Key Post How long must you be with an existing lender before switching?

arbitron

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Update March 2019 - Brendan

These are guidelines. It seems that some people got different answers.

  • PTSB require you to be 24 months with previous lender
  • BofI require you to be 12 months with previous lender
  • EBS : one year (Source)
  • Ulster : 6 months with a mortgage i.e. a FTB can't switch after one month, but someone who had a mortgage for three years and switched a month ago to BoI, can switch to Ulster


  • AIB and KBC have no minimum requirements
  • Haven - ask a broker
 
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Brendan Burgess

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This is very useful good information.

If you have anything to back-up or correct, this please respond.

But this is a Key Post - do not take this off topic by posting further questions about your own individual circumstances - such posts and any responses will be deleted immediately.

But Sean Og points out in this post that if you get mortgage approval from banks A,B&C at the same time, you can switch to A, then immediately to B and then to C.
I got cash back three times in 6 months
Brendan
 
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Coldwarrior

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EBS I thought there was no minimum requirement with current lender, but someone on another thread said that you must be with your lender for 12 months before EBS will entertain you.
I switched to EBS about six months into BOI mortgage, but applied after about 4 months, there was no mention of a minimum required term with current lender.
 

Blackrock1

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i took out a morgage with EBS, switched to BOI 4 months later and switched to UB 3 months after that. so the guidelines above werent my experience. However with BOI i went through a senior person in the mortage division recommended by a colleague and UB was through private banking.
 

username123

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Hi all,
I just contacted all of the above lenders, and the latest info on this is:

PTSB - 24 months with current provider (ugh!)
BOI - 12 months with current provider
Ulster - No minimum requirement for current lender, you just have to have 6 months mortgage registered on the property i.e. you need to have lived there with some mortgage for 6 months
KBC - No minimum
AIB - No minimum
Haven - You need to contact a broker, Haven themselves had no idea
 
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Coldwarrior

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Ulster - No minimum requirement for current lender, you just have to have 6 months mortgage registered on the property i.e. you need to have lived there with some mortgage for 6 months
Thanks for that info, I was under the impression it was 6 months with your current lender.
 

Dauhee

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Ulster - No minimum requirement for current lender, you just have to have 6 months mortgage registered on the property i.e. you need to have lived there with some mortgage for 6 months
They told me 6 months with current lender
 

Itchy

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279
Also, worth noting that PTSB waived their 2 year thing for me, March 2019.
I note in PTSBs Switcher Guide:

"Where you do not wish to release extra funds as part of the switch and your existing mortgage is more than 24 months old, reduced document criteria will apply"

Implies that they will take switchers with less than 24 months with the same lender. Their rates are horrible though!
 
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