Hi there.
We have just gone sale agreed and am now considering which loan offer to take. Have approval for 600k from KBC, Per TSB and EBS. They all have slightly different variable and fixed rates. I'm considering going fully variable with Per TSB. There is a difference in variable rates of 0.25% with KBC cheaper. EBS are more expensive again so am ruling them out.
However we would get 12k cashback with TSB and it seems that there are no terms and conditions, so what is stopping us from switching to the then cheapest variable rate provider in the market say after one year? The risk is that the new lender won't approve us for 600k but I think that risk isn't too high. Over one year the repayments will be circa 750 higher with TSB over KBC but we'll get 12k cash back.
Even if we went for a 2 or 3 year fixed rate, the maths would seem to make sense.
Am I missing something?
We have just gone sale agreed and am now considering which loan offer to take. Have approval for 600k from KBC, Per TSB and EBS. They all have slightly different variable and fixed rates. I'm considering going fully variable with Per TSB. There is a difference in variable rates of 0.25% with KBC cheaper. EBS are more expensive again so am ruling them out.
However we would get 12k cashback with TSB and it seems that there are no terms and conditions, so what is stopping us from switching to the then cheapest variable rate provider in the market say after one year? The risk is that the new lender won't approve us for 600k but I think that risk isn't too high. Over one year the repayments will be circa 750 higher with TSB over KBC but we'll get 12k cash back.
Even if we went for a 2 or 3 year fixed rate, the maths would seem to make sense.
Am I missing something?