Key Post I switched 4 times in 6 months
- Thread starter Sean Og
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Credit to @Sean Og for original inspo around switching.
I just completed 3 switches in just under the 6 months mark. KBC>PTSB>BOI>Back to KBC.
If you can answer emails and queries quickly, providing any specific docs on the day requested, then the process moves along nicely. It is a paper exercise. I earned 8k in cashback on a small-ish mortgage.
One of the banks, when it came to drawdown, noticed that the redemption figures were coming from a different bank (BOI) than what was noted on the original loan documentation (PTSB). I said yes I had switched in the interim and they said fine, we just need to amend the loan docs. Not a problem!
So thanks again @Sean Og we await your next great financial idea with bated breath
I just completed 3 switches in just under the 6 months mark. KBC>PTSB>BOI>Back to KBC.
If you can answer emails and queries quickly, providing any specific docs on the day requested, then the process moves along nicely. It is a paper exercise. I earned 8k in cashback on a small-ish mortgage.
One of the banks, when it came to drawdown, noticed that the redemption figures were coming from a different bank (BOI) than what was noted on the original loan documentation (PTSB). I said yes I had switched in the interim and they said fine, we just need to amend the loan docs. Not a problem!
So thanks again @Sean Og we await your next great financial idea with bated breath
Credit to @Sean Og for original inspo around switching.
I just completed 3 switches in just under the 6 months mark. KBC>PTSB>BOI>Back to KBC.
If you can answer emails and queries quickly, providing any specific docs on the day requested, then the process moves along nicely. It is a paper exercise. I earned 8k in cashback on a small-ish mortgage.
One of the banks, when it came to drawdown, noticed that the redemption figures were coming from a different bank (BOI) than what was noted on the original loan documentation (PTSB). I said yes I had switched in the interim and they said fine, we just need to amend the loan docs. Not a problem!
So thanks again @Sean Og we await your next great financial idea with bated breath
I wish i had another great idea Candyman but i don't. I have been with EBS since last December so almost 12 months so i am going to try BOI again and PTSB although they require you to be with previous lender for 24 months but we have seen examples from fellow switches on here that sometimes they will allow you to switch to them after 12 months. I have never tried KBC so i will also try them for €3000 cash back and also AIB for €2000. Hopefully do 4 or 5 switches in 3 months.
Interesting that one of the banks noticed that you had switched in between but still didn't mind. This just proves that all the banks want to do is meet their targets and lend money to people who meet the criteria.
Final question Candyman, why didn't you try EBS for their 2% cash back?
I did try EBS but they were looking for specific documents that I was unable to get for them so I dropped them. None of the other banks requested same. I put it down to EBS being very pedantic.
I could not go to AIB for other reasons. I just didn't fancy Ulster at 1500, based on some of the comments here too so that's why I stuck with KBC,PTSB,BOI.
I also started and ended with KBC so while I applied for all mortgages at the same time, I had to wait a little bit until I moved from KBC before I could reapply back to them. This is a slight variation on the plan but again no problem, I even told them I was switching away to get cashback but I'll be back, they had no issue whatsoever.
I could not go to AIB for other reasons. I just didn't fancy Ulster at 1500, based on some of the comments here too so that's why I stuck with KBC,PTSB,BOI.
I also started and ended with KBC so while I applied for all mortgages at the same time, I had to wait a little bit until I moved from KBC before I could reapply back to them. This is a slight variation on the plan but again no problem, I even told them I was switching away to get cashback but I'll be back, they had no issue whatsoever.
Yes when i moved from EBS i told them i was moving for cash backs but would return to them at the end and could i get cash back because technically i wasn't with my previous lender for 12 months. The local branch looked into it for me and said yes no problem , we will give you a new mortgage and cash back when i returned.
Guys, my solicitor has just informed me that she can't complete it due to the fact that the application on the 2 and further mortgages has my current lender on it. Also due to some banks having the 12month rule. Can anyone suggest a solicitor you've used in Dublin?
Well done , what 3 are you moving to and who are you with now?
Not if you are a FTB, just apply to them all as a FTB they will all give you a mortgage which is valid for 6 months, work away then. If anything crops up just say you applied to 4 banks to make sure you got approval from at least 1, then start with the highest Interest rate and change and just say it's because of the better rate .
Brendan Burgess
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This thread is now summarised, case studied and FAQd here:
Key Post - How to get cash back 4 times in 6 months
The following lenders give cash back on new mortgages Bank of Ireland 2% EBS 2% ptsb 2% KBC €3,000 AIB €2,000 Ulster Bank €1,500 When you are applying for a new mortgage or when you are applying to switch, I recommend that you get approval from three or four lenders at the same time. These...
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