Saying that I find your attitude to switching bizarre is hardly a personal comment!
No it's not, however:-
You seem to have a moral objection to borrowers switching repeatedly
Judging my morals most certainly is !
Whether multiple switches are carried out within 6 months or over some longer period is beside the point
It most definitely is not beside the point, the whole basis of the multiple switches is that it has to be carried out within six months or else wait at least a year between switches.
there is no deception in either case and no posters advocated deceiving anybody.
Look, for the sake of clarity I'll give quick synopsis of how it works and you make up your own mind.
You are with your bank (A) for over 12 months (important, as most lenders will insist that you are with your previous lender for at least this time) for your mortgage. You want to do multiple switches to obtain the cashback offers. Absolutely nothing wrong with that, but rather than abide by the rules you use subterfuge to speed up things.
1) You simultaneously apply to banks B,C,D and E and give all details, hoping to switch to/from banks B,C,D and end on E. You know at this stage that the information given to banks C,D and E will be incorrect when drawing down the mortgage.
For this to work you keep quiet (non-disclosure).
2) You obtain 4 letters of offer, valid for six months (hence the necessity to complete all switches within that time period) . Again you know at this stage that the conditions and basis of 3 of these LOO's is different from what you supplied at application.
For this to work you keep quiet (non-disclosure).
3) You direct a solicitor to start the process and he/she must be on board with this also, as undertakings are given by the solicitor to the various lenders.
These undertakings are knowingly never going to carried out, nor were they ever intending to carry them out. ( Call this what you like, but I know what I would call it.) Also the solicitor
must not let lenders C,D and E know that material information relating to their client has changed since they issued their LOO. ( I would call all this (at best) duplicity )
4) All changes must be performed within the six months validity of the LOO's, for the reason stated above.
If banks C,D or E are told that pertinent information supplied at time of issue of the LOO has since changed, then it is highly likely that the offer would be rescinded and the whole stratagem would collapse.
The above is a very short synopsis of what takes place, in practice there are more lies and deceit used for it to work within the allowed time.
I was very surprised that this was actively discussed and encouraged on AAM. It even went so far as people congratulating each other on how many thousands of Euros they exploited from the scheme. At the very best it employs a lot of 'sleight of hand' and you, I and every other person who didn't go down that path is paying for it out of our pockets.
That is why I don't like it and nothing to do with :-
objection to borrowers switching repeatedly to get the best deals possible
Now do you see why I say 'It is not in keeping with the spirit of the scheme'?
