Multiple switches - when to initiate next switch?

bluecabbage

Registered User
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Hi,

I hope to complete 3 switches in 6 months.

Should I wait for the cashback to land in my account before I initiate the next switch? From reading here that could take 8 weeks, could be tight to get it all done in 6 months.
 
From what I've read in other threads here, especially by @seanog, the banks are obliged to pay you the cashback once you've met their conditions (drawing down the loan). Best to move as quickly as possible.
 
Yes Giddings you are correct, you don't have to wait until the cash back is your account to switch again. Once you have drawn down the Mortgage the Bank has to pay you the cash back even if you switch the next day.
 
Yes Giddings you are correct, you don't have to wait until the cash back is your account to switch again. Once you have drawn down the Mortgage the Bank has to pay you the cash back even if you switch the next day.

I owe you a pint or few for this advice a few months ago. I'm hoping to see five-figure cashbacks from EBS and BOI show up in my current account shortly, and will end up with KBC or Ulster for lower rates. (We were with PTSB originally so couldn't do the trifecta.) Much appreciated would be putting it lightly
 
I owe you a pint or few for this advice a few months ago. I'm hoping to see five-figure cashbacks from EBS and BOI show up in my current account shortly, and will end up with KBC or Ulster for lower rates. (We were with PTSB originally so couldn't do the trifecta.) Much appreciated would be putting it lightly
That is bloody amazing Giddings well done, glad more people are beginning to take my advice. I have been quiet for a while because i have been getting ready to go again and my Solicitor just requested funds on Monday. On a side note, i paid off my An post Credit Card with my new Avantcard and get another 9 months at 0% interest on balance transfers. I originally went from Avantcard to An Post and now back to Avantcard so it will be 27 months Interest free in total. Again it is there for everyone, the funny thing is Avantcard and An post are the same company only different names.
 
Hi guys. I am a first time buyer. I have just applied to BOI, PTSB, EBS and Ulster for mortgages. I'm waiting on approval from all 4, not sure how long it'll take. I'm buying a new build that won't be built until next July or August. Have I applied too early?? Or can I just get an extension on my approval with all 4 in 6 months time?

I have reserved a new home this week which is subject to receipt of a 5k booking deposit. The booking deposit is fully refundable at any time prior to contracts being signed.
The auctioneer is also seeking solicitors details in order that contracts may issue, and I have yet to contact a solicitor. I'm a little confused as to where I go from here. Any help greatly appreciated!
 
I think you'll find multiple switches as a FTB of a new build next to impossible. Pick the cheapest rate and go with that bank.
 
I think you'll find multiple switches as a FTB of a new build next to impossible. Pick the cheapest rate and go with that bank.

Oh right, I wasn't aware of this. Why would this be the case? I am new to this site and I'm just after reading a previous post from @Sean Og from March 2020 stating that it would be possible for FTBs to avail of the switches.
 
I think its harder for ftbs because technically your saying your a switcher when your moreso a ftb.
 
Ok, thank you guys. Any recommendations for who to go with? I had initially planned to go with EBS for 5 years fixed in order to avail of the 3% cash back. Then switch. But it seems to me like I might be missing out on plenty offers if I fix for that long? Maybe go with EBS fix for 12 months and try other multiple switches then with Ptsb and BOI, before fixing with Ulster/AIB/KBC? What do ye think? Am I missing out on 1% cash back with EBS then? You only get the 1% on the 5th year anniversary of the mortgage. Any recommendations would be most helpful!
 
I tried the same thing for a 'mover', and it was not possible with the solicitor I used (see "Mover - Switch possible?" thread). You might find someone out there to do this for you. It would be a similar process for a FTB.
I have gone with BOI, got the 2% cashback and now on a 2.9% 1 year fixed rate. There are clearly lower rates out there. I intend to switch from BOI after 1 year. The 2% upfront still makes it worthwhile to go with BOI - you would need to do the sums to see how much extra you would pay per month on the higher BOI rate versus how much you would get from the cashback to see if it's worthwhile.
 
Are you blacklisted with any of the banks after this? By blacklisted I mean the following
  • Will any cashback deals be off the table in the future with these banks
  • Will the bank want to deal with you on non cash back rates in the future
Also if you are going at a second round of this like Sean Og is do you need new banks to offer the cashback.
 
I think the only restriction on paper is that the banks won't give cashback more than once on the same property.

Of course, they could operate a blacklist internally. But they'd probably only bother doing so if multiple switching seemed like a real problem for them. At the moment it's too niche for that. I'd guess that <100 people in Ireland have done multiple switches for cashback.

Most banks control for this by requiring switchers to have been with their previous lender for at least 12 months. That's why you should get approval from all of your target banks at the same time when planning for multiple switches.

I've just received €11k cashback each from BOI and EBS.
 
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