Key Post I got cash back three times in 6 months

misterk

Registered User
Messages
42
How is everyone getting on with their switches, looks like EBS are going to make me wait the full 2 months for the cashback drawdown was 6 weeks ago
 

arbitron

Frequent Poster
Messages
164
We are finally in a position to begin switching. Can anyone recommend a solicitor in the Dublin area by private message please?
 

lotus17

Registered User
Messages
34
I have approval from the 4 banks I intend switching to and have succeeded in getting the cash-back in bank 1 so currently making the move to bank 2 and have 5 months left to achieve the next 3 switches.

I have a query re how serial switchers deal with this loan condition: “Prior to drawdown of the loan, the borrowers solicitor is to provide a satisfactory up to date redemption figure from the relevant lender” when I am into the 3rd Switch and the original lender is paid off and thus the redemption figure is 2/3months out of date and I have since been through 2 other lenders.
 

misemoi

Frequent Poster
Messages
131
I have approval from the 4 banks I intend switching to and have succeeded in getting the cash-back in bank 1 so currently making the move to bank 2 and have 5 months left to achieve the next 3 switches.

I have a query re how serial switchers deal with this loan condition: “Prior to drawdown of the loan, the borrowers solicitor is to provide a satisfactory up to date redemption figure from the relevant lender” when I am into the 3rd Switch and the original lender is paid off and thus the redemption figure is 2/3months out of date and I have since been through 2 other lenders.
Your solicitor will be requesting a redemption letter from your current lender. So now that you are with Bank 1 and moving to Bank 2, Bank 1 will provide it. When you are leaving Bank 2 for Bank 3, the letter will come from Bank 2.
 

lotus17

Registered User
Messages
34
Your solicitor will be requesting a redemption letter from your current lender. So now that you are with Bank 1 and moving to Bank 2, Bank 1 will provide it. When you are leaving Bank 2 for Bank 3, the letter will come from Bank 2.
Will this cause a difficulty for bank 3 or bank 4? ie that they approved me for a mortgage expecting me to be with x bank but then it turns out Im actually currently with y bank?
 

SparkRite

Frequent Poster
Messages
1,211
Will this cause a difficulty for bank 3 or bank 4? ie that they approved me for a mortgage expecting me to be with x bank but then it turns out Im actually currently with y bank?
Have you read this (comparatively short) thread in its entirety ?
The 'plan' is based on duplicity and subterfuge in that you get approval based on certain criteria and undertakings are given, (that are never intended to be enacted upon), and when these facts alter as you go through the different changes you do not reveal said changes to the new lender.
That is the main reason that time is of the essence ie. you make the changes within the validity time of the initial approval letters, usually six months.
 
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Sean Og

Frequent Poster
Messages
170
The Banks don't care who you are with at the minute as long as you are switching to them. They don't check small details like this. The Bank has granted you a mortgage on all the details you have provided and are happy to give you a mortgae because it's good business for them and they will make money on it. It is no odds to them if you are with AIB, EBS, PTSB , KBC, or BOI as long as you are switching to them.
 

Risk Reversal

Registered User
Messages
12
The Banks don't care who you are with at the minute as long as you are switching to them. They don't check small details like this. The Bank has granted you a mortgage on all the details you have provided and are happy to give you a mortgae because it's good business for them and they will make money on it. It is no odds to them if you are with AIB, EBS, PTSB , KBC, or BOI as long as you are switching to them.
Thanks for the very helpful advice Sean Og. Quick question on your experience during the process, did you opt for a variable rate with the banks or a 1 year fix and subsequently break each time given the low cost due to relatively small movements in the swap rates and short time between each move.
 

Marobar1

Registered User
Messages
16
The Banks don't care who you are with at the minute as long as you are switching to them. They don't check small details like this. The Bank has granted you a mortgage on all the details you have provided and are happy to give you a mortgae because it's good business for them and they will make money on it. It is no odds to them if you are with AIB, EBS, PTSB , KBC, or BOI as long as you are switching to them.
Sorry to triple check on this Sean Og, but I have approval from EBS and KBC. I have just moved to EBS and once I have the cashback I was hoping to move to KBC but my solicitor felt that as KBC requested the up to date redemption letter, that this would mean we could not complete the double switch as I'd be providing an EBS redemption letter when I had applied to KBC with Ulster Bank.

