Hi all
I was with aib on the >90%ltv for a 300000 mortgage I had taken out in 2012. I asked to change ltv bands to the lower <50% around oct 2017 as my house value had gone up and the mortgage had naturally decreased. Aib refused to let me do this even when I threatened switching.
So I called their bluff and moved to ebs who were offering 3.2% (I think, can’t quite remember so I’m open to correction).
The process took about 3 months, so by Jan of 2018 I was an ebs customer and had received 2% cashback On my now 280000 mortgage, from ebs for switching.
In the meantime I checked with aib head office, and ccpc, if there was a clawback in these switching cashback offers to which I was ensured there was not due to eu competition laws.
In fact I even recall mentioning this to the ebs switcher person, to which he replied he wasn’t entirely sure, but he was sure that ebs wouldn’t be giving money away for nothing......hmmm.
So as soon as I was an ebs customer I applied to re-join aib on an ltv <50%. I explained to the aib switcher team I had just left and they applauded me for getting the cashback from ebs! Lol! I also received a 1500 switching payment, to move back to aib. (It could have been more than 1500, I can’t remember)
So I payed feb and March mortgage payment to ebs but had moved back to aib by the end of March where I took a 6 month payment break.
The 2% cashback from ebs, the 1500 switching payment, I received from aib and all the payments I didn’t pay for 6 months I saved, and overpayed my mortgage by that amount.
I will be moving to ub in January to avail of the 1500 switching payment and also the 2.3% fixed (unless aib cut their variable to below 2.3 which I doubt).
I have to wait until Jan as ub require you to be with your previous lender at least 6 months, so I’ll have payments statements from aug to Jan.
The whole process was quite quick and easy as I used the same solicitor for all moves and they turned out to be brilliant. They also took money off their fees with the second move after I negotiated with them.
I suppose this shows the madness of our banking system.
I was with aib on the >90%ltv for a 300000 mortgage I had taken out in 2012. I asked to change ltv bands to the lower <50% around oct 2017 as my house value had gone up and the mortgage had naturally decreased. Aib refused to let me do this even when I threatened switching.
So I called their bluff and moved to ebs who were offering 3.2% (I think, can’t quite remember so I’m open to correction).
The process took about 3 months, so by Jan of 2018 I was an ebs customer and had received 2% cashback On my now 280000 mortgage, from ebs for switching.
In the meantime I checked with aib head office, and ccpc, if there was a clawback in these switching cashback offers to which I was ensured there was not due to eu competition laws.
In fact I even recall mentioning this to the ebs switcher person, to which he replied he wasn’t entirely sure, but he was sure that ebs wouldn’t be giving money away for nothing......hmmm.
So as soon as I was an ebs customer I applied to re-join aib on an ltv <50%. I explained to the aib switcher team I had just left and they applauded me for getting the cashback from ebs! Lol! I also received a 1500 switching payment, to move back to aib. (It could have been more than 1500, I can’t remember)
So I payed feb and March mortgage payment to ebs but had moved back to aib by the end of March where I took a 6 month payment break.
The 2% cashback from ebs, the 1500 switching payment, I received from aib and all the payments I didn’t pay for 6 months I saved, and overpayed my mortgage by that amount.
I will be moving to ub in January to avail of the 1500 switching payment and also the 2.3% fixed (unless aib cut their variable to below 2.3 which I doubt).
I have to wait until Jan as ub require you to be with your previous lender at least 6 months, so I’ll have payments statements from aug to Jan.
The whole process was quite quick and easy as I used the same solicitor for all moves and they turned out to be brilliant. They also took money off their fees with the second move after I negotiated with them.
I suppose this shows the madness of our banking system.
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