Key Post I switched 4 times in 6 months
- Thread starter Sean Og
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Interesting but PTSBs policy is to move customers on to their existing customer rates, which is 4.5% variable. That would erode your cashback gain very quickly.
Given that the break fee is calculated between the rates available on the money market at the time of drawdown and repayment, the question is if one is switching (from an initial fixed rate) within, say, 6 months, then which would be the smallest spread, 1y vs. 6mths, 3yr vs. 2.5yr or 5yr vs. 4.5 yr?
Switch ASAP don't wait for the cash back to hit your account. Once your mortgage has been drawn down you are legally entitled to the cash back even if you move the next day. Don't wait moved again. Great to see you following our advice. Well done.
Can we be absolutely sure of this? Does the EU mortgage directive specifically protect me here and if so where does it say it? If so, I’m happy to move immediately to avoid any breakage fees. I don’t want to risk the cashback after all this work though!
Has anyone here moved before the cashback hit their account and did they have any bother getting the cashback afterwards?
Are you sure theres no breakage fee?? I fixed with UB on 2 yr fixed and in the documents they said the break fee was over €3k
As of yesterday, I have successfully completed the 3 switches from AIB (variable 2.95%) -> BOI (variable 3.9%) -> PTSB (variable 3.4%) -> Ulster(4 year fixed 2.6%). All went very smoothly, exactly as @Sean Og indicated. I waited until I got the cashback before I moved each time, out of the above fear! I didnt make any payments to BOI, and I made one payment to PTSB. There was never a question asked about anything during the switches. In total, this took just over 5 months. The slowest part was getting approval from Ulster which took 2 months alone.
For me, the cashback from both BOI and PTSB was received within about 7 days. I am now just waiting on the final leg, so the Ulster E1500 cashback. Once that is received, my total gross cashback will be E10, 700 (on these 3 moves), which is about E6500 after solicitor and valuations. We were also with EBS and AIB previous to this so in total since taking out our first mortgage 2 years ago, we have received E18, 300 gross cashback.
Many thanks to @Sean Og for highlighting this and to @Brendan Burgess for providing the platform
For me, the cashback from both BOI and PTSB was received within about 7 days. I am now just waiting on the final leg, so the Ulster E1500 cashback. Once that is received, my total gross cashback will be E10, 700 (on these 3 moves), which is about E6500 after solicitor and valuations. We were also with EBS and AIB previous to this so in total since taking out our first mortgage 2 years ago, we have received E18, 300 gross cashback.
Many thanks to @Sean Og for highlighting this and to @Brendan Burgess for providing the platform
Am I better to
A) break out of the fixed rate today and go onto their high interest variable, wait for the cash back to hit my a/c, then move immediately? or
B) don’t wait for cashback to come and move immediately.
Can anyone confirm for certain, I will receive the cashback if I move before it arrives?
Coldwarrior
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I took it that lotus17 was ready to switch again immediately after the cash back lands, so likely less than 1 month or 2 max at 4.5%, so the extra interest shouldn't come near the value of cashback, it should be at most a few hundred quid. I guess its the certainty of an easily calculable extra interest payment versus the uncertainty of a potentially volatile breakage fee, depends on your risk appetite. Of course as has been pointed out by others, ideally he/she should just switch again straight away and not wait for the cash back.
I can confirm i received cashback having jumped ship a few days after drawdown. Iv just completed the 3 switches in under the 6 months. Ebs to ptsb (3500) to boi (3500) to aib (2000).
Gross total 9000. Very easy cash imo and a huge thanks to sean og for the sound advice!
Gross total 9000. Very easy cash imo and a huge thanks to sean og for the sound advice!
Have you received a cash back from EBS yet? I was with them when i started my crusade of switching. I was on a high fixed rate of 5.5 so i explained to my local branch manager what i planned to do and would EBS take me back on a new lower rate after i switched to PTSB and BOI. They said yes and i got my cashback from them no bother.
Hi, thanks for all of this info. I've read the thread but would love any specific advice for my situation. I'm interested in switching mortgages and thinking of switching twice to avail of cashback offered. So I'd be moving from EBS to PTSB or BOI to get the 2% cashback and then to UB to fix at a lower rate. My concerns are that the variable rates with PTSB and BOI are pretty high, could I get stuck there? UB not allowing me to change if they realise what I'm doing or something? Or am I ok once I have the approval? Should I move to both PTSB and BOI to avail of both offers? Our mortgage is 250k so 5k cashback. I'm just nervous of getting stuck on their high variable rates.
Also, are solicitors keen on doing multiple switches? Did anyone get good deals on it?
We have our life insurance and payment protection insurance taken out through the EBS initially (with Irish life and Axa), can we just move these (several times)?
Thanks for any help
Also, are solicitors keen on doing multiple switches? Did anyone get good deals on it?
We have our life insurance and payment protection insurance taken out through the EBS initially (with Irish life and Axa), can we just move these (several times)?
Thanks for any help
Hi @Neek01 ,
I dont think your situation is any different than others on this thread. In fact its identical to mine, except E250K vs E230K mortgage.
Most of your questions above have already been answered, re: getting stuck on high rate (you wont), the banks realising what you are doing (they wont or else dont care)and moving to 3 banks (yes you should do this) I did exactly that BOI -> PTSB -> Ulster, so yes, you should shoot for that as the big pay off is the 2nd 2% switch.
You havent said where are you located which would increase chances of you getting a solicitor recommendation. AFAIK you should be able to move policies as long as they are not block policies. Again, this is outside the scope of multiple switches - this question would apply for a single switch, so you should ask EBS about this yourself.
Hope that helps.
I dont think your situation is any different than others on this thread. In fact its identical to mine, except E250K vs E230K mortgage.
Most of your questions above have already been answered, re: getting stuck on high rate (you wont), the banks realising what you are doing (they wont or else dont care)and moving to 3 banks (yes you should do this) I did exactly that BOI -> PTSB -> Ulster, so yes, you should shoot for that as the big pay off is the 2nd 2% switch.
You havent said where are you located which would increase chances of you getting a solicitor recommendation. AFAIK you should be able to move policies as long as they are not block policies. Again, this is outside the scope of multiple switches - this question would apply for a single switch, so you should ask EBS about this yourself.
Hope that helps.
Yes there is no reason not to do BOI. Without them, your cashback is diminished alot, by E5000 gross. I did BOI first as they had highest variable rate. That way, I had 2 options to get off that (PTSB and Ulster). PTSB rate was 3.4%. BOI were the quickest to give me full approval, Ulster the slowest, so if you applied to BOI now I would say you will have it before Ulster.
Username321
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Hi all, FTB here - stumbled across this thread, and as you can imagine, I'm delighted. Some great advice.
Can I just check as a FTB that is already mortgage approved with three lenders via a broker and in the process of buying (about to go sale agreed).. would it be best for me to apply to all lenders again with up to date documents and go in the following order (all on variable rates)
PTSB > BOI > EBS > KBC and then land on whatever the best fixed rate is?
Can I just check as a FTB that is already mortgage approved with three lenders via a broker and in the process of buying (about to go sale agreed).. would it be best for me to apply to all lenders again with up to date documents and go in the following order (all on variable rates)
PTSB > BOI > EBS > KBC and then land on whatever the best fixed rate is?
Coldwarrior
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Also your broker will likely not want to do this, believe they lose some of their commission if you switch away again within X years. I'd re-apply directly if you want to do the switches, or get the first mortgage through the broker and do the switches yourself.
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