Key Post I got cash back three times in 6 months

Sean Og

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140
Good luck with that. Just got my latest €6000 yesterday from EBS and looking back at my bank statements i got €6000 from PTSB on 02/07/18, then €6000 from BOI on 20/08/18 and then €6000 from EBS on 30/01/19. As you can see i jump straight away from PTSB to BOI but EBS were extremely slow . The mortgage was actually drawn down in Decemeber 2018.
 

Sean Og

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140
Balfour i disagree. Have you read any of my earlier posts regarding multiple switches? I am not the only one on here who has done it. I challenge anyone to follow my instructions to the letter and not be successful. For me the key is to apply to the banks at the same time and get a full letter of offer from each before you start any switching. Not a letter of approval in Principal as they just give them out before the underwriters get looking at your affairs. If you have been with your current lender for 24 months or more PTSB will give you a mortgage, EbBS will give you a mortgage and BOI will give you a mortgage if everything is in order. The mortgage offer lasts for 6 months. The bank doesn't check your circumstances again in 2 months if you haven't drawn down the mortgage. It is there ready to go when your solicitor requests it.
 

Brendan Burgess

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Sean Og

I have moved these from another thread to highlight them.

Could you do a detailed step by step guide for this Key Post?

Brendan
 

Sean Og

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140
Ok Brendan i will do my best although this has been discussed at lenght already here on different headings. My situtation was that i was on a 10 year fixed with EBS at 5.5% with about 3 years to go. My balance was €265k but the breakage fee was almost €22k. I realised that i could get the 2% cash back from PTSB, BOI and EBS if i returned to them at the end of the process. I explained to my local EBS branch that i was going to mone to PTSB and then back to them and would this be alright? (I didn't mention BOI )They said yes. What i did then was to get everything in order. Wage slips, Bank accounts, Mortgage statements from EBS, Salary certs, loan account statements etc. Then i applied to PTSB for a €300k mortgage. At the same time i applied to BOI for a €300k mortgage. Both PTSB and BOI said yes and gave me a full mortgage offer valid for 6 months. I told my solicitor what i was doing and he had no problem and gave me a good deal for the 3 switches. I got the mortgage from PTSB in June 2018 and once i got the €6000 cash back i paid off the mortgage in full by drawing down the BOI mortgage in July 2018. I now went back to EBS for their 2% cash back. This switch was a little more drawn out , why i don't really know but it took from September until December to get it done. I drew down the 300k mortgage from EBS around 12th December 2018 and received my €6000 on 30th January 2019 . Below is another post i had up earlier. I just copied and pasted it so hopefully it makes sense. People earlier were concerned about solicitors etc but as i said before you are doing nothing wrong here merely playing by the banks rules. I applied for the first 2 mortgages at the same time because i was afraid that BOI wouldn't give me a mortgage if they seen that i was only with PTSB for 6 weeks.


You go into PTSB and say you want to switch, they look at everything and see you are with AIB for 3 years and everything is ok, they say no problem and start the process. The nest day you walk into BOI and say to them "i want to switch from AIB", they look at everything and say "yes", the next day you walk into EBS and say "i want to switch to you from AIB for the cash back offer and lower rate", they look at your accounts etc and say "yes" no bother lets switch. You get full mortgage approval from the 3 lenders which is valid for 6 months, and then draw down each mortgage as you close the previous one. I would advise going for a variable rate although higher it stops the possibility of high breakage fees and delays with breaking from a fixed rate mortgage.
 

lotus17

Registered User
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27
Does it raise the suspicion of the banks when you choose the variable rate over the much cheaper fixed rate that you might be a serial mover? Has anyone faced this issue?
 

Sean Og

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No this will not raise the suspicion of the banks. People are reading too much into this. If you are not sure just follow my guide and see how you get on. If banks didn't want people to take variable rates then they wouldn't offer them.
 

Coldwarrior

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Does it raise the suspicion of the banks when you choose the variable rate over the much cheaper fixed rate that you might be a serial mover? Has anyone faced this issue?
If they say how fixed rates are much cheaper etc, just say you intend to heavily overpay & that's why you want the variable. I've switched a few times now, not in as quick a time period as Sean Og though(around 2 years), and have gone with 1 year fixed each time (bar once) and have broke out of each with zero breakage fee. I'd definitely go variable if following Sean's 3 switches in 6 months though.
 

username123

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You get full mortgage approval from the 3 lenders which is valid for 6 months, and then draw down each mortgage as you close the previous one. I would advise going for a variable rate although higher it stops the possibility of high breakage fees and delays with breaking from a fixed rate mortgage.
I have started this process today with UB. The person didnt seem to think a switcher mortgage had an approval validity period, as I asked how for long it was valid and was told its not like approval in principle, the switch "just happens". I assume that means my solicitor gets documents in the post and contacts me for signing and draw down?

