018)

No they won't know you have switched or changed banks. How would they know? When you apply to the 3 banks you are showing 6 months bank statements from you current bank, so they process your mortgage on them bank statements. Your mortgage offer lasts for 6 months , so in 3 months time just draw down your next mortgage.


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## Marobar1 (6 Jul 2018)

Hi Sean Og,

Sorry I wasn’t clear, what I mean is the legal paperwork, surely would that not state who the mortgage is moving from and that wouldn’t match the bank whose details you provided getting the approval? 

I will be following this advice as soon as possible!! Thanks!!


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## Sean Og (6 Jul 2018)

No not really, i have a great solicitor who knows what i am doing and thinks i am mad but totally correct. All your solicitor does is write to say PTSB and ask them for a redemption figure, He pays of the PTSB mortgage off with the new BOI mortgage which i have instructed him to draw down. Ok so he hasn't had time to register PTSB as the new mortgage owner because i have already told him i am switching. He and i are doing nothing wrong.


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## Marobar1 (6 Jul 2018)

Super stuff!! Thanks for the info!!


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## renter45 (17 Jul 2018)

Any update on this? Did it all go through smoothly? any repercussion?


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## Toshsmith (17 Jul 2018)

I done a 3 switches last year in 6 months - very same as Sean Og - EBS - PTSB - KBC - AIB - It is a paper exercise - and you have to stay on top of it - but in the end it is worth it!


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## TheManWho (19 Jul 2018)

Sean Og said:


> Ok so he hasn't had time to register PTSB as the new mortgage owner because i have already told him i am switching.



Is this the key point here? As your solicitor is not registering any of the mortgages (until you get to the last one) then banks have no way of finding out you have changed mortgage provider?

A bank has no way of querying outstanding debt against you and who you owe it to? It relies solely on your solicitor registering that information? And the bank you've just taken the mortgage out with does not register that information anywhere that can be accessed by other institutions? 

You say you've six months to do all your switching. But is this really true? If you are going back to a bank after four months would they not ask for updated paperwork, this is entirely possible right? At which point they'll spot you've changed?

I understand this worked for you. But it is not guaranteed 100% to work?


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## Blackrock1 (19 Jul 2018)

metricspaces said:


> Is this the key point here? As your solicitor is not registering any of the mortgages (until you get to the last one) then banks have no way of finding out you have changed mortgage provider?
> 
> A bank has no way of querying outstanding debt against you and who you owe it to? It relies solely on your solicitor registering that information? And the bank you've just taken the mortgage out with does not register that information anywhere that can be accessed by other institutions?
> 
> ...



i dont think anyone is saying its guaranteed, its a little work and the rewards are worth it if you can make it work.

for me i had 3 different mortgage providers over a 12 month period and i just did it one by one, not nearly as sophisticated as the other poster but it still worked, i had private appointments though and didnt go through the normal mortgage advisors so maybe that made a difference?


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## TheManWho (19 Jul 2018)

Blackrock1 said:


> i dont think anyone is saying its guaranteed, its a little work and the rewards are worth it if you can make it work.
> 
> for me i had 3 different mortgage providers over a 12 month period and i just did it one by one, not nearly as sophisticated as the other poster but it still worked, i had private appointments though and didnt go through the normal mortgage advisors so maybe that made a difference?


 
Absolutely agree with you it's worth it.  I didn't question that. So my three questions above still remain.


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## misemoi (19 Jul 2018)

Looking at the KBC application form, the majority of docs they request just need to be within six months. So in theory they would accept your most recent mortgage statement as being six months old.


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## Blackrock1 (19 Jul 2018)

metricspaces said:


> Absolutely agree with you it's worth it.  I didn't question that. So my three questions above still remain.



can you bullet the three qns and ill try answer from my experience?


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## TheManWho (19 Jul 2018)

Blackrock1 said:


> can you bullet the three qns and ill try answer from my experience?



