That's unbelievable well done! How hard was it to find a solicitor to agree to all the switches?Inspired by the cashback thread and Sean Og, I set about switching my mortgage multiple times to a)make some money on cashback and b) end up on a lower mortgage rate with Ulster Bank at the end of the switching process.
My original mortgage was with EBS:€250K mortgage with 24 years left to pay at 3.3% rate.
I followed the advice here and applied for mortgages in all 4 banks at the same time, last March. I prepared all the documents advised in this thread and had everything ready to go. I also contacted my solicitor to discuss the plan and his fees. He agreed to charge me €1500 all in for the 1st Switch and €500 all in for each Switch he completed thereafter. I then waited for approvals to come through. This varied with the banks and some took longer than others. It took a bit of effort to keep it all moving - Ringing banks to keep it moving. Responding to them promptly when they requested anything. I organised Life Assurance with each of the banks individually and had it good to go with the in bank Mortgage insurance advisor. I wasn’t too bothered about the price knowing I mightn’t even make one Insurance payment. For the last Switch, I made sure I got the cheapest policy - in my case that was with Zurich, via bonkers.ie.
The minute I received approval from all 4, I cracked on with the 1st Switch.
Here are the dates:
BOI drawn down on 4th June. Received cash back on 21st June.
PTSB drawn down on Mon 15th July. Received cash back on 29th July.
KBC drawdown Mon 12th Aug. received cashback on Friday 30th Aug
UB drawdown on Fri 6th of September.
Received cashback: on TBC
Summary: 4 swaps in 3 months. €250K mortgage. Cashback earned: €5K BOI + 5K PTSB + 3K KBC + €1.5K UB = €14.5K in total.
Solicitor fees: €1.5K for 1st move plus €500 for each switch there after. Thus €3K in solicitor fees.
Other costs: valuations fees - circa €500 in total.
End result: Made a net gain of €11K on cashback. Upgraded my car with the fees earned. Reduced my mortgage rate from 3.3 % to 2.3% thus saving €1000s in interest. I also intend shortening my mortgage from 24 years to 18years with Ulster Bank. I will be able to do this now that the rate is much lower. I feel more comfortable with UB as they have a history of handing on interest rate cuts to customers unlike others, especially PTSB.
My Future plans: keep an eye on interest rates and see about fixing again at the end of the fixed period or even earlier if there is little or no break fee. Pay any spare cash into the UB fixed mortgage (they allow an overpayment of 10% of the entire mortgage balance annually to try to be mortgage free as soon as possible.
Sincere thanks to Sean Og and others who offered advice here along the way. Don’t mind the begrudges- go for it!