Hoping to get my switch on...

[SpiderBaby]

So I've read through all the various useful threads and have a few questions/clarifications/thoughts:

1. It's worthwhile getting your solicitor to take up deeds from current lender ASAP as this can take a while and doesn't affect anything by doing early?

2. Related to the above, would it make sense to wait for deeds before getting your statements in order because this can take a while, so it'll mean you'll have up-to-date statements when you are ready to go?

3. Do you have to use each banks own salary certs or might they accept a company-issued cert? I think my company stopped filling out the individual ones due to volume they were getting and insisting on issuing their own salary cert statement. (Anecdotal from colleague, haven't checked yet myself)

4. It's important the solicitor does not register each switched mortgage until the last switch?

5. How messy (or not) is the insurance moving each time given you'll have different mortgage amounts each switch and possibly slightly different valuations on the property (if each bank insists on using own valuer)?

6. Depending on how long the loan offers are valid for you might get stymied mid-switching and be stuck with most recent lender for approx. 1 year - is that correct?

Also, I've created a summary for myself of some key info as of 03/04/19 so posted below for reference if of use to anyone else looking around now too. The cashback payment timelines are directly from their websites but it seems in reality some on here got paid quicker.

BOI 2% (with additional 1% if stay for 5 years)
- Paid within 45 days of drawdown
- Drawdown must be by 31st Dec 2019

PTSB 2%
- Paid within 40 days of drawdown
- Drawdown must be by 31st Dec 2019


EBS 2% (with additional 1% if stay for 5 years)
- Paid within 2 months of drawdown
- Drawdown must be by 31st Dec 2019

KBC €3000
- Paid with 30 days of drawdown
- Drawdown must be by 30th June 2019

AIB €2000
- Paid within 2 months of drawdown

Ulster €1500 (Haven't looked at further info on this)



Thanks

 

[renter45]

1. Yes, can take up to 4 weeks
2. No, deeds are nothing to do with the switching process (as in getting approval or offer)
3. Yes each have their own version so its one for every application.
4. Not sure
5. House Insurance is based on rebuilding cost, valuation will give an approx. rebuild cost that you should be insured for. The notice of intrest is just a phone call to your house insurance company requesting a new bank noted & indemnity letter.
6. Always a possibility, so needs to be considered

Cashbacks look correct, however UB is a contribution towards legal fees (not termed cashback)

One important point you've omitted is are you getting variable mortgage offers so you can switch without penalty because if you fix, the break fee will eat into your cashback, and with solicitors fees, won't be worthwhile.

From reading another thread, unless you have offers now from all institutions, the chances of working this in the near future is slim to none.