Hi,
Have you got approval yet from UB?
It'd be interesting to see if taking the 6 month payment break will count against you when you go to switch - it's generally an underwriting red flag.
Tom
That is absolutely a brilliant story.
If there were more like you, then mortgage rates would fall further.
Brendan
I explained to the aib switcher team I had just left and they applauded me for getting the cashback from ebs! Lol!
The unfortunate part of my story was that it cost me €24000 to break from a 5.5 % rate with EBS with 3 years to go.
Hi Tom
Just thinking a bit more about this. AIB refused you a cut of about 0.4% in the mortgage rate. But about a year later, you were back with AIB with the rate you had asked for in the first place.
The cost to AIB in the meantime was approximately:
View attachment 3249
Is that about right?
Of course I should probably add in the another few grand for the admin costs of setting up a new mortgage.
Another question - why did you switch back to AIB?
Why not switch to Bank of Ireland or ptsb and get the 2% cash back which would have been €5,600 instead of €1,500 switching fee from AIB?
It's discussed by your spiritual brother in this thread:
Advice on making the most of switcher offers - what order?
Good morning lads, this is great to see but Tom1ie you have missed a few tricks here.
You are correct about how silly the banking system works.
You should have also switched to BOI and PTSB for their 2% cash back.
I have completed 3 switches now since June from EBS to PTSB to BOI and back to EBS also 2% cash back on 300k mortgage.
The unfortunate part of my story was that it cost me €24000 to break from a 5.5 % rate with EBS with 3 years to go.
What I advised others on the other pages was to apply to all the banks at the same time with all your bank statements wage slips, salary certs etc all together. That way the bank you are applying to see you have been with your bank for years and that you are only switching to them. They don't know you are going to switch again. I did this because some banks want you to be with a mortgage lender for a certain period of time 6,12 or 24 months.
I had the same experience with my solicitors as Tom1ie, very good and gave me a good price for deals 2 and 3 because there is very little work. People on here have been asking me for his details but he is reluctant because he told me he doesn't want to be seen as acting for all these people who keep switching because he said a certain bank could black list him and then he couldn't act for anyone who was getting a mortgage from that bank. He knows of other solicitors who certain banks don't deal with for a variety of reasons.
Yes, you were a bit of an anomaly when I looked at it.i have got Red Onion to check it before and he agreed that it was correct
Also the fact aib allowed me to take a 6 month moratorium, meant I could save up the 6 months of repayments and throw that off the principle of the mortgage, thus lowering my monthly repayment going forward.
Now I know a moratorium means the remaining repayments would be slightly higher over the life of the mortgage, as it would have to be factored in, but i presume they don’t factor in you will be moving again 6 months after your moratorium is finished, so if you are going to switch 6 months after your moratorium is up I think you’ll be saving even more money, correct me if I’m wrong.
Thanks.
Ah, I think now you don't understand how the moratorium works?. They still charge you interest, but don't look for payment, so @Mrs Vimes is completely correct. You've cost yourself money by not paying it at the start / as you had it.so if you are going to switch 6 months after your moratorium is up I think you’ll be saving even more money, correct me if I’m wrong.
Ah, I think now you don't understand how the moratorium works?. They still charge you interest, but don't look for payment, so @Mrs Vimes is completely correct. You've cost yourself money by not paying it at the start / as you had it.
Hi Tom
Just thinking a bit more about this. AIB refused you a cut of about 0.4% in the mortgage rate. But about a year later, you were back with AIB with the rate you had asked for in the first place.
The cost to AIB in the meantime was approximately:
View attachment 3249
Is that about right?
Of course I should probably add in the another few grand for the admin costs of setting up a new mortgage.
Another question - why did you switch back to AIB?
Why not switch to Bank of Ireland or ptsb and get the 2% cash back which would have been €5,600 instead of €1,500 switching fee from AIB?
It's discussed by your spiritual brother in this thread:
Advice on making the most of switcher offers - what order?
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