Double switch

Looking at the KBC application form, the majority of docs they request just need to be within six months. So in theory they would accept your most recent mortgage statement as being six months old.
 
Blackrock1 said:
can you bullet the three qns and ill try answer from my experience?
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Thanks, to summarise:

1) Is the key point of Sean Ogs approach ensuring your solicitor does not register the mortgages? As once mortgage is registered the next bank you move to can see you changed mortgage provider since you applied to them.
2) If a solicitor has not registered your mortgage, is the no way for a bank to find out who you currently have your mortgage with? (credit bureau?)
3) If you proceed with a mortgage a few months after approval, might the bank ask for up to date bank statements? At which point they will see your mortgage payments have changed.
 
i think sean og will have to answer these as in my case everything was registered and the moves were done one by one,

but i think your summation of his approach is correct
 
Sean Og said:
you are missing a massive trick Coldwarrior, follow my advice closely now. Get everything in order, wage slips, bank accounts 6 months, salary certs etc. Make 3 copies of everything and then apply to EBS for 2% cashback, apply to PTSB for 2% cashback also and apply to Ulster Bank for their 2.3% rate. They will all process your application at the same time and will all offer you a mortgage everything going well. Your mortgage lasts 6 months. PTSB gave me my cashback within 10 days of drawdown last month. I am already in the process of drawing down my BOI offer which i have. I moved from EBS to PTSB last month so after BOI i am going back to EBS for 2% cash back because i never got it previously. The bank might call you and say the underwriters have seen that other banks have carried out a credit check on you within the last days/week, just tell them you are shopping around for best deal and looking at all options. I told them that and it was fine.You are doing nothing wrong and your solicitor should have no issues also. You are just playing the system, less than 1% switch mortgages and you are just ahead of the game.
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I had thought of doing this, but even if the mortgage isn't registered by your solicitor won't it still show up on the new central credit register report? I've requested mine a couple of times and it seems to be pretty up to date so would the 2nd/3rd bank in the chain not see from that that you've switched already?
 
Coldwarrior said:
I had thought of doing this, but even if the mortgage isn't registered by your solicitor won't it still show up on the new central credit register report? I've requested mine a couple of times and it seems to be pretty up to date so would the 2nd/3rd bank in the chain not see from that that you've switched already?
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I gave PTSB a call anyway to keep my options open, interestingly though they said they don't take switchers who've been with their current bank less than 2 years! Seems to me like a self defeating policy that'll cost them business, funny thing is I switched to them before with a previous house after only 1 year with the previous bank.
 
This sounds like a case of "I won the lotto, sure you can too". Probability of pulling this off is low I'd imagine. But fair play to anyone who pulled it off.
 
Hi Lads sorry i was on holidays for the last month so only catching up on this now. My 2nd switch went through about 10 days ago from PTSB to BOI and i received my €6000 cashback on Monday. I was only with PTSB for about 6 weeks. I have a small delay with EBS but was in with them yesterday and everything is good and they should issue me with my offer next week and then i will switch to them and get my 3rd €6000 in about 4 month. The reason i applied for the 3 mortgages PTSB, BOI, EBS at the one time was in case they seen that i had switched 6 weeks earlier and got the 2% cashback. If say BOI seen that i had just moved to PTSB and was now looking to switch to them and get the 2% they are within their rights to just refuse me even though i meet all the terms for a mortgage. By doing it my way they all think i am switching to them from my original mortgage of 5.5% with EBS fixed for another 31 months. EBS obviously know i am switching but i told the manager in my local office that i was only switching to PTSB to get the cashback and then back to them because i cant get the EBS 2% unless i am a new customer. He agreed with my plan but doesn't know the full story :). I really don't think my solicitor not registering the property comes into it. It just speeds up the whole thing. Once i receive my €6000 from EBS i intend to start again with PTSB just for the fun to see what they say. They have nothing in their T&C to say that it is a once of offer. EBS however do specify that the 2% cashback can only be claimed once on a property but if i sold and bought another house i could get the 2% on the new mortgage. Can't see PTSB giving me another €6000 when they see that i only stayed 6 weeks before. Maybe i should leave it 6 months and by that stage i could do PTSB and BOI again at the one time. My bank accounts will show 6 months mortgage repayments to EBS and thats all they want to see. It will be a new application and the fact that i had mortgages with them before mightn't even show up. Never under estimate the stupidity of the Banks ;)
 
Sorry forgot to say, your mortgage offer lasts for 6 months so you can draw it down at any time. The banks do not look for up to date bank statements etc so they will not see that i have received two €6000 payments as cashback. That is why applying for the 3 mortgages at the same time makes good sense, at least i think so and it has worked for me. Blackrock1 did them seperately as he went along and again that worked for him,but i would be afraid that the bank might see whats happening and just say no we are not giving you the 2% cashback.
 
When you say your solicitor doesn't register the property, what exactly are u saving here? Money wise?

And is there a legal requirement to register the property? Wouldn't the lender be looking for proof it was registered?
 
I had one more cashback offer to avail of with EBS as I had already been with PTSB & BOI before landing with Ulster's 2.3%.
My plan was then to apply to both Ulster & EBS and complete the double switch.

