Yes i always waited for the cash back to land into my current account before i did the next switch. There is nothing to stop you from switching within say 7 days and you will get your cash back because there is no specific term and conditions with the cash backs from any of the banks. Once you draw down your mortgage you are entitled to the cash back. I was just afraid if i moved before i received the cash back they might no give it to me and i would be chasing them for ever and they might get nowhere. However never underestimate the stupidity of the banks. They probably don't check to see if you are still with them before they release the cash back. I think maybe Blackrock on here switched before he got his money back.
Key Post I switched 4 times in 6 months
- Thread starter Sean Og
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I have to admit that I have this concern too.
Although it doesn't seem to apply in other cases e.g. energy, mobile, or broadband, tv, all happily accept customers who switch heavily.
There are a few examples including sean og, of people switching away from and then back again to the same bank.
Regarding the valuations, yes PTSB required a valuation, i got the local valuer who is on their panel to do it. €150 cash he charged me. BOI also required a valuation but i just got my valuer to send it onto BOI as he had all the details he needed from the PTSB one and it was also only about 6 weeks later 
. I did the same with EBS and gave him another €150 cash for his troubles , so €300 in total for the 3 valuations. Regarding the solicitor yes he knew i was going to switch again so he never registered the new mortgages etc. He just gives an undertaking to do so to each Bank but when i switch again he simply pays of the previous mortgage balance with PTSB with the BOI mortgage and then the same process with BOI and EBS. Believe me lads its very simple if you have good jobs good credit history just get all your paper work together and do a good deal with a solicitor and away you go. It's 2% cash back so on €250k mortgage its €5000 nothing to be sniffed at. I am tired saying this but you are doing nothing wrong here only taking the Central Banks advice and the governments advice to shop around for the best deals. This is what you are doing. Taking advantage of these cash back offers that the banks are offering to entice people to move. They just don't think you will move again so quickly .
. I did the same with EBS and gave him another €150 cash for his troubles , so €300 in total for the 3 valuations. Regarding the solicitor yes he knew i was going to switch again so he never registered the new mortgages etc. He just gives an undertaking to do so to each Bank but when i switch again he simply pays of the previous mortgage balance with PTSB with the BOI mortgage and then the same process with BOI and EBS. Believe me lads its very simple if you have good jobs good credit history just get all your paper work together and do a good deal with a solicitor and away you go. It's 2% cash back so on €250k mortgage its €5000 nothing to be sniffed at. I am tired saying this but you are doing nothing wrong here only taking the Central Banks advice and the governments advice to shop around for the best deals. This is what you are doing. Taking advantage of these cash back offers that the banks are offering to entice people to move. They just don't think you will move again so quickly .Apart from solicitors fees and valuations are there any other fees to be aware of?
Do you have to draw down the same amount for each switch? I ask as my route is below and while I want to end up on the UB fixed, I want to pay off a lump before I fix so amount required might be less for the UB switch if I do this.
KBC > PTSB (Variable)
PTSB > BOI (Variable)
BOI > EBS (Variable)
EBS > Ulster (Fixed)
Do you have to draw down the same amount for each switch? I ask as my route is below and while I want to end up on the UB fixed, I want to pay off a lump before I fix so amount required might be less for the UB switch if I do this.
KBC > PTSB (Variable)
PTSB > BOI (Variable)
BOI > EBS (Variable)
EBS > Ulster (Fixed)
Jumping on this thread also with the hope of keeping everything in one thread, my plan is outlined below.
PTSB ---> BOI ---> EBS ---> AIB ---> Fix with UB
I have received my loan offer letters from BOI & AIB, these went straight to offer, BOI sent AIP but it was followed straight away by loan offer.
I have received my AIP from both EBS & AIB.
All Banks have requested the valuations but its a bit of a pain to have to pay them first so they in turn pay the valuer rather than being able to do a deal with the valuer up front for the the four valuations. I might ring each bank and say i arranged it myself and see if they will accept that.
PTSB ---> BOI ---> EBS ---> AIB ---> Fix with UB
I have received my loan offer letters from BOI & AIB, these went straight to offer, BOI sent AIP but it was followed straight away by loan offer.