Thanks, to summarise:

1) Is the key point of Sean Ogs approach ensuring your solicitor does not register the mortgages? As once mortgage is registered the next bank you move to can see you changed mortgage provider since you applied to them.
2) If a solicitor has not registered your mortgage, is the no way for a bank to find out who you currently have your mortgage with? (credit bureau?)
3) If you proceed with a mortgage a few months after approval, might the bank ask for up to date bank statements? At which point they will see your mortgage payments have changed.


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## Blackrock1 (19 Jul 2018)

i think sean og will have to answer these as in my case everything was registered and the moves were done one by one,

but i think your summation of his approach is correct


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## Coldwarrior (20 Jul 2018)

Sean Og said:


> you are missing a massive trick Coldwarrior, follow my advice closely now. Get everything in order, wage slips, bank accounts 6 months, salary certs etc. Make 3 copies of everything and then apply to EBS for 2% cashback, apply to PTSB for 2% cashback also and apply to Ulster Bank for their 2.3% rate. They will all process your application at the same time and will all offer you a mortgage everything going well. Your mortgage lasts 6 months. PTSB gave me my cashback within 10 days of drawdown last month. I am already in the process of drawing down my BOI offer which i have. I moved from EBS to PTSB last month so after BOI i am going back to EBS for 2% cash back because i never got it previously. The bank might call you and say the underwriters have seen that other banks have carried out a credit check on you within the last days/week, just tell them you are shopping around for best deal and looking at all options. I told them that and it was fine.You are doing nothing wrong and your solicitor should have no issues also. You are just playing the system, less than 1% switch mortgages and you are just ahead of the game.



I had thought of doing this, but even if the mortgage isn't registered by your solicitor won't it still show up on the new central credit register report? I've requested mine a couple of times and it seems to be pretty up to date so would the 2nd/3rd bank in the chain not see from that that you've switched already?


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## Coldwarrior (23 Jul 2018)

Coldwarrior said:


> I had thought of doing this, but even if the mortgage isn't registered by your solicitor won't it still show up on the new central credit register report? I've requested mine a couple of times and it seems to be pretty up to date so would the 2nd/3rd bank in the chain not see from that that you've switched already?



I gave PTSB a call anyway to keep my options open, interestingly though they said they don't take switchers who've been with their current bank less than 2 years! Seems to me like a self defeating policy that'll cost them business, funny thing is I switched to them before with a previous house after only 1 year with the previous bank.


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## TheManWho (11 Aug 2018)

This sounds like a case of "I won the lotto, sure you can too". Probability of pulling this off is low I'd imagine. But fair play to anyone who pulled it off.


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## renter45 (22 Aug 2018)

Any update for the double switchers, all go through ok?


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## Sean Og (23 Aug 2018)

Hi Lads sorry i was on holidays for the last month so only catching up on this now. My 2nd switch went through about 10 days ago from PTSB to BOI and i received my €6000 cashback on Monday. I was only with PTSB for about 6 weeks. I have a small delay with EBS but was in with them yesterday and everything is good and they should issue me with my offer next week and then i will switch to them and get my 3rd €6000 in about 4 month. The reason i applied for the 3 mortgages PTSB, BOI, EBS at the one time was in case they seen that i had switched 6 weeks earlier and got the 2% cashback. If say BOI seen that i had just moved to PTSB  and was now looking to switch to them and get the 2% they are within their rights to just refuse me even though i meet all the terms for a mortgage. By doing it my way they all think i am switching to them from my original mortgage of 5.5% with EBS fixed for another 31 months. EBS obviously know i am switching but i told the manager in my local office that i was only switching to PTSB to get the cashback and then back to them because i cant get the EBS 2% unless i am a new customer. He agreed with my plan but doesn't know the full story . I really don't think my solicitor not registering the property comes into it. It just speeds up the whole thing. Once i receive my €6000 from EBS i intend to start again with PTSB just for the fun to see what they say. They have nothing in their T&C to say that it is a once of offer. EBS however do specify that the 2% cashback can only be claimed once on a property but if i sold and bought another house i could get the 2% on the new mortgage. Can't see PTSB giving me another €6000 when they see that i only stayed 6 weeks before. Maybe i should leave it 6 months and by that stage i could do PTSB and BOI again at the one time. My bank accounts will show 6 months mortgage repayments to EBS and thats all they want to see. It will be a new application and the fact that i had mortgages with them before mightn't even show up. Never under estimate the stupidity of the Banks


