cheirin123
Registered User
- Messages
- 11
On a new mortgage?Absolutely. Get the rest of the approvals now and then switch the day after cashback.
Hi, you'd need to have your solicitor onboard.@RedOnion , do you agree that it's possible on above basis? (Not doubting you Sean Og but just want to make 100% sure before I apply to 2/3 other banks)
In the switcher example (with bank A, switching to B->C->D), can it be considered fraudulent/illegal to complete and sign a mortgage application form for bank C and D confirming that you hold a mortgage with bank A (with statement etc) but when it comes to drawdown, you no longer hold a mortgage with Bank A, but now have a mortgage with bank B/C instead?
It depends how you look at these things. As a FTB you should still try it although as Red Onion said might be slightly harder with Estate Agents etc but i'd say it is possible. When you apply and draw down a mortgage with a bank they are giving you a loan of money. It is an agreements between the Bank and you. If you repay the loan in 2 weeks or 2 months or 20 years , it doesn't really matter. You have done nothing wrong only repaid you loan very quickly.
The excuse if anyone asks is that as a FTB you applied to all the Banks for a mortgage because you were not sure who would actually offer you one. Get all the offers in and then start the switching. If for example you had a good solicitor on board he could draw down each mortgage every 2/3 days and pay off each mortgage as the next mortgage is drawn down.
e.g BOI mortgage on Monday.
PTSB mortgage on Wednesday which pays off BOI mortgage.
EBS mortgage on Monday which pays off PTSB mortgage.
KBC mortgage on Wednesday which pays off PTSB mortgage.
Ulster Bank on Monday which pays off KBC mortgage.
You will need a good Solicitor to keep an eye on things but it isn't rocket science at the same time.
You are now left with an Ulster Bank mortgage and all the other mortgages are paid off and closed. You have done nothing wrong or illegal here. Absolutely nothing wrong only taking advantage of the cashback offers. As someone said earlier it is up to the banks to check if they are happy to lend you the money. You don't have to tell them you are going to repay the mortgage in 3 days time . Please don't be afraid of this process, if you are in a position to get 1 mortgage offer then you should probably get 4 or 5 more offers. Get the paper work together and start applying and go for it. €9,000 per switch is massive money. I'll happily act as your broker and get everything done for a small fee.
Thanks very much, these is really helpful. Some final questions. If I'm correct you payback full mortgage with the drawdown of the 2nd bank. Does this not mean at one point for a day or so you are drawndown twice which is surely not ideal as I would be drawndown for 900k for example in total? Do you have any recommendations for a broker or solicitor in the dunblin region or is it a cáse that I keep ringing around until I find ones familiar with this process? Thanks again!It depends how you look at these things. As a FTB you should still try it although as Red Onion said might be slightly harder with Estate Agents etc but i'd say it is possible. When you apply and draw down a mortgage with a bank they are giving you a loan of money. It is an agreements between the Bank and you. If you repay the loan in 2 weeks or 2 months or 20 years , it doesn't really matter. You have done nothing wrong only repaid you loan very quickly.
The excuse if anyone asks is that as a FTB you applied to all the Banks for a mortgage because you were not sure who would actually offer you one. Get all the offers in and then start the switching. If for example you had a good solicitor on board he could draw down each mortgage every 2/3 days and pay off each mortgage as the next mortgage is drawn down.
e.g BOI mortgage on Monday.
PTSB mortgage on Wednesday which pays off BOI mortgage.
EBS mortgage on Monday which pays off PTSB mortgage.
KBC mortgage on Wednesday which pays off PTSB mortgage.
Ulster Bank on Monday which pays off KBC mortgage.
You will need a good Solicitor to keep an eye on things but it isn't rocket science at the same time.
You are now left with an Ulster Bank mortgage and all the other mortgages are paid off and closed. You have done nothing wrong or illegal here. Absolutely nothing wrong only taking advantage of the cashback offers. As someone said earlier it is up to the banks to check if they are happy to lend you the money. You don't have to tell them you are going to repay the mortgage in 3 days time . Please don't be afraid of this process, if you are in a position to get 1 mortgage offer then you should probably get 4 or 5 more offers. Get the paper work together and start applying and go for it. €9,000 per switch is massive money. I'll happily act as your broker and get everything done for a small fee.
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