FTB straight to Switcher

ThePurpleOne

Registered User
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Is there anyone on here who has managed to complete the multiple switches successfully as a FTB? I've read through a lot of threads on this forum and most of the infromation is given is for people with existing mortgages. I've attached all I've read about FTBs below. Sounds like it should be the exact same in theory but I want to know if anyone has done it in practice. I'm worried there might be an issue with the 2nd, 3rd and 4th banks that you are now a switcher when you originally applied as a FTB. It's suggested there wouldn't be but I'd be more confident if someone actually did it themselves. Any help would be appreciated.


"Does it work with a new mortgage or just for switchers?
It works for new mortgages as well. The only difference is that you get approval for a new mortgage, but when it comes to it, you are actually switching"

"I'd be somewhat wary of doing this as FTB, as the approvals would be based on that, but in switching you'd actually no longer be FTB. Maybe it won't matter but it's just another layer of complication.
...
I don't see how this will work on FTB. The second, third and fourth banks you mention want you to have been paying 1 year before they'll accept a switch. It appears you'd need to wait a year before doing switches. "

(in reply to last message)
"Not if you are a FTB, just apply to them all as a FTB they will all give you a mortgage which is valid for 6 months, work away then. If anything crops up just say you applied to 4 banks to make sure you got approval from at least 1, then start with the highest Interest rate and change and just say it's because of the better rate ."

The thread: Can a FTB get cash back four times?

Can the 4 switch plan be used for a new mortgage? I just received approval from PTSB for €450k / €9k cashback. Should I also apply to EBS and BOI now or will I have to drawdown the mortgage first and then try switch?
 
Hi - I am also attempting this right now. I assume after your first switch you are no longer FTB.
I am purchasing in the next few weeks but trying to source a solicitor.
I currently have approval in principal from AIB but I've sent off documents for BOI, EBS. Awaiting PTSB documents via the mail but they seem to be taking forever to arrive.

Do you happen to know one who agreed to help you out?
 
Does it just depend on the solicitor if they are happy to do it? I'm only in the process of getting documents in order to apply for the mortgages at the moment myself so I haven't sourced a solicitor yet.
 
Also the professional fees per switch. I just got quoted 1500 eur per switch -- which means I would be paying out around 8000 for 4 switches
 
I'd be very interested to know how you get on MoMoney as I hope to do this later on in the year. Keep us up to date and good luck.
 
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