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## Sean Og (23 Aug 2018)

Sorry forgot to say, your mortgage offer lasts for 6 months so you can draw it down at any time. The banks do not look for up to date bank statements etc so they will not see that i have received two €6000 payments as cashback. That is why applying for the 3 mortgages at the same time makes good sense, at least i think so and it has worked for me. Blackrock1 did them seperately as he went along and again that worked for him,but i would be afraid that the bank might see whats happening and just say no we are not giving you the 2% cashback.


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## cliqueentour (23 Aug 2018)

When you say your solicitor doesn't register the property, what exactly are u saving here? Money wise?

And is there a legal requirement to register the property? Wouldn't the lender be looking for proof it was registered?


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## Marobar1 (24 Aug 2018)

I had one more cashback offer to avail of with EBS as I had already been with PTSB & BOI before landing with Ulster's 2.3%.
My plan was then to apply to both Ulster & EBS and complete the double switch.

However when I got the loan approval in principle from EBS it contained a condition that I provide 12 months BOI mortgage repayment statements!!!!
I couldn't believe it as I had asked the mortgage advisor if 6 months was sufficient!
Also EBS are just not easy to deal with and Ulster have been really efficient.

When I calculated what I would owe after the 2 years with Ulster at 2.3% if I moved immediately versus waiting to move to EBS and take 5k of the cashback off the capital there was less than 2,000, so for ease I'm going with Ulster!!

Thought people would be interested that EBS are asking for 12 months statements!


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## Sean Og (24 Aug 2018)

Ok Marobar1 that is good to know. I was orginally with EBS and explained to them in the local branch what i was doing, i only told them i was moving from them to PTSB and then back to them to avail of the 2% cashback each time to help off set the 23k early repayment fee from EBS as i had 3 years left on a 10 year fixed rate of 5.5% . They know i have just switched and i am switching back and AFAIK it isn't a problem and they are ready to issue me an offer next week.


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## SuperMario (26 Aug 2018)

I have a question as I am thinking of a double switch. I plan to move to BOI or PTSB and then to UB for the 4 year fix. 

When you moved to the intermediary banks did you move to a variable rate?

If you moved to say BOI's fixed rates would you not potentially have to pay a breakage fee.


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## Sean Og (26 Aug 2018)

Yes better to move to a variable rate just in case, but why just 1 switch, why not 3, PTSB, BOI and EBS for the 2% cashback. It is a bit of work but if you are going to switch you have all the paperwork etc there so just apply 3 times using same bank statement, salary certs, pay slips etc. Go for it. Easiest money you will ever get especially from a Bank.


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## SuperMario (26 Aug 2018)

Already got 2% cash back from EBS a year ago when taking out the mortgage. 

Recently got approval from UB to switch to them. 

I will chat with our solicitors tomorrow to see if they are ok with us doing the double switch. Once they don't have any issues then it should be fine. As you say, I already have all the paperwork.


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## TheManWho (31 Aug 2018)

Sean Og said:


> If say BOI seen that i had just moved to PTSB  and was now looking to switch to them and get the 2% they are within their rights to just refuse me even though i meet all the terms for a mortgage.



And why wouldn't they see you just taken out a mortgage with PTSB when they do a credit check on you?


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## jim (3 Sep 2018)

I am currently with EBS fixed rate of 3.1% ending at start of Oct. Currently paying about €730 per month with o/s balance of around €177k over 31 years. LTV slightly less than 50%.

