Key Post I got cash back three times in 6 months

€1350 seems very high for a switch but if that's the price then so be it. If you are getting €6000 cash back it is still well worth your while. There is very little work involved in a switch from the solicitors point of view but there you go.
 
username123 said:
@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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Agree that this is high, if it was one switch then it wouldn't be too bad but you're giving them 3 switches, they should be able to do better than that. My last switch was just under 1000.
 
Yeah I hear ya, its more than I'd like alright. I did say we were doing 3 switches but its same price for each. We've used him twice already and he is ruthlessly efficient, so lets say I'm paying for that! I really don't want adding a new solicitor into the mix! Anyway, he's on the 3 applications so no changing now. All 3 applications are in flight, PTSB person said the 2 year thing is on a case by case basis. Awaiting AIP and valuation is up next then.
 
By the way @Sean Og, when you did the switches, did you wait with the intermediate banks until the cashback arrived before moving on again? For example, if you moved to BOI first, did you wait until the cashback arrived before asking solicitor to kick off the next switch etc?
 
Worth mentioning if you don't have an 85% LTV or below some banks won't entertain you, certainly BOI anyway.
 
Yes i always waited for the cash back to land into my current account before i did the next switch. There is nothing to stop you from switching within say 7 days and you will get your cash back because there is no specific term and conditions with the cash backs from any of the banks. Once you draw down your mortgage you are entitled to the cash back. I was just afraid if i moved before i received the cash back they might no give it to me and i would be chasing them for ever and they might get nowhere. However never underestimate the stupidity of the banks. They probably don't check to see if you are still with them before they release the cash back. I think maybe Blackrock on here switched before he got his money back.
 
Toshsmith said:
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.
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I have to admit that I have this concern too.

Although it doesn't seem to apply in other cases e.g. energy, mobile, or broadband, tv, all happily accept customers who switch heavily.

There are a few examples including sean og, of people switching away from and then back again to the same bank.
 
Regarding the valuations, yes PTSB required a valuation, i got the local valuer who is on their panel to do it. €150 cash he charged me. BOI also required a valuation but i just got my valuer to send it onto BOI as he had all the details he needed from the PTSB one and it was also only about 6 weeks later ;). I did the same with EBS and gave him another €150 cash for his troubles , so €300 in total for the 3 valuations. Regarding the solicitor yes he knew i was going to switch again so he never registered the new mortgages etc. He just gives an undertaking to do so to each Bank but when i switch again he simply pays of the previous mortgage balance with PTSB with the BOI mortgage and then the same process with BOI and EBS. Believe me lads its very simple if you have good jobs good credit history just get all your paper work together and do a good deal with a solicitor and away you go. It's 2% cash back so on €250k mortgage its €5000 nothing to be sniffed at. I am tired saying this but you are doing nothing wrong here only taking the Central Banks advice and the governments advice to shop around for the best deals. This is what you are doing. Taking advantage of these cash back offers that the banks are offering to entice people to move. They just don't think you will move again so quickly :).
 
Sean Og said:
Regarding the valuations, yes PTSB required a valuation, i got the local valuer who is on their panel to do it. €150 cash he charged me. BOI also required a valuation but i just got my valuer to send it onto BOI as he had all the details he needed from the PTSB one and it was also only about 6 weeks later ;). I did the same with EBS and gave him another €150 cash for his troubles , so €300 in total for the 3 valuations. Regarding the solicitor yes he knew i was going to switch again so he never registered the new mortgages etc. He just gives an undertaking to do so to each Bank but when i switch again he simply pays of the previous mortgage balance with PTSB with the BOI mortgage and then the same process with BOI and EBS. Believe me lads its very simple if you have good jobs good credit history just get all your paper work together and do a good deal with a solicitor and away you go. It's 2% cash back so on €250k mortgage its €5000 nothing to be sniffed at. I am tired saying this but you are doing nothing wrong here only taking the Central Banks advice and the governments advice to shop around for the best deals. This is what you are doing. Taking advantage of these cash back offers that the banks are offering to entice people to move. They just don't think you will move again so quickly :).
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Thanks for the reply SeanOg, great info to have, intend to fix in at some point over the next 12 months but want to avail of some of these cash back offers before I do.
 
Reports that the banks are going to stop the cash back offers shortly so my advice is get moving. What are your circumstances? Mortgage amount and what bank are you currently with and for how long?
 
Sean Og said:
Reports that the banks are going to stop the cash back offers shortly so my advice is get moving. What are your circumstances? Mortgage amount and what bank are you currently with and for how long?
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Steady job, outstanding mortgage of approx. 250k with 15yrs left, conservative valuation of 700k, current lender UB (with them for 5yrs) now on a variable so I'm primed to jump without a breakage fee. I plan on returning to them though as they have a nice 4 year fixed which in and of itself would save me over 100e PM on my current repayment amount.

