Double switch

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

  1. ANCHOR MAN

    ANCHOR MAN Registered User

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    I'm pretty sure KBC will send you the 3k anyway whatever figure the legal fees come in at, similar to when AIB was giving 2k to switchers.
     
    Sean Og likes this.
  2. HollowKnight

    HollowKnight Registered User

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    Yes this is true. I switched from PTSB to KBC last year. They gave the €3000 without looking for anything else but drawing down.
     
  3. jim

    jim Frequent Poster

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    Last edited: Sep 4, 2018
    Hi Sean Og,

    Im currently with EBS. How or why could i apply to EBS for a new mortgage when my mortg is currently with them?

    Also, my understanding is that i need to get a valuation done for each bank so this makes the process less attractive.

    Also what about ulster bank and AIB you dont mention them although from a quick look they dont seem to have an attractive cashback option.
     
    Last edited: Sep 4, 2018
  4. Sean Og

    Sean Og Registered User

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    Jim your fixed rate finishes at start of Oct , i am not sure if you can get the 2% cash back from EBS by simply moving to a new product with them. If not just explain to them that you want to avail of the 2% cash back and the only way to get it is to switch to a new lender and then switch back to EBS. This is what i did and they had no problem (remember i paid a large breakage fee to get out of EBS) . On €177,000 2% is €3554 which is a nice amount. Regarding the valuations, what i did was go to a local valuer who is on the list of all the banks and asked him to do me a deal. He comes out and does a valuation for the first switch, and then simply uses the info to fill out the valuation for all the separate banks. I am in a town in Rural Ireland and its easy to talk to these people when i know them, (solicitor, valuer, etc) I am getting 3 valuations for €300 which is really €300 for 1 visit and 1 piece of work, the rest only takes his secretary 10 minutes to type up a report because she has all the info there. Regarding AIB and Ulster Bank yes they don't do good cash backs although AIB do have €2000 cash back which i might avail of in 2019 if it is still available. Ulster have very good fixed rates with €1500 towards legal fees .
     
  5. metricspaces

    metricspaces Frequent Poster

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    And why wouldn't they see you just taken out a mortgage with PTSB when they do a credit check on you?
     
  6. Sean Og

    Sean Og Registered User

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    They will not see i have taken out a new mortgage with PTSB. That is why its important to apply at the exact same time to all 3 /4 Banks. They will see your current mortgage being paid to Bank A, as far as they are concerned you are switching to them. You wait to get all your final mortgage offers in place. Remember they last for 6 months. The bank doesn't do an up to date credit check on you if you ask for the money 3 months later. You simply ask your solicitor to draw down the money. The offer is there on the table just waiting to be drawn down.
     
  7. misemoi

    misemoi Frequent Poster

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    Why bill KBC for legal fees? They give 3k flat fee no?
     
  8. metricspaces

    metricspaces Frequent Poster

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    This is great if it is the case in terms of multiple switching. But it sounds like gross negligence on behalf of the bank to not, at a minimum, do credit checks before issuing loan cheque in the case where previous check could be almost 6 months old.
     
  9. Sean Og

    Sean Og Registered User

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    Yes appartently they just do give you the 3k, i wasn't aware of this but others have confirmed that yes they just give you 3k.
     
  10. Sean Og

    Sean Og Registered User

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    Yes as far as i know they don't do an up to date credit check after making you a full mortgage offer. I may be wrong. Anyway when they look at your credit check they will see nothing wrong just a few checks from other banks. If you are really orgagnised you could switch 3 time in 6 weeks. From my experience the cash back is in my account within 5 working days of drawdown. Technically your solicitor can request a redemption figure the next day or just send them the full amount you borrowed and wait for them to refund you later.
     
  11. KCRMoney

    KCRMoney New Member

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    Hi Sean Og, can you confirm you have being successful in doing this? I'm looking into doing a AIB-PTSB (Variable) -EBS (Variable) -KBC (Fixed) switch at the moment.
     
  12. Sean Og

    Sean Og Registered User

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    Yes KCRMoney i have been successful in 2 switches so far and i should have the 3rd switch done in hopefully 2 weeks. This last one is very slow with EBS who i was originally with, but it should be completed shortly. Remember i went from EBS - PTSB -BOI -EBS so getting 2% cash back each time €6000. Once EBS is through i will try KBC for €3000 . Why don't you try BOI for their 2% cash back. I have a collegue at work who i have convinced to do the 3 switches all at the same time. He has 2 offers in and just waiting on the third offer. It is the easiest money you will ever get from a bank. Who are you with now and for how long?
     
  13. Sean Og

    Sean Og Registered User

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    Blackrock1 has also switched 3 times but i don't think he had all the offers lined up first. I honestly feel its possible to switch 3 times in 3 weeks if you have a good solicitor.
     
    Blackrock1 likes this.
  14. Blackrock1

    Blackrock1 Frequent Poster

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    that correct, now im not sure if it makes a difference but i was going through specific individuals in the banks (recommendations from colleagues) and private banking with UB rather than just applying online or whatever, so this stuff about being with previous bank for 6 months or a year never came up
     
  15. Sean Og

    Sean Og Registered User

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    Blackrock1 are you saying that they didn't insist on being with previous lender for 6/12 months. Even if they didn't ask you i might have thought that the underwriters or someone might notice that you had switched recently and refused you the mortgage. If this is the case i might reapply to PTSB for the craic and see what they say.
     
  16. KCRMoney

    KCRMoney New Member

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    I'm switching from AIB- PTSB-EBS (all variable) then to a 1 yr fixed with KBC. Stand to gain 7500 after costs. Just trying to find a solicitor that's willing to do it!
     
  17. pauric

    pauric Frequent Poster

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    Given that the banks don't pay the cashback for around a month or so on avarage I don't see how you could do 3 switches in 3 weeks, I think doing it in 2-3 months is more realistic
     
  18. Blackrock1

    Blackrock1 Frequent Poster

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    they didnt
     
  19. Blackrock1

    Blackrock1 Frequent Poster

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    payment of the cashback isnt contingent on still having the mortgage its owed once you draw down.
     
  20. jim

    jim Frequent Poster

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    Can anyone recommend a good solic that is willing to do this?in this day and age of email etc, Does it matter where in ireland the solic is based?

    Thanks
     
    RMGC11 likes this.