Key Post I switched 4 times in 6 months

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You will also probably have to inform your home Insurance Provider each time you switch so as the new Bank is put onto your home insurance as an "interested party", Its no big deal, i just did it by email each time and they then just sent me out the new policy schedule with the new bank on it. They too probably were wondering what was going on but they just do what they are told. The title deeds part etc won't hold up their switching process from my knowledge.
 
lotus17 said:
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?
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Following negotiation, the solicitor has agreed to complete the first switch for €1500 and each subsequent change for €500. Thus, if I manage to make all four switches work, the solicitors fees will come to €3000. Not bad considering he was initially quoting €1500 per switch. Its worthwhile questioning these things!
 
Still waiting for Ulster bank to give me approval, 5 weeks later. Don't want to email solicitor to kick start first switch until this arrives, very annoying....
 
I am still waiting for approval to come through from each of the banks.

In the mean time, I am lining up other things to save time with the switches when it comes to them. I have asked the solicitor to apply to draw down the deeds as I have heard this can delay things sometimes. This is in process.

I also contacted Irish Life who I have my mortgage Insurance to see if I can keep the Mortgage Protection Insurance plan when I switch banks. The response from irish Life is that I can't as I have a block plan and it cant be transferred. I will have to start again with a mortgage Insurance plan. Will I have to get a new plan every time I switch or is it possible to start arranging some type of plan that could transfer with my mortgage as I hopefully make my switches from EBS to PTSB to BOI to KBC to UB?
What do I need to have lined up to be able to set up a mortgage Insurance plan in a timely fashion?
Is there anything else I can be doing while waiting for switcher approvals to come through?
 
My God, Ulster Bank are so slow. Their underwriters have finally approved the mortgage, but now I am waiting for their valuation team to contact me, since Tuesday morning, to do the valuation before they will issue the Offer Letter. It was much easier to organise the valuation myself. At this stage, I'd nearly offer to pay for it myself as well if I could just set it up myself, today. They are horribly inefficient all round so far.

In the meantime, since I know the underwriters have approved it, and the LTV is easily within the required range, should I ask my solicitor to start the legal process for first switch to BOI? What is he actually going to do if I say that - will he ask for the title deeds from my current lender as step 1? I assume Ulster won't be able to see anything changing while drawing up the Offer Letter until I actually draw down the first switch (since the underwriting people are finished)? I am just trying to get something going while waiting on Ulster bank valuation or should I just wait until I have the Ulster Offer Letter in hand..........thoughts? Hmmm seems @lotus17 did something similar with solicitor above....

I guess the question is does starting the legal process of a switch register anywhere until its finally completed?
 
username123 said:
My God, Ulster Bank are so slow. Their underwriters have finally approved the mortgage, but now I am waiting for their valuation team to contact me, since Tuesday morning, to do the valuation before they will issue the Offer Letter. It was much easier to organise the valuation myself. At this stage, I'd nearly offer to pay for it myself as well if I could just set it up myself, today. They are horribly inefficient all round so far.

In the meantime, since I know the underwriters have approved it, and the LTV is easily within the required range, should I ask my solicitor to start the legal process for first switch to BOI? What is he actually going to do if I say that - will he ask for the title deeds from my current lender as step 1? I assume Ulster won't be able to see anything changing while drawing up the Offer Letter until I actually draw down the first switch (since the underwriting people are finished)? I am just trying to get something going while waiting on Ulster bank valuation or should I just wait until I have the Ulster Offer Letter in hand..........thoughts? Hmmm seems @lotus17 did something similar with solicitor above....

I guess the question is does starting the legal process of a switch register anywhere until its finally completed?
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+1 on UB being very slow, definitely get your solicitor to call in the deeds from your existing bank though as it usually takes weeks for banks to release the deeds.
 
Have requested solicitor to contact current bank for docs. Funnily re replied within the day asking for me to complete the authorisation - its so nice when people actually respond to you, note Ulster bank!!

I'm up to 6 weeks now since I first contacted Ulster bank. I am still waiting to be contacted by them to set up the valuation, a week after the mortgage was approved by underwriters............how long has this valuation step taken to be setup for others with Ulster?

Am I being unrealistic to expect to get a call within a week?
 
I started the process of doing a 3-way switch last October. Its now heading towards end of March and in spite of having all 3 offers on the table at end of December I have only just completed switch 1 and am waiting on the cashback from them. End of June will see the 6 month offer period running out so not sure what is going to happen to my genious plan. I might have to reapply and get another valuation again!
Process has been very slow for a combination of reasons.
 
lotus17 said:
I am still waiting for approval to come through from each of the banks.

