Key Post Advice on making the most of switcher offers - what order?

arbitron

Frequent Poster
Messages
162
We are with KBC, about to come off a fixed rate of 2.9%

Property value: 410,000
Outstanding loan: 310,000
LTV: ~75%

We're happy with KBC but planning to switch to take advantage of the 2% from EBS, PTSB, and BofI. The plan is to switch to the next bank immediately once we've received the 2%, as others here have done.

I would appreciate advice from anyone else who has done this in quick succession.

Is there a particular order we should do it in? Should we start applying for the next switch as soon as we draw down the 1st one?
 

Brendan Burgess

Founder
Messages
37,836
Interesting question.

I would imagine that the cash back won't last too long.

You don't want to get stuck with ptsb having got their 2% cash back. You will have to switch to another lender and bear the cost yourself.

So maybe BoI and EBS. Or if you think you can do all three, ptsb, BoI and EBS.

Brendan
 

Blackrock1

Frequent Poster
Messages
382
From what I've heard:
  • PTSB require you to be 24 months with previous lender
  • BofI require you to be 12 months with previous lender
  • EBS, AIB and KBC have no minimum requirements
If this is accurate, we will probably go BofI - EBS - KBC. I'll contact each bank to confirm.

Why is PTSB to be avoided?
I switched to BOI with only 3 months with Ebs so not my experience, but you need a story in my case ebs was 3.5% boi was 3 and I’ve end up at Ulster bank at 2.5%

You may get the first switch away due to the cash back but not the second without a reason to give them
 

Brendan Burgess

Founder
Messages
37,836
PTSB require you to be 24 months with previous lender
Then they would surely be the first to go for? Stay with them 12 months and then switch to BoI. Then you can switch to one of the others.

ptsb have a history of treating their existing customers very badly.

Brendan
 

Sean Og

Frequent Poster
Messages
144
This is the advice i gave someone on the other thread. Someone else on these forum has switched 3 times in 5 months. Anyway here it is, 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 draw down 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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