Doesn't really matter all you have to say is that the 2% cash back is attractive and you want a nice wee holiday or something.In relation to what order for switches, I have a quick question. I have my first time mortgage with PTSB last month. This is my first ever service provider. If I go to KBC next on a fixed term rate of 2.3% for 1 year followed by BOI at a rate of around 3%. Is it more difficult to switch to BOI if there rate is higher than KBC? Do I need to justify the switch or is it simple and no questions asked why you are switching if your finances and statements are in order ?
If you do need to justify the switch I would presume the route would be PTSB > BOI > EBS > KBC because KBC has lowest rate. Or maybe this does not matter at all....
If you go for a variable rate you can switch whenever you want without a penalty. If you go for a fixed rate you will have to pay a penalty if you want to break out before the fixed period is up. Variable rates are higher but just tell the bank that you don't want to fix just yet as you think rates will fall especially now with Covid 19 etc.I am looking to get a new mortgage but bank says that I can go variable but will be unable to switch for a few years. Is this normal? Would want to switch quick as rates are high.
Is this for a new mortgage we were talking about before?but they're saying you can switch in a couple of years
All except AIB, but even they have lower fixed rates now.Are the variable rates high with all of the banks
Yes possibly but still well worth a go. You are doing nothing wrong or illegal as i keep reminding people.All except AIB, but even they have lower fixed rates now.
@Sean Og I'd imagine it's more difficult to get a solicitor to process a switch on a new mortgage application.
You're not, but I think the solicitor may be making undertakings that they can't possibly do which is where they'd be getting very uncomfortable.You are doing nothing wrong or illegal as i keep reminding people.
Hi Séan, it'll be a second buy. I could move/switch my current mortgage around as it's variable? It's trying to choose for the 2nd buy and have the flexibility to switch is what I'm hoping to achieve but there may be barriers. The biggest one is what RedOnion pointed out which is the Solicitor.You could apply to all the banks as a first time buyer and get approval from them all. Then just get your solicitor to switch asap between the banks. The same rules apply , your mortgage approval should be valid for 6 months and if you have 3 or 4 approvals in place then there is nothing stopping you from switching 3 times in 3 weeks. Probably a good bit of paperwork involved as a first time applicant but if you are up for it i'd certainly give it a try. Plenty of cash on the table for the savy switcher.
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