Key Post I got cash back three times in 6 months

Sean Og said:
Lads from my experience the Banks will not do an up to date credit check once they give you full approval. There underwriters go through everything and if they are happy they offer you the loan. They don't look again after 6 weeks. That's my experience. You can't be blacklisted because you are doing nothing wrong. All you are doing is taking the Government and Central Banks advice to shop around and get the best deal for you. If the Banks simply said we can take back the 2% cash back if you move your mortgage within 12 months then this would stop the multiple switches. The banks try to cover themselves (PTSB, BOI) by saying you must be 24 and 12 months with your current lender before you can get a loan with them. By applying all at the same time and getting approval you overcome this little obstacle . If a bank gets back to you and say "we see from the credit bureau report that another 2 banks have carried out checks on you within the last 2 weeks all you say is that you are shopping around and you are applying to a few banks to see who gives you a full offer. I think people read to much into this. Get the paperwork in order and get it sent off. Ask Red Onion what his thoughts are on the 1 years fixed rate and if you break it within 2 weeks what will the fee be. I think it will be zero or very little but a hard Bretix etc might have a big effect on the money markets etc. Anyway if like me you are getting €5-6000 a switch it will still be worth it.
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My 1 yr fixed finishes June '19 €285k @ 3% and was quoted €107 break fee (only 3 mths left)
 
lotus17 said:
My switcher applications have now been submitted to all 4 banks: PTSB, BOI, KBC and UB. Fingers crossed I get approval from all 4 so I can put this plan in action. I also emailed my solicitor yesterday to give him the heads up re the plan. He advised taking up the Title deeds from EBS now so we can be ready to move, once approval comes through. He has quoted €1,500 per switch which seems high so I will get back to him and see can I negotiate better.

I have also emailed Irish Life, the Mortgage Insurance company I am with to say I am currently considering switching my mortgage from EBS and have asked them will I be able to keep my Life Insurance if I move mortgage and also asked how can I expedite the process. I await their reply.

Is there anything else I can do to keep the ball moving?
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Following negotiation, the solicitor has agreed to complete the first switch for €1500 and each subsequent change for €500. Thus, if I manage to make all four switches work, the solicitors fees will come to €3000. Not bad considering he was initially quoting €1500 per switch. Its worthwhile questioning these things!
 
Brilliant is right, well done for asking and negotiating a better price. Makes it all the sweeter when you get a good deal like that. Keep us informed how you get on. Hopefully plain sailing from now on.
 
lotus17 said:
Following negotiation, the solicitor has agreed to complete the first switch for €1500 and each subsequent change for €500. Thus, if I manage to make all four switches work, the solicitors fees will come to €3000. Not bad considering he was initially quoting €1500 per switch. Its worthwhile questioning these things!
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Presume that is 500 plus costs?
 
There are no extra costs involved like registering the deeds or searches etc, all the solicitor is doing is asking Bank A for a redemption figure and sending it off to Bank A because he has drawn down the new mortgage from Bank B. I know there is undertaking etc but very straight forward for a good solicitor.
 
Still waiting for Ulster bank to give me approval, 5 weeks later. Don't want to email solicitor to kick start first switch until this arrives, very annoying....
 
Well done, are you going to wait until you receive the cash back or are you going to switch next week ;)?
 
I am still waiting for approval to come through from each of the banks.

In the mean time, I am lining up other things to save time with the switches when it comes to them. I have asked the solicitor to apply to draw down the deeds as I have heard this can delay things sometimes. This is in process.

I also contacted Irish Life who I have my mortgage Insurance to see if I can keep the Mortgage Protection Insurance plan when I switch banks. The response from irish Life is that I can't as I have a block plan and it cant be transferred. I will have to start again with a mortgage Insurance plan. Will I have to get a new plan every time I switch or is it possible to start arranging some type of plan that could transfer with my mortgage as I hopefully make my switches from EBS to PTSB to BOI to KBC to UB?
What do I need to have lined up to be able to set up a mortgage Insurance plan in a timely fashion?
Is there anything else I can be doing while waiting for switcher approvals to come through?
 
lotus17 said:
I am still waiting for approval to come through from each of the banks.

In the mean time, I am lining up other things to save time with the switches when it comes to them. I have asked the solicitor to apply to draw down the deeds as I have heard this can delay things sometimes. This is in process.