I am going to switch. I have done some research and seemingly PTSB is the best move based on their cashback of 2% and requirements that are slightly less onerous than that of BOI. They're VR is 3.2% for 1st year which is pretty good.

I asked them if there was any restriction on me moving onto another Bank straight after I get the cashback and the guy was slightly stumped but said technically no there wasn't.

Given that there is solicitors fees of about €1k each time one switches how is it even worth it to switch to UB and AIB where theyre cashback is just to cover the solic fees? BOI is similar to PTSB at 2% which makes it worthwhile.

So basically after I get the cashback from PTSB im jumping on my bike and pedalling over to Boi to get a little more cashback action. Is it really this easy?


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## cliqueentour (3 Sep 2018)

Must be with current lender twelve months bank of Ireland will look at you.


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## Sean Og (4 Sep 2018)

OK Jim, if i was you this is exactly what i would do. You are currently with EBS (like me) you should go to them and apply for a new mortgage to avail of their 2% cash back offer. In the next 4-6 weeks you should get all your paperwork up to date and ready to go. 6 months pay slips, 6 months bank statements, salary certs, mortgage statement from EBS etc. Then in Oct sometime i would apply to BOI, PTSB and KCB for a mortgage to avail of their 2% cash back offers and KBC  €3000 towards legal fees. Another tip for switchers is to ask your solicitor for a price for all the switches, to me €1000 for each switch is too expensive, as there isn't much work because all they are doing is requesting a redemption figure from one bank and drawing down from the next bank. There is no searches etc. I would talk to your solicitor and arrange with them to charge KBC the full €3000 legal fees and that this €3000 will cover all the cost of all the switches. Next step is to apply for all the 4 mortgages at the same time (EBS, PTSB, BOI, KBC) submit all the same paper work and wait for your offers to come back. Each bank will see that you have a perfect credit record (i hope) and that you have had a mortgage with EBS for the past 2 years. You are applying to them because of their 2% cash back offer and their new improved variable rates. Always get a variable rate even if the banks suggests a fixed rate. You don't want any breakage fees when you move, which are unlikely anyway but still. If you follow this you should get 2% from EBS, BOI and PTSB and ask your solicitor to play ball with KBC and bill them for €3000 legal fees. I am very serious with all this, you might think it's crazy but i can guarantee you it will work if you follow my instructions carefully. You are doing nothing wrong or illegal just playing by the banks own rules. Remember less than 1% of people switch their mortgages so we are the 1% who will do it 4 times in 6 months. I have 2 switches done and ready to switch to EBS now for the third 2% cash back on a €300,000 mortgage so yes that is €18,000 in cashback and moving to a lower mortgage rate at the end. I am now applying to KBC but unsure how i will get on because i should have applied when i applied to the other 3 banks back in May. They will now see the 2x€6000 cash backs in my bank accounts and might ask a few questions as to why i am switching so much but maybe they won't. That is why you should apply to the 4 banks all at the same time.


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## ANCHOR MAN (4 Sep 2018)

I'm pretty sure KBC will send you the 3k anyway whatever figure the legal fees come in at, similar to when AIB was giving 2k to switchers.


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## HollowKnight (4 Sep 2018)

ANCHOR MAN said:


> I'm pretty sure KBC will send you the 3k anyway whatever figure the legal fees come in at, similar to when AIB was giving 2k to switchers.


Yes this is true. I switched from PTSB to KBC last year. They gave the €3000 without looking for anything else but drawing down.


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## jim (4 Sep 2018)

Hi Sean Og,

Im currently with EBS. How or why could i apply to EBS for a new mortgage when my mortg is currently with them?

Also, my understanding is that i need to get a valuation done for each bank so this makes the process less attractive.

Also what about ulster bank and AIB you dont mention them although from a quick look they dont seem to have an attractive cashback option.


