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?
Key Post I switched 4 times in 6 months
- Thread starter Sean Og
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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
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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.
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?
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
.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.
Coldwarrior
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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.
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.
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?
Can you elaborate? They would only offer you the lower rate 5 year fix rather than the higher rate 1 year fix?
Because I had switched my mortgage 18 months previously, PTSB would only take me if I signed up for the 5yr fixed.
Coldwarrior
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You could move to their variable now before you switch again to reduce the risk of big changes in interbank rates and therefore break fee.
Again, not my experience. I went directly onto their variable rate having been with AIB for 14 months. It really seems to depend on who you speak with........
Hi, great thread. I have just under 160k left on our mortgage on house which is currently worth 260k - 280k (I've yet to have it valued, but judging by local market sales). Would there be any point in me going through this process when taking solicitors' fees etc into account?
Fairly easy to calculate.............2% of E160K is E3200. Hence, if you did two switches of that followed by finishing at Ulster (that seems to be most people's end game), you would have (2 * 3200) + 1500 = E7900 gross cashback. Depending on how much 3 moves are charged by your solicitor, your net profit could be around E5000 I would estimate.
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