Are you suggesting that you just submit the EBS redemption letter and hope that KBC don't notice that it is not from Ulster Bank?
 

Sean Og

Frequent Poster
Messages
170
Thanks for the very helpful advice Sean Og. Quick question on your experience during the process, did you opt for a variable rate with the banks or a 1 year fix and subsequently break each time given the low cost due to relatively small movements in the swap rates and short time between each move.
Variable but i was asked why not Fixed? I just said i thought rates might come down again with Brexit and then i would get a better fixed rate. Always play the Brexit Card because no one has a clue what will happen. Say you read an article somewhere :cool:.
 

Sean Og

Frequent Poster
Messages
170
Sorry to triple check on this Sean Og, but I have approval from EBS and KBC. I have just moved to EBS and once I have the cashback I was hoping to move to KBC but my solicitor felt that as KBC requested the up to date redemption letter, that this would mean we could not complete the double switch as I'd be providing an EBS redemption letter when I had applied to KBC with Ulster Bank.

Are you suggesting that you just submit the EBS redemption letter and hope that KBC don't notice that it is not from Ulster Bank?
Yes i would just do that. I would be very surprised if they noticed anything. The redemption letter will say the figure required and if your solicitor has the cheque in the same letter , i am sure they will accept it , no questions asked.
 

misterk

Registered User
Messages
42
I dont think you need to submit any redemption letter at application you would have provided the outstanding balance.

All of the banks allow for electronic transfer also of the funds to clear the mortgage
 

Coldwarrior

Frequent Poster
Messages
155
I dont think you need to submit any redemption letter at application you would have provided the outstanding balance.

All of the banks allow for electronic transfer also of the funds to clear the mortgage
You'll likely need a mortgage balance statement or redemption letter from the current mortgage for the new mortgages' applications, but not again at drawdown, at least that's how it was with any of the banks I've dealt with ( I haven't been with KBC so maybe they are different as mentioned in Marobar1's earlier post). So when applying for the multiple mortgages together they all get the same balance statement/redemption letter from the current/original mortgage.
 

Andrew365

Registered User
Messages
144
Hi, does switching have any negatives for future borrowing? I am going to switch at the end of the year but the mortgage I have is not on our forever home and I don't want to to do multiple switches if when I go back to the bank to get a larger mortgage I get refused.
 

Sean Og

Frequent Poster
Messages
170
Hi, does switching have any negatives for future borrowing? I am going to switch at the end of the year but the mortgage I have is not on our forever home and I don't want to to do multiple switches if when I go back to the bank to get a larger mortgage I get refused.
No absolutely not. Go for it.
 

lotus17

Registered User
Messages
34
I am now on move 2 of my 4 bank mortgage switch plan within 6 months. Move 2 is with PTSB. I had to sign up for a 5 year fixed rate for them to accept me. All other banks agreed to take me on a variable rate. I will be moving on from PTSB as soon as the cash back hits my account. I obviously don't want to incur a break fee. Is there any risk of the inter-bank rates changing over the next few weeks? If they don't, as I understand it, I wont incur a break fee. If they do, it would hamper my cashback harvesting plan. Any advice? PTSB have said it may take up to 40 working days or 8 weeks to receive the cashback. Any advice?
 

username123

Frequent Poster
Messages
1,456
FYI I got cashback from PTSB within about 7 days. 40 days is the max. Also, I switched to a variable rate on PTSB without much hassle.
 

lotus17

Registered User
Messages
34
[QUOTe
FYI I got cashback from PTSB within about 7 days. 40 days is the max. Also, I switched to a variable rate on PTSB without much hassle.
[/QUOTE]
How long ago was that Username?
I phoned PTSB and they told me it can’t be sped up and for most it’s now taking close to the 40 working days to get the cash-back.
 
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