The following lenders give cash back on new mortgages
Bank of Ireland 2%
EBS 2%
ptsb 2%
KBC €3,000
AIB €2,000
Ulster Bank €1,500
When you are applying for a new mortgage or when you are applying to switch, I recommend that you get approval from three or four lenders at the same time. These approvals usually last for about 6 months. After you have drawn down the cash from one of them, then switch immediately to one of the other lenders. You already have approval.
You can read the following case studies for the details:
Sean Og switched 4 times
misterk Switched 3 times
username123 switched three times AIB to BoI to ptsb to Ulster Bank €18,300 cash back less about €4,000 legal fees.
Lotus17 4 switches in 6 months Net gain after expenses: €11,000
Funnyname
Dexter Boi-ptsb-EBS- Ulster Bank and rate falling from 3.95% to 2.6%!
Jim got approval for three at the same time but missed the 6 months deadline
Candyman three switches from KBC and back again KBC to ptsb to BoI to KBC " I even told KBC I was switching away to get cashback but I'll be back, they had no issue whatsoever."
in progress
I recommend the following order
Permanent tsb - may insist that you are with your current lender for 12 months. Might also insist on a fixed rate. Are taking up to 40 days to pay the cash back
Bank of Ireland - may limit switches to <85% LTV
EBS - can be slow
KBC - you must open a current account with them to get the switcher mortgage
AIB
Then fix with Ulster Bank - can be slow in processing the mortgage so leave them to the end of the switching chain.
So Stage 1 should be to get approval from the first three.
When they are completed start Stage 2 with the other three banks
How long do you have to be with your current lender before switching?
The rules don't seem to be written down anywhere. And the same bank has told different people different things.
If you want to do the multiple switch recommended here, you can avoid this problem by applying to three lenders at the same time. They will look at your case and give you approval based on that. They won't subsequently withdraw it if you complete the first switch promptly.
If you switch from your current bank to BoI for example. And after the switch you apply to ptsb, they will probably refuse you.
Don't make the first switch until the approval has come through from the others.
Get everything in order so that you get approval from at least three banks at the same time
Salary slips
Bank accounts
Mortgage statement from your existing lender
If you are in the middle of a fixed rate with your current lender, ask them how much the break fee will be.
Don't assume that you can't switch because you are currently on a fixed rate. The fee for breaking out might be very low, or in some cases, zero.
Even if there is a significant break fee, it will usually still be worth doing.
The costs of switching
Your solicitors fees - which should be under €1,000 per switch - use a different solicitor if they are not.
A valuation fee
Tell your solicitor what you are doing in advance and get a quote for all the switches
One poster was quoted €1,500 per switch but negotiated this down to €1,500 for the first and €500 for each subsequent one.
[broken link removed] charges €575 per switch - I have not used them so this is not a recommendation
Tell your valuer that you intend to do multiple switches
Some lenders choose their own valuer and you pay them.
Always opt for a variable rate
Under Irish law, a lender cannot prevent you from repaying your mortgage in full at any time without penalty.
However, if you have a fixed rate mortgage, you can be charged a break fee. So don't fix your mortgage.
It's better not to use a mortgage broker
Mortgage brokers may have it in their contract with you that if you switch, you pay them a fee to compensate for the fact that they have to repay the commission to the lender.
Be careful to keep your credit record in good order
If you run into problems with your credit card or overdraft while doing this, it will be noted on your credit record and you will be stuck with whatever bank you are with.
Try to apply to three banks at the same time
Your application will be noted on your credit record. But if you apply at the same time, the record won't be updated in time.
It doesn't really matter if they do see. Just tell them that you are shopping around.
You must notify your mortgage protection company that you have switched
They note the lender as an interested party
Some mortgage protection is part of a block scheme and can't be transferred. Just take out a new policy. They are cheap unless you have health issues.
You must notify your home insurance company that you have switched
They note the lender as an interested party
If you intend to pay a lump sum off your mortgage eventually, don't do so until the switches are over
For example, if you have a mortgage of €300k and €50k cash. Switch the €300k so that you get 2% of the €300,000 or €6,000
If you pay off the €50k first, and then switch the €250,000 , you will get only €5,000 per switch.
So wait until the last switch to pay off the €50k.