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## Sean Og (5 Sep 2018)

Jim your fixed rate finishes at start of Oct , i am not sure if you can get the 2% cash back from EBS by simply moving to a new product with them. If not just explain to them that you want to avail of the 2% cash back and the only way to get it is to switch to a new lender and then switch back to EBS. This is what i did and they had no problem (remember i paid a large breakage fee to get out of EBS) . On €177,000 2% is €3554 which is a nice amount. Regarding the valuations, what i did was go to a local valuer who is on the list of all the banks and asked him to do me a deal. He comes out and does a valuation for the first switch, and then simply uses the info to fill out the valuation for all the separate banks. I am in a town in Rural Ireland and its easy to talk to these people when i know them, (solicitor, valuer, etc) I am getting 3 valuations for €300 which is really €300 for 1 visit and 1 piece of work, the rest only takes his secretary 10 minutes to type up a report because she has all the info there. Regarding AIB and Ulster Bank yes they don't do good cash backs although AIB do have €2000 cash back which i might avail of in 2019 if it is still available. Ulster have very good fixed rates with €1500 towards legal fees .


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## TheManWho (7 Sep 2018)

Sean Og said:


> If say BOI seen that i had just moved to PTSB  and was now looking to switch to them and get the 2% they are within their rights to just refuse me even though i meet all the terms for a mortgage.



And why wouldn't they see you just taken out a mortgage with PTSB when they do a credit check on you?


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## Sean Og (7 Sep 2018)

metricspaces said:


> And why wouldn't they see you just taken out a mortgage with PTSB when they do a credit check on you?


They will not see i have taken out a new mortgage with PTSB. That is why its important to apply at the exact same time to all 3 /4 Banks. They will see your current mortgage being paid to Bank A, as far as they are concerned you are switching to them. You wait to get all your final mortgage offers in place. Remember they last for 6 months. The bank doesn't do an up to date credit check on you if you ask for the money 3 months later. You simply ask your solicitor to draw down the money. The offer is there on the table just waiting to be drawn down.


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## misemoi (7 Sep 2018)

Why bill KBC for legal fees? They give 3k flat fee no?


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## TheManWho (7 Sep 2018)

Sean Og said:


> The bank doesn't do an up to date credit check on you if you ask for the money 3 months later.



This is great if it is the case in terms of multiple switching. But it sounds like gross negligence on behalf of the bank to not, at a minimum, do credit checks before issuing loan cheque in the case where previous check could be almost 6 months old.


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## Sean Og (8 Sep 2018)

misemoi said:


> Why bill KBC for legal fees? They give 3k flat fee no?


Yes appartently they just do give you the 3k, i wasn't aware of this but others have confirmed that yes they just give you 3k.


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## Sean Og (8 Sep 2018)

Yes as far as i know they don't do an up to date credit check after making you a full mortgage offer. I may be wrong. Anyway when they look at your credit check they will see nothing wrong just a few checks from other banks. If you are really orgagnised you could switch 3 time in 6 weeks. From my experience the cash back is in my account within 5 working days of drawdown. Technically your solicitor can request a redemption figure the next day or just send them the full amount you borrowed and wait for them to refund you later.


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## KCRMoney (14 Sep 2018)

Hi Sean Og, can you confirm you have being successful in doing this? I'm looking into doing a AIB-PTSB (Variable) -EBS (Variable) -KBC (Fixed)  switch at the moment.


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## Sean Og (14 Sep 2018)

Yes KCRMoney i have been successful in 2 switches so far and i should have the 3rd switch done in hopefully 2 weeks. This last one is very slow with EBS who i was originally with, but it should be completed shortly. Remember i went from EBS - PTSB -BOI -EBS so getting 2% cash back each time €6000. Once EBS is through i will try KBC for €3000 . Why don't you try BOI for their 2% cash back. I have a collegue at work who i have convinced to do the 3 switches all at the same time. He has 2 offers in and just waiting on the third offer. It is the easiest money you will ever get from a bank. Who are you with now and for how long?


