Black_Knight
Registered User
- Messages
- 108
Why dont you just take the 2% cashback and switch the next day to the lower rate lender?
Any source for this? Which banks?I gather some lenders have a policy not to take on a switcher with less than one year's repayment history with their existing provider so that strategy may not always work.
Any source for this? Which banks?
Cheers. That's a balls.Brendan's comment on this thread -
However, even after 1 year at EBS then switch, you'd still be up about 4k (very rough calculations of 5k cash back - 1k extra interest paid in first year, assuming destination lender covers switching fees)
Well, yes, but don't forget that some banks are offering a fixed amount contribution of up to €2,000 and you still have to go the trouble of switching. Assuming you place a value on your time, the difference becomes somewhat marginal and vanishes completely at lower loan amounts.
And you are obviously taking on the risk that you won't be able to switch after the 12 months have passed for some reason (change in work/family circumstances, etc.).
it shouldnt cost 2k to switch
and how much time is really involved, fill a few forms, scan a few documents
its a no brainer once the mortgage amounts get above 400k imo
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