I also contacted Irish Life who I have my mortgage Insurance to see if I can keep the Mortgage Protection Insurance plan when I switch banks. The response from irish Life is that I can't as I have a block plan and it cant be transferred. I will have to start again with a mortgage Insurance plan. Will I have to get a new plan every time I switch or is it possible to start arranging some type of plan that could transfer with my mortgage as I hopefully make my switches from EBS to PTSB to BOI to KBC to UB?
What do I need to have lined up to be able to set up a mortgage Insurance plan in a timely fashion?
Is there anything else I can be doing while waiting for switcher approvals to come through?
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Just the house insurance, I had to increase my rebuilding costs last year after the valuation then get letter of indemnity.
 
My God, Ulster Bank are so slow. Their underwriters have finally approved the mortgage, but now I am waiting for their valuation team to contact me, since Tuesday morning, to do the valuation before they will issue the Offer Letter. It was much easier to organise the valuation myself. At this stage, I'd nearly offer to pay for it myself as well if I could just set it up myself, today. They are horribly inefficient all round so far.

In the meantime, since I know the underwriters have approved it, and the LTV is easily within the required range, should I ask my solicitor to start the legal process for first switch to BOI? What is he actually going to do if I say that - will he ask for the title deeds from my current lender as step 1? I assume Ulster won't be able to see anything changing while drawing up the Offer Letter until I actually draw down the first switch (since the underwriting people are finished)? I am just trying to get something going while waiting on Ulster bank valuation or should I just wait until I have the Ulster Offer Letter in hand..........thoughts? Hmmm seems @lotus17 did something similar with solicitor above....

I guess the question is does starting the legal process of a switch register anywhere until its finally completed?
 
username123 said:
My God, Ulster Bank are so slow. Their underwriters have finally approved the mortgage, but now I am waiting for their valuation team to contact me, since Tuesday morning, to do the valuation before they will issue the Offer Letter. It was much easier to organise the valuation myself. At this stage, I'd nearly offer to pay for it myself as well if I could just set it up myself, today. They are horribly inefficient all round so far.

In the meantime, since I know the underwriters have approved it, and the LTV is easily within the required range, should I ask my solicitor to start the legal process for first switch to BOI? What is he actually going to do if I say that - will he ask for the title deeds from my current lender as step 1? I assume Ulster won't be able to see anything changing while drawing up the Offer Letter until I actually draw down the first switch (since the underwriting people are finished)? I am just trying to get something going while waiting on Ulster bank valuation or should I just wait until I have the Ulster Offer Letter in hand..........thoughts? Hmmm seems @lotus17 did something similar with solicitor above....

I guess the question is does starting the legal process of a switch register anywhere until its finally completed?
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+1 on UB being very slow, definitely get your solicitor to call in the deeds from your existing bank though as it usually takes weeks for banks to release the deeds.
 
Have requested solicitor to contact current bank for docs. Funnily re replied within the day asking for me to complete the authorisation - its so nice when people actually respond to you, note Ulster bank!!

I'm up to 6 weeks now since I first contacted Ulster bank. I am still waiting to be contacted by them to set up the valuation, a week after the mortgage was approved by underwriters............how long has this valuation step taken to be setup for others with Ulster?

Am I being unrealistic to expect to get a call within a week?
 
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I started the process of doing a 3-way switch last October. Its now heading towards end of March and in spite of having all 3 offers on the table at end of December I have only just completed switch 1 and am waiting on the cashback from them. End of June will see the 6 month offer period running out so not sure what is going to happen to my genious plan. I might have to reapply and get another valuation again!
Process has been very slow for a combination of reasons.
 
lotus17 said:
I am still waiting for approval to come through from each of the banks.

I also contacted Irish Life who I have my mortgage Insurance to see if I can keep the Mortgage Protection Insurance plan when I switch banks. The response from irish Life is that I can't as I have a block plan and it cant be transferred. I will have to start again with a mortgage Insurance plan. Will I have to get a new plan every time I switch or is it possible to start arranging some type of plan that could transfer with my mortgage as I hopefully make my switches from EBS to PTSB to BOI to KBC to UB?
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I am making reasonable progress with my 4 switch plan and have provisional approval from 2 of the banks. KBC have the valuer lined up to come next week. I am pushing them as fast as I can and responding to queries, as they arise promptly. I understand my Switcher applications are with the Underwriting Team of all four banks so hopefully full approval will come through soon.

I cannot transfer the Life Insurance from EBS my current provider as it’s a block policy. I have been told Mortgage insurance can slow up switches. Is there a policy type or broker I can go to to sort out Life Insurance for a mortgage that will be making 4 swift bank changes? I would like to organise this now and have everything ready, by the time full approval comes through from all four banks.

Advice appreciated!
 
Can the 4 switch plan be used for a new mortgage? I just received approval from PTSB for €450k / €9k cashback. Should I also apply to EBS and BOI now or will I have to drawdown the mortgage first and then try switch?
 
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