Key Post How to get 2% cash back if you are buying a house for cash

Discussion in 'Mortgages and buying and selling homes' started by Brendan Burgess, Jul 22, 2016.

  1. CiaranT

    CiaranT .

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    Last edited: Oct 13, 2016
    A mate is currently getting a first time buyers mortgage.

    I have recommended the EBS cashback offer to him and then for him to switch to Ulster Bank on a lower rate.

    He has pointed out to me that Consumerhelp.ie says you can only switch if "you have been making payments on the mortgage over the last 12 months".

    Does this mean you need to wait 12 months before switching or does this mean that you cannot be in arrears at any stage over the last 12 months when switching?

    Thanks.
     
    Last edited: Oct 13, 2016
  2. Sarenco

    Sarenco Frequent Poster

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    I would assume it's the later Ciaran.

    I've never heard of any rule or practice that would prevent or restrict a lender from refinancing a loan within 12 months of the origination of that loan.
     
  3. CiaranT

    CiaranT .

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    4,505
    Thanks Sarenco, I guessed as much, I just wanted to be certain before I went back to my mate. Cheers.
     
  4. Brendan Burgess

    Brendan Burgess Founder

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    There is certainly no law that you can't switch.

    I have heard that some lenders do have some rules in place that they won't take on people very soon after taking out a mortgage.

    But I don't think that should stop your friend from taking out a mortgage with EBS. Even if he has to wait a year, it would be worth it.
     
  5. username123

    username123 Frequent Poster

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    1,250
    Any clarification on this? I'm also thinking of EBS -> Ulster straight after draw down and 2% redemption.
     
  6. CiaranT

    CiaranT .

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    Back to the 12 month point, Ulster Bank have told my mate that Ulster Bank require you to be at least 12 months with your prior provider before switching.

    Has anyone done EBS --> BoI --> Ulster? Surely, this is the best strategy?
     
  7. pauric

    pauric Registered User

    Posts:
    48
    Bump, has anyone done this?

    I'm with BOI on a 1 year fixed rate. I drew down mortgage at beginning of April 2016 but didn't make my first payment until June 1st 2016. Does this mean I can switch from beginning of April or June 1st?

    I'm interested in moving to EBS to get the cash back and then moving to whoever has the best rate as soon as I have recieved the cash back.