Key Post I got cash back three times in 6 months

jim

Frequent Poster
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461
I havent switched to ebs at all so no cashback from them. I was with them at the start.
 

Neek01

New Member
Messages
9
Hi, thanks for all of this info. I've read the thread but would love any specific advice for my situation. I'm interested in switching mortgages and thinking of switching twice to avail of cashback offered. So I'd be moving from EBS to PTSB or BOI to get the 2% cashback and then to UB to fix at a lower rate. My concerns are that the variable rates with PTSB and BOI are pretty high, could I get stuck there? UB not allowing me to change if they realise what I'm doing or something? Or am I ok once I have the approval? Should I move to both PTSB and BOI to avail of both offers? Our mortgage is 250k so 5k cashback. I'm just nervous of getting stuck on their high variable rates.
Also, are solicitors keen on doing multiple switches? Did anyone get good deals on it?
We have our life insurance and payment protection insurance taken out through the EBS initially (with Irish life and Axa), can we just move these (several times)?
Thanks for any help :)
 

username123

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1,415
Hi @Neek01 ,
I dont think your situation is any different than others on this thread. In fact its identical to mine, except E250K vs E230K mortgage.

Most of your questions above have already been answered, re: getting stuck on high rate (you wont), the banks realising what you are doing (they wont or else dont care)and moving to 3 banks (yes you should do this) I did exactly that BOI -> PTSB -> Ulster, so yes, you should shoot for that as the big pay off is the 2nd 2% switch.

You havent said where are you located which would increase chances of you getting a solicitor recommendation. AFAIK you should be able to move policies as long as they are not block policies. Again, this is outside the scope of multiple switches - this question would apply for a single switch, so you should ask EBS about this yourself.

Hope that helps.
 

Neek01

New Member
Messages
9
Thanks for that. I have read through all of the information posted which is so helpful. I've contacted Ulster bank and ptsb for appointments so far but your right, I prob should try boi aswell.
I am in North Co Dublin, would love a recommendation of a solicitor who has completed this if possible.
 

username123

Frequent Poster
Messages
1,415
Yes there is no reason not to do BOI. Without them, your cashback is diminished alot, by E5000 gross. I did BOI first as they had highest variable rate. That way, I had 2 options to get off that (PTSB and Ulster). PTSB rate was 3.4%. BOI were the quickest to give me full approval, Ulster the slowest, so if you applied to BOI now I would say you will have it before Ulster.
 

Username321

New Member
Messages
1
Hi all, FTB here - stumbled across this thread, and as you can imagine, I'm delighted. Some great advice.

Can I just check as a FTB that is already mortgage approved with three lenders via a broker and in the process of buying (about to go sale agreed).. would it be best for me to apply to all lenders again with up to date documents and go in the following order (all on variable rates)
PTSB > BOI > EBS > KBC and then land on whatever the best fixed rate is?
 

username123

Frequent Poster
Messages
1,415
I'd be somewhat wary of doing this as FTB, as the approvals would be based on that, but in switching you'd actually no longer be FTB. Maybe it won't matter but it's just another layer of complication.
 

Coldwarrior

Frequent Poster
Messages
140
Also your broker will likely not want to do this, believe they lose some of their commission if you switch away again within X years. I'd re-apply directly if you want to do the switches, or get the first mortgage through the broker and do the switches yourself.
 

misterk

Registered User
Messages
42
Hit my first snag here ready to move from bank 3 to bank 4 for the final switch.
Bank 2 has not released there interest in the life cover yet and its a drawdown condition that the policy is assigned to bank 4 before drawdown.
 

username123

Frequent Poster
Messages
1,415
Which are banks 2 and 4? You should be able to get away with your mortgage advisor/contact person from bank 4 giving a "branch undertaking" to assign the policy in a month. This happened on my third switch.

I was moving to Ulster and their T/Cs said life policy needed to be assigned to them but BOI wouldn't release it. Chicken and egg scenario. The Ulster person said she gave an undertaking (basically a promise) to assign it after drawdown. This is common as otherwise it would be impossible to switch.

I don't recommend cancelling your existing policy. That's way too much hassle and more has complications of getting a new one.
 

misterk

Registered User
Messages
42
Bank 2 is EBS and Bank 4 is UB
If you ask for the undertaking your fessing up that you have done multiple switches as the original bank is no longer assigned though?

I wont be changing my policy anyway as i have a very good one for a number of years
 
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