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## Sean Og (14 Sep 2018)

Blackrock1 said:


> id make the same argument against using a broker for an initial mortgage application, for most people they dont add any value but people still engage them
> 
> ive switched 3 times myself i dont know why people are reluctant to do it, but they are.



Blackrock1 has also switched 3 times but i don't think he had all the offers lined up first. I honestly feel its possible to switch 3 times in 3 weeks if you have a good solicitor.


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## Blackrock1 (14 Sep 2018)

that correct, now im not sure if it makes a difference but i was going through specific individuals in the banks (recommendations from colleagues) and private banking with UB rather than just applying online or whatever, so this stuff about being with previous bank for 6 months or a year never came up


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## Sean Og (14 Sep 2018)

Blackrock1 are you saying that they didn't insist on being with previous lender for 6/12 months. Even if they didn't ask you i might have thought that the underwriters or someone might notice that you had switched recently and refused you the mortgage. If this is the case i might reapply to PTSB for the craic and see what they say.


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## KCRMoney (14 Sep 2018)

I'm switching from AIB- PTSB-EBS (all variable) then to a 1 yr fixed with KBC. Stand to gain 7500 after costs. Just trying to find a solicitor that's willing to do it!


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## pauric (14 Sep 2018)

Sean Og said:


> Blackrock1 has also switched 3 times but i don't think he had all the offers lined up first. I honestly feel its possible to switch 3 times in 3 weeks if you have a good solicitor.



Given that the banks don't pay the cashback for around a month or so on avarage I don't see how you could do 3 switches in 3 weeks, I think doing it in 2-3 months is more realistic


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## Blackrock1 (14 Sep 2018)

Sean Og said:


> Blackrock1 are you saying that they didn't insist on being with previous lender for 6/12 months. Even if they didn't ask you i might have thought that the underwriters or someone might notice that you had switched recently and refused you the mortgage. If this is the case i might reapply to PTSB for the craic and see what they say.



they didnt


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## Blackrock1 (14 Sep 2018)

pauric said:


> Given that the banks don't pay the cashback for around a month or so on avarage I don't see how you could do 3 switches in 3 weeks, I think doing it in 2-3 months is more realistic



payment of the cashback isnt contingent on still having the mortgage its owed once you draw down.


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## jim (14 Sep 2018)

Can anyone recommend a good solic that is willing to do this?in this day and age of email etc, Does it matter where in ireland the solic is based?

Thanks


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## Sean Og (15 Sep 2018)

KCRMoney said:


> I'm switching from AIB- PTSB-EBS (all variable) then to a 1 yr fixed with KBC. Stand to gain 7500 after costs. Just trying to find a solicitor that's willing to do it!



Why are you not including BOI in your line up of switches?


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## Sean Og (15 Sep 2018)

Blackrock1 said:


> payment of the cashback isnt contingent on still having the mortgage its owed once you draw down.


 
Ok Blackrock1 i believe you , i am just a bit nervous that they might not pay out the cash back if you switched the mortgage the next day after draw  down. I'd like to have the money in my bank account before i switch but you are probably correct. I have got my PTSB and BOI cash backs with 5/6 working days of draw down.


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## KCRMoney (15 Sep 2018)

There hard to deal with.


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## HollowKnight (17 Sep 2018)

jim said:


> Can anyone recommend a good solic that is willing to do this?in this day and age of email etc, Does it matter where in ireland the solic is based?
> 
> Thanks


AFAIK, you need to present with the solicitor to sign documents. Would think it makes more sense for the solicitor to be near to you for that reason.


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## Ciararyan (17 Sep 2018)

Sean, you're pure genius, why are you telling everyone?
Do you think the banks don't read this?
You're like TJ Fox, richest guy in America.
He has bipolar, v easily managed with meds.
I need a steak and garlic mushrooms xx


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## TheManWho (19 Sep 2018)

Sean Og said:


> when they look at your credit check they will see nothing wrong just a few checks from other banks.