I know I really need to get a move on before these cashback offers are discontinued. My other thought was to negotiate directly with UB to see if they might offer a special unquoted rate based on the decent LTV.
 
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Jacobmarley you are in a brilliant position and you will have no problems whatsoever. Please do it asap. Start with PTSB (because of the 24 month rule) then BOI and EBS doesn't really matter what order and why not through in KBC for their €3000, try and negotiate with your solicitor and they might accept €3000 for the 4 switches. Get moving and keep us up to date. Just Remember when you are dealing with the banks just say you are switching for a better deal on rate and also the 2% cash back. Apply at the same time and if any banks comes back to you and says "we see you have also applied to bank xx just say you are shopping around and waiting to see who will offer you a new mortgage, just play dumb as every bank will be falling over themselves to offer you a new mortgage. Finally yes move back to UB for their excellent fixed rates.
 
Apart from solicitors fees and valuations are there any other fees to be aware of?

Do you have to draw down the same amount for each switch? I ask as my route is below and while I want to end up on the UB fixed, I want to pay off a lump before I fix so amount required might be less for the UB switch if I do this.
KBC > PTSB (Variable)
PTSB > BOI (Variable)
BOI > EBS (Variable)
EBS > Ulster (Fixed)
 
I would suggest keeping the mortgage as high as they will give you for the first few switches to maximise the % cashback, including for the final switch and then after drawing down, but before fixing, pay off the lump sum.
 
Jumping on this thread also with the hope of keeping everything in one thread, my plan is outlined below.

PTSB ---> BOI ---> EBS ---> AIB ---> Fix with UB

I have received my loan offer letters from BOI & AIB, these went straight to offer, BOI sent AIP but it was followed straight away by loan offer.

I have received my AIP from both EBS & AIB.

All Banks have requested the valuations but its a bit of a pain to have to pay them first so they in turn pay the valuer rather than being able to do a deal with the valuer up front for the the four valuations. I might ring each bank and say i arranged it myself and see if they will accept that.
 
Yes do that. If you know a local valuer they will be able to tell you if they are on the panel for each bank. Then call the banks and ask them to nominate your valuer etc. I did this and it worked for me.
 
Hey folks, been years since i posted on here. Was in the home and gardens forum for a long time back when i was building the house about 11 years ago. Got my 2018 mortgage statement in the post yesterday, and i have been thinking researching and reading since. This post intrigues me, and i would love to do this. Have the mortgage with EBS Since day one, had an initial mortgage which is now at €263k and i got a top up at time of building which is now at €79k. Variable rate at 3.7%. They will offer 4 year fixed at 3%. Im also thinking of cutting the duration from 24 years to 20.

From reading here i need to go prep documents contact solicitor seek mortgage approval with BOI, AIB, UB and maybe KBC i could end up rolling back and fixing with EBS at 3%. House is valued at €750k. Any hints tips help or advice is welcome.

Below was from a broker i contacted this morning

Current repayments (approx.)


Monthly Repayment Results

Monthly repayment: €1,718.35

Mortgage amount: €336,000

Interest rate: 3.7%

Term: 25 years

Cost of Credit: €179,505.07



Example of best current fixed rate:



Monthly Repayment Results

Monthly repayment: €1,473.73

Mortgage amount: €336,000

Interest rate: 2.3%

Term: 25 years

Cost of Credit: €106,120.07

Example over 20 years:
Monthly Repayment Results

Monthly repayment: €1,747.92

Mortgage amount: €336,000

Interest rate: 2.3%

Term: 20 years

Cost of Credit: €83,500.30


So would be saving €245/month for first 2 years.…and likely save a god bit long term( cost of credit).


Bit of paperwork involved in switching( will send docs in next email).. costs involved in switch is solicitor fee( approx. 1500 for switcher) and then you have to get valuation (cost €150) …but Ulster bank who have above rate(2.3%) do free valuation, and pay €1500 after you drawdown.. so no costs..


Another option for switch is KBC 1 YR FIXED 2.5%) OR 3 YRS 2.6%.. and KBC pay €3,000 to switch, so you actually make a bit of cash with them.
 
So you are looking to do a few switches? You need to go to PTSB first then BOI then KBC and then back to EBS. You need to talk to EBS and explain that you are leaving them to go to PTSB to get the 2% cash back and you want to return to them right away for the 3% and the 2% cash back, you have a good record and relationship with them so it should be ok but check with them first. Also shop around for solicitors fees. I think €1500 is expensive, try and get 3 switches for €2700 or €3000 maximum.
 
HollowKnight €1100 isn't bad but hopefully cheaper available out there. If you are getting 2% on 300K mortgage that is €6000 cash back less solicitor and valuers so still about €4700 profit. Not bad for a bit of paperwork.
 
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