I am trying to get in contact with BOI to do the same process but havent heard back from them yet. So I assume solicitor will get two lots of paperwork and basically contact me saying "What do you want me to do here"?
 

Sean Og

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140
Yes that will probably happen with your solicitor, but keep onto BOI and get your full application into them asap. Have you tried EBS 2% cash back? PTSB 2 % cash back? KBC €3000 cash back? UB only offer €1500 but their rates are the best. Get as many applications into all the banks all at the same time. They will all do a credit check on you and it will show up if BOI or UB did a check on you 2 weeks ago as far as i know. IF say UB asks you about this just say you are shopping around and keeping your options open in case UB were to turn you down for some strange reason. Play dumb.
 

Toshsmith

Registered User
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Quick question Sean Og - do you think any of the banks you switched from will ever accept a Mortgage application from you again? Im just wondering are you starting to corner yourself with a choice of banks. Dont get me wrong - i think what you done is very smart.
 

username123

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Yes that will probably happen with your solicitor, but keep onto BOI and get your full application into them asap. Have you tried EBS 2% cash back? PTSB 2 % cash back? KBC €3000 cash back? UB only offer €1500 but their rates are the best. Get as many applications into all the banks all at the same time. They will all do a credit check on you and it will show up if BOI or UB did a check on you 2 weeks ago as far as i know. IF say UB asks you about this just say you are shopping around and keeping your options open in case UB were to turn you down for some strange reason. Play dumb.
I already got EBS cashback, so thats out. I cant go to PTSB as im only with current lender for 12 months. KBC is available, but I had enough trouble convincing my other half to go for 2 switches! BOI came back to me, meeting them on Friday evening, so that should be in motion then.
 

Sean Og

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good man you are going well. Try PTSB just to see what they say, sometimes you might get lucky and they might allow you after 12 months. It's hard to find on their website anything that says 24 months but others on here have said they do. I would give them a try. Say you want to switch to their excellent variable rate and also open an explorer account which gives you a 2% discount on your monthly repayments. Tell you have your mortgage for x number of years but you have been with Bank x for the past 12 months. You never know , you might get the right person at the right time. No harm in trying.
 

username123

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Ironically PTSB had a person drop into our workplace at lunchtime, so I did ask them. The woman said the 2 years thing is very unclear, she said she has definitely approved mortgages of 12 months with previous lender. She is checking and is to come back to me. If she says yes, then I will add PTSB into the mix. I am slightly apprehensive about BOI as their variable rate is so rubbish at 3.9%. At least the PTSB one is palatable 3.3% (for my LTV). To be continued...
 

Sean Og

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140
That's great username1234, yes i had a feeling that PTSB were a bit unclear about that rule as its not on any conditions on their website. If you have your mortgage with a lender for 12 months or more and make the big play about switching to PTSB and opening the current account that allows an extra 2% of the repayments they might be very happy to allow the switch. Especially now that the woman has actually come into your work place promoting PTSB and looking for people to switch to them. All this helps because it's them making the first move , not you so she will be pushing to get you a switch because it will help her meet her targets. Regarding the high variable rate , it didn't come into my reckoning as i knew it was only for a very short time max 3 months , with ptsb only 6 weeks. I was getting €6000 cash back so it didn't bother me if i was paying €100 extra a month on a higher SVR for 6 weeks -3 months. Keep us informed how you get on. How much are you borrowing?
 

username123

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Borrowing E230K which is 57% LTV. PTSB person happy to proceed with application. Not sure if ill go to BOI first or PTSB. I see above you jumped from PTSB to BOI fairly very quickly. Did you start with out PTSB originally or switch to them before that also? If switch, any idea how long a PTSB switch/cashback takes? Ulster fixed rate is my end game then.
 

Sean Og

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140
Yes i went to PTSB first and then onto BOI within 6 weeks. I got my PTSB mortgage on 20/06/18 and received my cash back on 02/07/18. I got my mortgage from BOI on 10/08/18 and received my cash back on 20/08/2018. I got my EBS mortgage on 05/12/18 and got the cash back on 30/01/19. I was originally with EBS at 5.5% fixed with about 3 years still left, that is why i started looking into this whole area. It cost me about €21,000 breakage fee to get out of my EBS mortgage. My advice is not to do anything until you have all the full mortgage offers on the table. You have all the paperwork together now so just keep sending off to the banks. A bit of hassle but well worth it. Have you talked to your solicitor yet? Remember you are doing nothing illegal or wrong here. Ask them for a price to do a switch.
 

Aph2016

Registered User
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I fixed for 3 years with KBC in September just gone, I wonder would the breakage fees be crazy. €270k left on the mortgage.
 

username123

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@Sean Og yeah I have told solicitor to expect 3 switches. He didnt seem to mind, he just said "its E1350 per switch". I have submitted forms to Ulster and BOI, PTSB meeting setup.
 
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