However when I got the loan approval in principle from EBS it contained a condition that I provide 12 months BOI mortgage repayment statements!!!!
I couldn't believe it as I had asked the mortgage advisor if 6 months was sufficient!
Also EBS are just not easy to deal with and Ulster have been really efficient.

When I calculated what I would owe after the 2 years with Ulster at 2.3% if I moved immediately versus waiting to move to EBS and take 5k of the cashback off the capital there was less than 2,000, so for ease I'm going with Ulster!!

Thought people would be interested that EBS are asking for 12 months statements!
 
Ok Marobar1 that is good to know. I was orginally with EBS and explained to them in the local branch what i was doing, i only told them i was moving from them to PTSB and then back to them to avail of the 2% cashback each time to help off set the 23k early repayment fee from EBS as i had 3 years left on a 10 year fixed rate of 5.5% :(. They know i have just switched and i am switching back and AFAIK it isn't a problem and they are ready to issue me an offer next week.
 
I have a question as I am thinking of a double switch. I plan to move to BOI or PTSB and then to UB for the 4 year fix.

When you moved to the intermediary banks did you move to a variable rate?

If you moved to say BOI's fixed rates would you not potentially have to pay a breakage fee.
 
Yes better to move to a variable rate just in case, but why just 1 switch, why not 3, PTSB, BOI and EBS for the 2% cashback. It is a bit of work but if you are going to switch you have all the paperwork etc there so just apply 3 times using same bank statement, salary certs, pay slips etc. Go for it. Easiest money you will ever get especially from a Bank.
 
Already got 2% cash back from EBS a year ago when taking out the mortgage.

Recently got approval from UB to switch to them.

I will chat with our solicitors tomorrow to see if they are ok with us doing the double switch. Once they don't have any issues then it should be fine. As you say, I already have all the paperwork.
 
Sean Og said:
If say BOI seen that i had just moved to PTSB and was now looking to switch to them and get the 2% they are within their rights to just refuse me even though i meet all the terms for a mortgage.
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And why wouldn't they see you just taken out a mortgage with PTSB when they do a credit check on you?
 
I am currently with EBS fixed rate of 3.1% ending at start of Oct. Currently paying about €730 per month with o/s balance of around €177k over 31 years. LTV slightly less than 50%.

I am going to switch. I have done some research and seemingly PTSB is the best move based on their cashback of 2% and requirements that are slightly less onerous than that of BOI. They're VR is 3.2% for 1st year which is pretty good.

I asked them if there was any restriction on me moving onto another Bank straight after I get the cashback and the guy was slightly stumped but said technically no there wasn't.

Given that there is solicitors fees of about €1k each time one switches how is it even worth it to switch to UB and AIB where theyre cashback is just to cover the solic fees? BOI is similar to PTSB at 2% which makes it worthwhile.

So basically after I get the cashback from PTSB im jumping on my bike and pedalling over to Boi to get a little more cashback action. Is it really this easy?
 
OK Jim, if i was you this is exactly what i would do. You are currently with EBS (like me) you should go to them and apply for a new mortgage to avail of their 2% cash back offer. In the next 4-6 weeks you should get all your paperwork up to date and ready to go. 6 months pay slips, 6 months bank statements, salary certs, mortgage statement from EBS etc. Then in Oct sometime i would apply to BOI, PTSB and KCB for a mortgage to avail of their 2% cash back offers and KBC €3000 towards legal fees. Another tip for switchers is to ask your solicitor for a price for all the switches, to me €1000 for each switch is too expensive, as there isn't much work because all they are doing is requesting a redemption figure from one bank and drawing down from the next bank. There is no searches etc. I would talk to your solicitor and arrange with them to charge KBC the full €3000 legal fees and that this €3000 will cover all the cost of all the switches. Next step is to apply for all the 4 mortgages at the same time (EBS, PTSB, BOI, KBC) submit all the same paper work and wait for your offers to come back. Each bank will see that you have a perfect credit record (i hope) and that you have had a mortgage with EBS for the past 2 years. You are applying to them because of their 2% cash back offer and their new improved variable rates. Always get a variable rate even if the banks suggests a fixed rate. You don't want any breakage fees when you move, which are unlikely anyway but still. If you follow this you should get 2% from EBS, BOI and PTSB and ask your solicitor to play ball with KBC and bill them for €3000 legal fees. I am very serious with all this, you might think it's crazy but i can guarantee you it will work if you follow my instructions carefully. You are doing nothing wrong or illegal just playing by the banks own rules. Remember less than 1% of people switch their mortgages so we are the 1% who will do it 4 times in 6 months. I have 2 switches done and ready to switch to EBS now for the third 2% cash back on a €300,000 mortgage so yes that is €18,000 in cashback and moving to a lower mortgage rate at the end. I am now applying to KBC but unsure how i will get on because i should have applied when i applied to the other 3 banks back in May. They will now see the 2x€6000 cash backs in my bank accounts and might ask a few questions as to why i am switching so much but maybe they won't. That is why you should apply to the 4 banks all at the same time.
 
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