If I understand you correctly, you are saying that a bank that is offering you a mortgage cannot see the current institution that you have a debt with? There is no mechanism or system for them to view this information?


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## Sean Og (19 Sep 2018)

No a credit check will show up all your current debits and borrowings from various banks/credit unions etc. It will also show up if another bank has recently carried out a check on you. If the bank questions you on this just say you have applied to a number of banks because you are shopping around and want to see what is the best deal you can get. There is nothing wrong with doing this.  As long as you have no missed payments on previous loans you should be fine. If you have a poor credit record well then you are barking up the wrong tree. The mulpyple switch option is ideal for people with a perfect credit record and a job where salary certs and wages slips etc are easily got. Any public sector couple etc should be all over the multiple  switching option if they are not on a tracker mortgage from before the crash. Anyone who took out a mortgage in the last 5/6 years should be doing this. There is €10,000 there for most people to collect.


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## TheManWho (19 Sep 2018)

Sean Og said:


> No a credit check will show up all your current debits and borrowings from various banks/credit unions etc.



So if you are with AIB and apply to BOI and KBC. Get approved by both BOI and KBC. Move to BOI, and then attempt to move to KBC. If KBC do a credit check they will see your current debt (mortgage) is with BOI and not AIB as per documentation you submitted to KBC. Correct?


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## Sean Og (19 Sep 2018)

No , this is why i submitted all my applications at the exact same time give or take a day or two. When you apply to BOI and KBC both will see that you are with AIB and have a perfect record, no missed payments etc. They will both offer you a mortgage after everything is complete. They send this offer to you and your solicitor. This mortgage offer is valid for 6 months. Switch to BOI and once you get your 2% cashback just get your solicitor to draw down the KBC mortgage and pay off BOI. You should also get a mortgage from PTSB, and EBS as they also have 2% cash back. KBC, EBS or PTSB will not do an up to date credit check if you draw down your mortgage offer after 6 or 8 weeks of getting the offer.


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## TheManWho (19 Sep 2018)

Sean Og said:


> KBC, EBS or PTSB will not do an up to date credit check if you draw down your mortgage offer after 6 or 8 weeks of getting the offer.



But if they did do an up to date credit check before cheque issue they'd see who your current mortgage provider is and they'd see it differs from the one on documentation you submitted to them for your mortgage application right?


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## Sean Og (20 Sep 2018)

Yes possibly but they don't do this. They make you a mortgage offer in full and its valid for 6 months. Even if they do an up to date credit check all they will see is a different mortgage provider, nothing wrong with that. Just play dumb and say you put down the wrong Bank by mistake. This will not happen btw. Please try it and you will see.


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## Sean Og (25 Oct 2018)

Just an update lads, i have finally got a full offer from EBS after jumping through 100 hoops for them even though i had everything in place. They made it so difficult, asking questions about saving and where they came from etc. Anyway i am now ready to switch number 3 and another 2% cash back on the way (€6000). So just for information i went from EBS to PTSB  20/6/18 then from PTSB to BOI on 20/8/2018 and now from BOI to EBS on 10/11/2018. I very nice €18,000 for very little work IMO especially if you have everything in order.


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## jim (26 Oct 2018)

That's awesome Sean Og.

I am in the process of applying to BoI, AIB and PTSB. I am currently with EBS.

I have my app in with 2 of them and will have the 3rd in end of next week and then I will be waiting to get the 3 approved apps in the bag. I am guessing there will be some clarifications etc from each of them but so far its been painless. I just gathered the usual docs together and filled out the 3 app forms and submitted to them.

I have spoken to a solicitor that's going to act for me on this too so the ball is well and truly rolling. I will post back with an update when I have one.


