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

arbitron

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Update May 2022 - Brendan

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

  • Avant : 12 months
  • Finance Ireland - no minimum time
  • ICS: 6 months
  • PTSB require you to be 12 months with previous lender (previously it was 2 years)
  • BofI require you to be 12 months with previous lender
  • EBS : one year (Source)
  • AIB : 6 months
  • Haven - ask a broker
 
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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.

Brendan
 
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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.
 
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.
 
Any recent updates to lenders who'll take on switch with no time requirements?
Just purchased a property as an FTB and looking to switch away to a lower rate having received the cashback.
 
There is conflicting information regarding how long you must have been with your current lender before you can switch to Avant. This thread suggests that it is 24 months, but some messages in this thread say that it is only 12 months. It seems like you will get a different answer depending on which broker you talk to.
 
Avant requires clients to be with their existing lender for at least 12 months as do most lenders.
KBC, from memory & despite a previous post on this thread, didn't have a minimum time frame for switcher applicants a few years ago at least.
ICS will take switcher applications after six months with your existing provider.

I hope this helps!


[email protected]
 
After contacting AIB, they have a similar policy to UB. They require six months mortgage statements but not necessarily from the same lender. Application can begin in month 5, to drawdown on 6 month anniversary.
 
I have updated this thread with the latest information.

If you have any updates, please let me know.

Does anyone know about Finance Ireland?

Brendan
 
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