First time buyer trying to switch multiple times for a cashback?

[frugality123]

I came across the following post " How to get cash back 4 times in 6 months"to switch mortgage multiple times for a cashback. I understand that this can be done if you are applying for a switcher loan. What if you are a first time buyer and want to switch immediately after getting the cashback?

I am assuming you won't be able to apply for a switcher loan until you drawdown the mortgage and if you have an approval in principle for the home then that AIP might not work for the switch.

Has anyone found a workaround for this for first time buyers?

 

[frugality123]

anyone?

 

[jim]

I think you can do this but the stars need to align.

You need a good solicitor on board.

You need all mortg approvals in hand then off you go.

There may be pitfalls but i think its dooable and im sure other can shed more light.

Once youve drawn down you can switch, you dont need to wait for cashback to come through. I think the bank will give the cashback once youve executed drawdown.