I also contacted Irish Life who I have my mortgage Insurance to see if I can keep the Mortgage Protection Insurance plan when I switch banks. The response from irish Life is that I can't as I have a block plan and it cant be transferred. I will have to start again with a mortgage Insurance plan. Will I have to get a new plan every time I switch or is it possible to start arranging some type of plan that could transfer with my mortgage as I hopefully make my switches from EBS to PTSB to BOI to KBC to UB?
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I am making reasonable progress with my 4 switch plan and have provisional approval from 2 of the banks. KBC have the valuer lined up to come next week. I am pushing them as fast as I can and responding to queries, as they arise promptly. I understand my Switcher applications are with the Underwriting Team of all four banks so hopefully full approval will come through soon.

I cannot transfer the Life Insurance from EBS my current provider as it’s a block policy. I have been told Mortgage insurance can slow up switches. Is there a policy type or broker I can go to to sort out Life Insurance for a mortgage that will be making 4 swift bank changes? I would like to organise this now and have everything ready, by the time full approval comes through from all four banks.

Advice appreciated!
 
Just what may be a little fly in the ointment, as I think this whole scenario is a little simplistic.

Say you have a mortgage with bank A for 3 yrs or so and you apply for mortgage approval in full (letter of offer) to banks x,y,z, obviously using your existing mortgage as required proof of "length of time with previous lender".
Assuming you get all three offers and you start the process.

This is fine with bank X but what happens when you go to draw down from bank Y ? They expect to see a lien/charge on the title to be with bank A, but now see a different lien on the title ie. bank X . This is now outside the terms of offer and surely would raise a few questions, at the very least. ie. Did you make a mistake? Is there in fact two charges on the property? Is it a case of non-disclosure? How did bank X come into the equation and for how long? etc.

This just has to come to the fore as title and existing closure balance is examined by the lender.
As terms have now changed I strongly suspect "letter of offer" can and most likely would be rescinded.
 
RedOnion said:
Hi,

Have a read of the following thread.
You essentially need a solicitor on board who will give undertakings, but never register the mortgage charge until the last switch.

https://www.askaboutmoney.com/threa...solicitor-to-do-a-switch-for-me.210431/page-2
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Yep, just read it, sharp practice, at best.

Regardless of what people may think about banks, they are not in the business of giving out free money.
Undertaking after undertaking after undertaking, what could possibly go wrong ??
An element of deceit also exists, ie. the second new lender looks for a redemption figure and expects this to be from the original bank but it is in fact from the first new lender, which is not disclosed.

I'm not surprised some/many solicitors baulk at doing this as it erodes the very basis of what an undertaking is and I suspect if widespread then a solicitors undertaking may become meaningless in conveyancy. As in this case, for it to work, such undertakings must not be and in fact are never intended to be undertaken.
 
EBS have declined my switch as not with current lender 12 months. (switched last year)
Are they making up acceptance criteria as they go along??
 
Yes because they allowed me to switch back to them after only 2 months with BOI. In fairness if you followed my story i told them what i was doing so they were happy to take me back and give me the 2% cash back. I went from EBS - PTSB - BOI- EBS. Obviously i didn't receive any cash back when i took out the original loan with EBS in 2011.
 
The solicitor gave an undertaking to do x but the client then told them to do Y so they could no longer do x. I disagree with you. The Central bank are encouraging people to switch and switch often. The Banks have no clauses to say you must remain with us for 24 months or we will take back the cash back. If they want to protect themselves then they should change their t & c's.
 
Sean Og said:
The Banks have no clauses to say you must remain with us for 24 months or we will take back the cash back. If they want to protect themselves then they should change their t & c's.
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They have no such clause because it's illegal. I think BOI had it at first, but had to remove it as it was a breach of MCD. That's when the brought in the extra 1% after X years.
 
I'll be with current lender 1 year in May 2019 (6 weeks time). After getting salary certs, bank statements, loan statements, credit card statements etc I got a short reply saying underwriters declined application as I wasn't with lender 1 year. but if I wanted to resubmit fresh statements etc after 5th may, they would look at application.
My issue is that their website doesn't say that swichers must be with current lender a minimum of 1 year nor did the customer adviser mention same over phone or at any point during email conversations. I even had to get a second set of bank statements as some were 2 days over the "within last 2 months" period.
Its the time I wasted getting all the information for them. If they had stated at the start that I had to wait until 1 year was up with current lender it would have saved a lot of hassle.
Prob the wrong thread as im not doing multiple switches, just moving for 1 cashback.
 
Be patient and go again in a few weeks time. Yes they can move the goal posts from time to time. As i said it wasn't an issue for me but i was dealing with the local EBS office in town and maybe they told the underwriters to look at the application on its own. After all i was with them for 7 years and moved away for about 6 months to get cash back from PTSB and BOI before returning to EBS for their cash back. I told them what i was doing before i moved although i only told them i was moving to PTSB not BOI as well .lol
 
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