Bank of Ireland 2%
EBS 2%
ptsb 2%
KBC €3,000
AIB €2,000
Ulster Bank €1,500
When you are applying for a new mortgage or when you are applying to switch, I recommend that you get approval from three or four lenders at the same time. These approvals usually last for about 6 months. After you have drawn down the cash from one of them, then switch immediately to one of the other lenders. You already have approval.
You can read the following case studies for the details:
Sean Og switched 4 times
misterk Switched 3 times
username123 switched three times AIB to BoI to ptsb to Ulster Bank €18,300 cash back less about €4,000 legal fees.
Lotus17 4 switches in 6 months Net gain after expenses: €11,000
Funnyname
Dexter Boi-ptsb-EBS- Ulster Bank and rate falling from 3.95% to 2.6%!
Jim got approval for three at the same time but missed the 6 months deadline
Candyman three switches from KBC and back again KBC to ptsb to BoI to KBC " I even told KBC I was switching away to get cashback but I'll be back, they had no issue whatsoever."
in progress
I recommend the following order
Permanent tsb - may insist that you are with your current lender for 12 months. Might also insist on a fixed rate. Are taking up to 40 days to pay the cash back
Bank of Ireland - may limit switches to <85% LTV
EBS - can be slow
KBC - you must open a current account with them to get the switcher mortgage
AIB
Then fix with Ulster Bank - can be slow in processing the mortgage so leave them to the end of the switching chain.
So Stage 1 should be to get approval from the first three.
When they are completed start Stage 2 with the other three banks
How long do you have to be with your current lender before switching?
The rules don't seem to be written down anywhere. And the same bank has told different people different things.
If you want to do the multiple switch recommended here, you can avoid this problem by applying to three lenders at the same time. They will look at your case and give you approval based on that. They won't subsequently withdraw it if you complete the first switch promptly.
If you switch from your current bank to BoI for example. And after the switch you apply to ptsb, they will probably refuse you.
Don't make the first switch until the approval has come through from the others.
Get everything in order so that you get approval from at least three banks at the same time
Salary slips
Bank accounts
Mortgage statement from your existing lender
If you are in the middle of a fixed rate with your current lender, ask them how much the break fee will be.
Don't assume that you can't switch because you are currently on a fixed rate. The fee for breaking out might be very low, or in some cases, zero.
Even if there is a significant break fee, it will usually still be worth doing.
The costs of switching
Your solicitors fees - which should be under €1,000 per switch - use a different solicitor if they are not.
A valuation fee
Tell your solicitor what you are doing in advance and get a quote for all the switches
One poster was quoted €1,500 per switch but negotiated this down to €1,500 for the first and €500 for each subsequent one.
[broken link removed] charges €575 per switch - I have not used them so this is not a recommendation
Tell your valuer that you intend to do multiple switches
Some lenders choose their own valuer and you pay them.
Always opt for a variable rate
Under Irish law, a lender cannot prevent you from repaying your mortgage in full at any time without penalty.
However, if you have a fixed rate mortgage, you can be charged a break fee. So don't fix your mortgage.
It's better not to use a mortgage broker
Mortgage brokers may have it in their contract with you that if you switch, you pay them a fee to compensate for the fact that they have to repay the commission to the lender.
Be careful to keep your credit record in good order
If you run into problems with your credit card or overdraft while doing this, it will be noted on your credit record and you will be stuck with whatever bank you are with.
Try to apply to three banks at the same time
Your application will be noted on your credit record. But if you apply at the same time, the record won't be updated in time.
It doesn't really matter if they do see. Just tell them that you are shopping around.
You must notify your mortgage protection company that you have switched
They note the lender as an interested party
Some mortgage protection is part of a block scheme and can't be transferred. Just take out a new policy. They are cheap unless you have health issues.
You must notify your home insurance company that you have switched
They note the lender as an interested party
If you intend to pay a lump sum off your mortgage eventually, don't do so until the switches are over
For example, if you have a mortgage of €300k and €50k cash. Switch the €300k so that you get 2% of the €300,000 or €6,000
If you pay off the €50k first, and then switch the €250,000 , you will get only €5,000 per switch.
So wait until the last switch to pay off the €50k.
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