The last switch...

M

misemoi

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Sometimes in life you don't know when the last time you do something is the last. But I've just done my last switch! We went BOI/EBS/AIB/KBC/UB/KBC, and that's us done & will see out our remaining balance with KBC....thanks to all on here for the support & guidance over the years! We have saved a fortune in interest and also made a fortune in cashback, which we always pumped back into the mortgage. I'm paying it forward by encouraging everyone who mentions mortgages to me to switch.
 
@misemoi You mentioned elsewhere that you have sometimes switched after only a few months. Did the new lender not have an issue with this? Or was it one of the "multiple switches in quick succession" that are often discussed here where the new lender didn't realise who exactly you were switching from?
 
No, it was always in sequence. We moved from AIB after only a few months, but in most cases we moved to a fixed rate so saw out the rate we moved to as the rate was low & allowed overpayment. First move was in 2016 so we had six years of moving!
 
Can you provide a rough details of how much you saved in interest & made via cashback?

Trying to determine if its really worth all the effort for a small mortgage of around €100k or does it need to be say €300k to be worth the effort.
 
Surely if the cashback is a fixed amount then the smaller the mortgage the bigger the incentive?
 
I used to keep track but no longer do..but I always followed the same thought process... on 100k if you switch to KBC they offer 3k flat..so around 1.5k net after fees. Maybe not a fortune but I am putting that back into my mortgage so saving 2* that in interest (approx). And to earn that 3k I'd have to be paid 6k. So if someone comes to you and says do this paperwork and you'll get a bonus of 6k, you'd do it. I've seen people make much more effort for a more modest saving. We started on 4.5% variable so the interest savings were also worth switching.
 
Did you use the same solicitor each time
misemoi said:
No, it was always in sequence. We moved from AIB after only a few months, but in most cases we moved to a fixed rate so saw out the rate we moved to as the rate was low & allowed overpayment. First move was in 2016 so we had six years of moving!
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Yes the same one we used for the original purchase. He gave us a discount on the second and subsequent switch and his rates seem in line with what I have seen elsewhere. He's also a nice guy and very flexible to arrange meetings etc.
 
misemoi said:
Yes the same one we used for the original purchase. He gave us a discount on the second and subsequent switch and his rates seem in line with what I have seen elsewhere. He's also a nice guy and very flexible to arrange meetings etc.
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Thanks, how long did each switch take. Currently completing first switxh, bank aib are very slow to move things along. Had to send updated bank statements only this week are they were the ones delaying.
 
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