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## misemoi (26 Oct 2018)

Sean I assume you're going to use the gains to overpay the mortgage


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## Sean Og (26 Oct 2018)

Brilliant Jim, yes it's well worth it especially if you have good employment etc. It is the easiest money you will ever get and it is from the banks which makes it sweeter. Always go for a variable rate just for convenience as you will be looking for breakage fees if you take out a fixed rate although on a 1 year fixed the breakage will be very little if anything at all. If you didn't get the 2% cash back from EBS when you took out your mortgage with them , you should talk to them and explain that in order to avail of their 2% cash back you first have to switch to another lender and then move back. I had to do this and they agreed but obviously don't know that i am going to KBC asap. Remember KBC do €3000 cash back also regardless of what your legal fees are. I sometimes feel that people are looking for the best rate when in fact they should be looking to triple switch or more because the saving are in the cash back offers and when you are finished switching then look for the lowest rate.


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## Sean Og (26 Oct 2018)

We i was on a 10 year fixed at 5.5% with 3 years left. It cost me €24000 to break it , so with my €18000 so far in cash back less maybe €1500 legal and a couple more switches to go KBC, AIB, HAVEN, i hopefully will get close to the €24000 i had to pay out. Final outcome will be about 2 years on say 2.4% UB instead of 2 years with EBS at 5.5% on arounf €265,000 mortgage. So someone work out my savings. Unfortunately for me i am only getting back what i had to pay them to break from it but there are loads of people out there who could be making thousands by switching. All profit because they are on variable rates.


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## Sean Og (26 Oct 2018)

Ok so interest on 265,000 at 5.5% is around €14575 and interest at 2.4% is €6360 so in year 1 a saving of €8215 and probably around €7500 in year 2 so almost €16,000 saved on interest in 2 years. So well worth my while. If i was on a variable i could have counted the cash back as profit but i wouldn't have been saving on interest, so i am still happy with my work so far.


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## TheManWho (27 Oct 2018)

Sean Og said:


> less maybe €1500 legal



You've done three switches so far right, so your solicitor is only charging 500e for each switch? Can you PM me their details please


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## jim (29 Oct 2018)

Is it only possible switch mortgages with your PPR? Can you do it with a BTL?


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## Marobar1 (2 Mar 2019)

Marobar1 said:


> However when I got the loan approval in principle from EBS it contained a condition that I provide 12 months BOI mortgage repayment statements!!!!



Just an update on this, I didn't think EBS was going to approve my mortgage application as they added a condition that they wanted 12 months of mortgage statements with my previous lender BOI to my approval in principle. So I thought that EBS was not an option and I completed another switch back in August last.
However from reading many other people's comments on here saying that EBS had no minimum requirements to be with your previous bank, I applied again this month and showed 12 months of bank statements (which included a switch) and got approval in principle!

So I just wanted to clarify that it was my error and it looks like EBS doesn't have a minimum requirement to be with your existing lender!


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## Sean Og (4 Mar 2019)

They have no minimum time required but they only allow you to avail of the cash back once on a property. So if you got the cash back from EBS before they won't give it to you again.


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## JaaaaaD (4 Mar 2019)

Hi all , firstly credit Sean Og for the great advice , presently looking at switching from BOI to avail of cashback offers . I switched and availed of cash back offer in 2014 but I vaguely remember ( but cant find any written doc's to confirm ) that you had to payback CB if you left within 5 years of drawing down . Any Advice ?


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## Coldwarrior (4 Mar 2019)

JaaaaaD said:


> Hi all , firstly credit Sean Og for the great advice , presently looking at switching from BOI to avail of cashback offers . I switched and availed of cash back offer in 2014 but I vaguely remember ( but cant find any written doc's to confirm ) that you had to payback CB if you left within 5 years of drawing down . Any Advice ?



There was a clawback clause when cashback offers first came out, it was banned though by either the ECB/CB/Competition Authority as anti-competitive I believe. Can confirm from experience no clawback is enforced or even part of new cashback contracts.


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