I have received my AIP from both EBS & AIB.
All Banks have requested the valuations but its a bit of a pain to have to pay them first so they in turn pay the valuer rather than being able to do a deal with the valuer up front for the the four valuations. I might ring each bank and say i arranged it myself and see if they will accept that.
So you are looking to do a few switches? You need to go to PTSB first then BOI then KBC and then back to EBS. You need to talk to EBS and explain that you are leaving them to go to PTSB to get the 2% cash back and you want to return to them right away for the 3% and the 2% cash back, you have a good record and relationship with them so it should be ok but check with them first. Also shop around for solicitors fees. I think €1500 is expensive, try and get 3 switches for €2700 or €3000 maximum.
Never heard of directlaw.ie but worth looking into . Just make sure there are no hidden fees etc. Make sure it's for everything and nothing extra added on. I wouldn't worry too much about the 2% on your monthly repayments, concentrate on EBS, PTSB and BOI for the 2% cash back and then KBC for the €3000. Then go to UB for their very good fixed rates.
Latest update from me is that I have full approval from BOI and PTSB, Ulster Bank are really not impressing me at all. Almost a month after I have submitted my application I have heard nothing. Mortgage advisor out sick, you can't get anyone in any branch, their mortgage centre can only send an email etc. So far, their switching process is abysmal vs BOI, PTSB or AIB.
Inspired by Sean Og here, I’ve been busy attempting to make arrangements for 4 quick mortgage switches within 6 months, moving my mortgage from EBS where I am currently to PTSB - BOI - KBC and finally end up with UB with their 4/5 or 7 year fixed rates. And hopefully pocket the Cash back deals from all 4 banks along the way.
I visited each bank and submitted the documentation required this week and am waiting for the approvals to come back. I’m following Sean Ogs advice in this thread and will wait for all 4 approvals b4 proceeding and then attempt to get my solicitor to move with speed to draw down all 4 mortgages in turn within the 6 month approval period.
A few Qs have arisen though:
1. The mortgage advisor in PTSB seemed to suggest that I may only be offered a 3 or 5 year fixed rate. Obviously I don’t want this when I intend moving again quickly. Is there any way around this? If I pushed for the 1 year fixed rate, would there be much of a break fee if I moved the mortgage to another bank within a month of drawdown? What’s the advice here?
2. Is there a risk I might be left stuck with PTsB if the other banks spot I’ve made a move? I certainly wouldn’t want this based on the way they treat long term mortgage customers.
3. Is there any risk that the banks would black list me if I ever wanted to get a new mortgage off them in years to come?
4. KBC said I would have to open a current account with them to be avail of the switcher mortgage and I would have to have my salary changed to be paid into this account. Is there any way around this as this seems like hassle when I only intend being with KBC for as long as it takes to get the cashback?
5. Does each bank definitely not look up your details again/run a credit check once they approve you for 6 months? It wasn’t clear from the banks, how long approval lasts for.
I will do my best to pull this off. It seems very attractive to think I could earn a handsome sum playing the banks at their own game!! Is it this simple or are there risks?
I visited each bank and submitted the documentation required this week and am waiting for the approvals to come back. I’m following Sean Ogs advice in this thread and will wait for all 4 approvals b4 proceeding and then attempt to get my solicitor to move with speed to draw down all 4 mortgages in turn within the 6 month approval period.
A few Qs have arisen though:
1. The mortgage advisor in PTSB seemed to suggest that I may only be offered a 3 or 5 year fixed rate. Obviously I don’t want this when I intend moving again quickly. Is there any way around this? If I pushed for the 1 year fixed rate, would there be much of a break fee if I moved the mortgage to another bank within a month of drawdown? What’s the advice here?
2. Is there a risk I might be left stuck with PTsB if the other banks spot I’ve made a move? I certainly wouldn’t want this based on the way they treat long term mortgage customers.
3. Is there any risk that the banks would black list me if I ever wanted to get a new mortgage off them in years to come?
4. KBC said I would have to open a current account with them to be avail of the switcher mortgage and I would have to have my salary changed to be paid into this account. Is there any way around this as this seems like hassle when I only intend being with KBC for as long as it takes to get the cashback?
