Switching Mortgage - Required Timeline in Current Provider Before Switching?

Edward33

Registered User
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53
Hi,

Does anyone have recent experience of switching banks for their mortgages and how long you have to be with your current mortgage provider?

I had a call with a mortgage switching provider this morning who told me the below timelines for current mortgage provider before switching. Has someone who has recently switched got anymore information? Is it set in stone or more adhoc depending on the person you reach in the next bank?

  1. PTSB - 24 Months
  2. BOI - 12 Months
  3. EBS - ?? Months
  4. UB - ?? Months
  5. AIB - ?? Months

Thanks a mil!
 
It depends on your case and the appetite of the mortgage agent. I would advise check if you are interested. I wasn't bound by the rules and could move with no wait period for 1 of the banks, and reduced wait period for others
 
I switched to PTSB after 12 months, as above poster says, it depends on each application, it seems. Those timelines are not fixed.
 
I had a call with a mortgage switching provider this morning who told me the below timelines for current mortgage provider before switching.
As I understand it, you're drawing down a new mortgage?

There is different criteria for length you've had a mortgage, and can prove servicing, versus length with current provider (i.e where you've switched previously). They are 2 different underwriting assessments.
 
No, they are absolutely not definite
Thanks good to hear you say that as this was my thoughts. Every second phone call I make leads to the lenght required with current mortgage provider to change. It does not seem to be definite at all!
 
As I understand it, you're drawing down a new mortgage?

There is different criteria for length you've had a mortgage, and can prove servicing, versus length with current provider (i.e where you've switched previously). They are 2 different underwriting assessments.
Thanks this makes sense. You are corect, I am getting my first ever mortgage and have been told I do not need to wait 6 months to switch particularly to KBC.
 
Thanks this makes sense. You are corect, I am getting my first ever mortgage and have been told I do not need to wait 6 months to switch particularly to KBC.
There's still flexibility, but you're asking the wrong question
 
I'm

If it's yr first ever mortgage how can you be switching????
I have just signed first ever loan drawdown and I am considering switching now for the first time within one single month. I have never switched before obviously and wondering can you switch within 6 months or at 6 months and will any banks take you. I think I got my answer in that every scenario is different and there is no definite criteria and therefore I could switch after one month.
 
From your experience, would you guess in this situation you could switch at 6 months time or 12 months time or is it just not definitive?
Brand new mortgage? I've never heard of anyone succeeding in the 1st 6 months.
The underwriter will need evidence that you can repay mortgage, so they'll want to see mortgage statements in addition to the usual docs. You've big expenses in the first couple of months, so it'll take a while for your finances to stabilise after buying.
 
I switched to PTSB after 12 months, as above poster says, it depends on each application, it seems. Those timelines are not fixed.

Can I ask did you go through a broker or deal directly with perm themselves. I got the line previously that you had to be with your provider for 24 months before you are able to switch (which is anti competitive in my opinion)
 
Can I ask did you go through a broker or deal directly with perm themselves. I got the line previously that you had to be with your provider for 24 months before you are able to switch (which is anti competitive in my opinion)
I went to PTSB myself and this is a new mortgage and my first ever mortgage. I did not go through a broker. I started with PTSB for the very reason of their 24 month timeline. I said if I start with them then I will only have to wait 12 months for sure before my next cashback. Now what I want to do is chance my arm and see if I even do need to wait 12 months before my first switch or if BOI or EBS would take me in 6 months time so I can collect the cashback sooner than I expected. I want to try get cashback as soon as possible from a few banks and maybe end up with a provider with the lowest rate in Ireland sooner rather than later to take away chance of my personal circumstances changing around dependents, salary etc etc. The quicker I can do this the more it reduces my risk.
 
Hi. My solicitor has advised that in order to switch and avail of cash back that the bank usually defers payment of the cashback for 30 days and also will generally include a clawback clause if tou switch to anither provider. Isthis correct?
 
I'm not an expert but the cashback payment sometimes can take up to 30 days in some of the banks. I do not think there can be a cashback claw back from what I read.
 
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