Why are you not including BOI in your line up of switches?
Double switch
- Thread starter Coldwarrior
- Start date
Why are you not including BOI in your line up of switches?
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.
HollowKnight
Registered User
- Messages
- 286
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?
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.
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?
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.
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?
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.
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.
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.
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.
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.
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.
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.
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
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!