E.B.S to PTSB to BOI to E.B.S 2 % cashback

[Sean Og]

I am currently on a 10 year 5.5% fixed rate with E.B.S with 3 years to go. My current mortgage is €265,000 having borrowed €300,000 . I know its ridiculous but back in 2010/11 i thought i was making the right decision. Anyway it's costing me €25,000 to break from EBS but by borrowing 300k from PTSB and getting €6000 cash back and a better rate of around 3.5% i am nearly saving €25k over the next 3 years. I fully intend to switch again ASAP to BOI for their 2% cashback also and then back to EBS for their 2% cash back. By doing this i will be saving a considerable amount over the next 3 years. My house is worth €420,000. My wife and i have 2 good government jobs so no problems with affordability etc. My solicitor is doing the work for €1000 a time. Any thoughts?

 

[misemoi]

I say go for it. We've switched twice in chase of better rates. Just check the waiting period before a bank will take you on. I really believe that switchers are not a worry for banks as so few are doing it. Maybe if it was an active market they would be doing analysis and setting up rules.

 

[Sean Og]

Thanks Misemoi , yes i have checked the rules and as far as i can see there are no problems because we have the mortgage 7 years with full repayments etc and a good credit rating. Who did you switch with and did you get any cashback deals?