Double switch

Discussion in 'The Switchers' Forum' started by Coldwarrior, 4 Jul 2018.

  1. Coldwarrior

    Coldwarrior Frequent Poster

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    Currently with BOI, planning on switching to EBS to avail of their cashback offer and then shortly afterwards switch to Ulster for their better rates (either the 2.3% for 2 years or 2.6% for 4 years). Has anyone done something like this and if so how did you deal with the second bank (Ulster in this case)? Were you upfront with them about switching to the other bank and then leaving them shortly afterwards or just do the application as if it was just a single direct switch to them? Assume they'll have to know either way at the drawdown stage.
     
  2. Blackrock1

    Blackrock1 Frequent Poster

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    its an easy conversation with ulster, their rate is much better
     
  3. Coldwarrior

    Coldwarrior Frequent Poster

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    Yes but would they care if I had just switched to EBS and left them after 2 months when I got the EBS cashback? Should I apply to Ulster at the same time and tell them what I'm doing with EBS? Would be on a variable with EBS which is .5% higher than current rate, so want do have all my ducks in a row to switch away to Ulster as soon as the EBS cashback lands in my account.
     
  4. Marobar1

    Marobar1 Registered User

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    Ulster Bank told me that they require 6 months bank statements with your existing mortgage provider.
     
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  5. Blackrock1

    Blackrock1 Frequent Poster

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    I didn't have that issue but I went through private banking so not sure if that was a factor
     
  6. misemoi

    misemoi Frequent Poster

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    I'm about to switch to UB and we recently (< 6 months) switched to AIB. I will be able to provide continuous statements for all months so I'll be making my case that covers the six months. As we will be moving to a fixed rate anyway I'm sure they are not concerned about us switching further.
     
    Coldwarrior likes this.
  7. Coldwarrior

    Coldwarrior Frequent Poster

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    Spoke to mortgage advisor in my local Ulster branch this morning, he said they only give mortgage approval once you've been with your current bank at least six months. Disappointing, seems to be a counter-productive policy from their point of view as it may cost them my business, or at least 4/5 months worth of interest.

    Current options so seem to be switch to EBS as planned and either fix for 5 years and stay with them, or possibly fix for 1 year and break out after the 6 months (assuming the breakage fee would be small & Ulster rates are still available) and switch to Ulster then. If I just had to wait 2 months to switch to Ulster I'd stay on EBS's variable rate and just pay the couple of months higher repayments but 6/7 months of it would negate a lot of the cashback, the whole point of switching to EBS.
     
  8. Marobar1

    Marobar1 Registered User

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    Depending on the size of your mortgage of course, I can't imagine that 6 months of interest with EBS at 3% (versus 2.3%) could really negate the benefit of the cash back.
    I'm planning on doing this exact switch in the coming months & will need to pay approx 600 euro extra in interest over the 6 months with EBS, but will get thousands in cashback even minus the solicitor fees.
     
  9. Sean Og

    Sean Og Frequent Poster

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    you are missing a massive trick Coldwarrior, 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 drawdown 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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  10. Marobar1

    Marobar1 Registered User

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    Wow!! That’s a great plan!
    My only question is that on the paperwork will the new bank not notice that your current bank has changed?!
    Let us know how you get in with all the moves!
     
  11. misemoi

    misemoi Frequent Poster

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    Wish I had seen or figured this out before we started our switching journey! Great plan.
     
  12. Sean Og

    Sean Og Frequent Poster

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    No they won't know you have switched or changed banks. How would they know? When you apply to the 3 banks you are showing 6 months bank statements from you current bank, so they process your mortgage on them bank statements. Your mortgage offer lasts for 6 months , so in 3 months time just draw down your next mortgage.
     
  13. Marobar1

    Marobar1 Registered User

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    Hi Sean Og,

    Sorry I wasn’t clear, what I mean is the legal paperwork, surely would that not state who the mortgage is moving from and that wouldn’t match the bank whose details you provided getting the approval?

    I will be following this advice as soon as possible!! Thanks!!
     
  14. Sean Og

    Sean Og Frequent Poster

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    No not really, i have a great solicitor who knows what i am doing and thinks i am mad but totally correct. All your solicitor does is write to say PTSB and ask them for a redemption figure, He pays of the PTSB mortgage off with the new BOI mortgage which i have instructed him to draw down. Ok so he hasn't had time to register PTSB as the new mortgage owner because i have already told him i am switching. He and i are doing nothing wrong.
     
  15. Marobar1

    Marobar1 Registered User

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    Super stuff!! Thanks for the info!!
     
  16. renter45

    renter45 Frequent Poster

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    Any update on this? Did it all go through smoothly? any repercussion?
     
  17. Toshsmith

    Toshsmith Registered User

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    I done a 3 switches last year in 6 months - very same as Sean Og - EBS - PTSB - KBC - AIB - It is a paper exercise - and you have to stay on top of it - but in the end it is worth it!
     
    arbitron likes this.
  18. metricspaces

    metricspaces Frequent Poster

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    Is this the key point here? As your solicitor is not registering any of the mortgages (until you get to the last one) then banks have no way of finding out you have changed mortgage provider?

    A bank has no way of querying outstanding debt against you and who you owe it to? It relies solely on your solicitor registering that information? And the bank you've just taken the mortgage out with does not register that information anywhere that can be accessed by other institutions?

    You say you've six months to do all your switching. But is this really true? If you are going back to a bank after four months would they not ask for updated paperwork, this is entirely possible right? At which point they'll spot you've changed?

    I understand this worked for you. But it is not guaranteed 100% to work?
     
    Marobar1 likes this.
  19. Blackrock1

    Blackrock1 Frequent Poster

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    i dont think anyone is saying its guaranteed, its a little work and the rewards are worth it if you can make it work.

    for me i had 3 different mortgage providers over a 12 month period and i just did it one by one, not nearly as sophisticated as the other poster but it still worked, i had private appointments though and didnt go through the normal mortgage advisors so maybe that made a difference?
     
  20. metricspaces

    metricspaces Frequent Poster

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    Absolutely agree with you it's worth it. I didn't question that. So my three questions above still remain.