5. Does each bank definitely not look up your details again/run a credit check once they approve you for 6 months? It wasn’t clear from the banks, how long approval lasts for.
I will do my best to pull this off. It seems very attractive to think I could earn a handsome sum playing the banks at their own game!! Is it this simple or are there risks?
Lads from my experience the Banks will not do an up to date credit check once they give you full approval. There underwriters go through everything and if they are happy they offer you the loan. They don't look again after 6 weeks. That's my experience. You can't be blacklisted because you are doing nothing wrong. All you are doing is taking the Government and Central Banks advice to shop around and get the best deal for you. If the Banks simply said we can take back the 2% cash back if you move your mortgage within 12 months then this would stop the multiple switches. The banks try to cover themselves (PTSB, BOI) by saying you must be 24 and 12 months with your current lender before you can get a loan with them. By applying all at the same time and getting approval you overcome this little obstacle . If a bank gets back to you and say "we see from the credit bureau report that another 2 banks have carried out checks on you within the last 2 weeks all you say is that you are shopping around and you are applying to a few banks to see who gives you a full offer. I think people read to much into this. Get the paperwork in order and get it sent off. Ask Red Onion what his thoughts are on the 1 years fixed rate and if you break it within 2 weeks what will the fee be. I think it will be zero or very little but a hard Bretix etc might have a big effect on the money markets etc. Anyway if like me you are getting €5-6000 a switch it will still be worth it.
My mortgage is €250K.
Obviously, I will try to get a variable rate with PTSB but if I can’t, I could be forced into the following fixed rates to avail of the cashback:
1yr fixed rate @ 3.2% <50%loan to v
2 yr fixed rate @ 3.2%
3 yr fixed rate @ 2.85%
If I take the cashback and move the mortgage straight away, what would the break fees be for each of the 3 options above?
@lotus17
Since you've <50% LTV, you can get 12 month discounted MVR of 3.2%
Since this is a variable rate, there is no penalty for repaying early, so there's no messing about. I'd go with that if your intention is to switch again quickly.
The only rate that's better is the 3 year rate, but bigger risk of a small move in interbank rates ending up costing you a break fee.
Since you've <50% LTV, you can get 12 month discounted MVR of 3.2%
Since this is a variable rate, there is no penalty for repaying early, so there's no messing about. I'd go with that if your intention is to switch again quickly.
The only rate that's better is the 3 year rate, but bigger risk of a small move in interbank rates ending up costing you a break fee.
Hi All,
Apologies for delay in reply, i have approval from all banks and loan offers from all except UB (Very slow)
Hope to draw down first switch next week.
Biggest obstacle i had and still currently have is a nosey auctioneer, asking far to many questions !
Apologies for delay in reply, i have approval from all banks and loan offers from all except UB (Very slow)
Hope to draw down first switch next week.
Biggest obstacle i had and still currently have is a nosey auctioneer, asking far to many questions !
Hi Sean,
Some of the banks now require you pay them and they arrange valuation i am trying to work around this by using the auctioneer that one of the banks paid for, they are asking what bank is it for and why do you need it if you just got it done for bank X.
Concern is that they will pass information on to the local branch but i am paying them so that should be private information.
My switcher applications have now been submitted to all 4 banks: PTSB, BOI, KBC and UB. Fingers crossed I get approval from all 4 so I can put this plan in action. I also emailed my solicitor yesterday to give him the heads up re the plan. He advised taking up the Title deeds from EBS now so we can be ready to move, once approval comes through. He has quoted €1,500 per switch which seems high so I will get back to him and see can I negotiate better.
I have also emailed Irish Life, the Mortgage Insurance company I am with to say I am currently considering switching my mortgage from EBS and have asked them will I be able to keep my Life Insurance if I move mortgage and also asked how can I expedite the process. I await their reply.
Is there anything else I can do to keep the ball moving?
I have also emailed Irish Life, the Mortgage Insurance company I am with to say I am currently considering switching my mortgage from EBS and have asked them will I be able to keep my Life Insurance if I move mortgage and also asked how can I expedite the process. I await their reply.
Is there anything else I can do to keep the ball moving?
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