Could I not switch to EBS after drawing down with PTSB? They don't seem to have any minimum requirement with existing lender. I'm thinking my best options are as follows:Actually now that I think of it, the banks will want mortgage statements so you'd be looking at a year before you switch probably. KBC appear most hungry for business, so maybe contact them and see what they say.
Hi,This just has to come to the fore as title and existing closure balance is examined by the lender.
Yep, just read it, sharp practice, at best.Hi,
Have a read of the following thread.
You essentially need a solicitor on board who will give undertakings, but never register the mortgage charge until the last switch.
I don't see any sharp practice, and I find that a rich comment after the carry on of Irish banks (no insult to you intended).Yep, just read it, sharp practice, at best.
Regardless of what people may think about banks, they are not in the business of giving out free money.
Undertaking after undertaking after undertaking, what could possibly go wrong ??
An element of deceit also exists, ie. the second new lender looks for a redemption figure and expects this to be from the original bank but it is in fact from the first new lender, which is not disclosed.
I'm not surprised some/many solicitors baulk at doing this as it erodes the very basis of what an undertaking is and I suspect if widespread then a solicitors undertaking may become meaningless in conveyancy. As in this case, for it to work, such undertakings must not be and in fact are never intended to be undertaken.
They have no such clause because it's illegal. I think BOI had it at first, but had to remove it as it was a breach of MCD. That's when the brought in the extra 1% after X years.The Banks have no clauses to say you must remain with us for 24 months or we will take back the cash back. If they want to protect themselves then they should change their t & c's.
Thanks Sean Og.Absolutely , it's the same process, just don't draw-down the first mortgage until you have the others in place. It is the same process because you are applying for a new mortgage so all the banks will need the same information from you like salary certs , bank statements, proof of savings etc. If you have all the paperwork in place for one bank you should certainly use it for other banks. If it's a first time mortgage then you will not have previous mortgage statements so the banks will not look for them. If you draw-down your first mortgage without having the others in place then you are in bother because PTSB and BOI ans Ulster bank all have minimum requirements regarding time with your previous mortgage lender which makes the quick switches impossible. If you had 4 first time mortgage offers in place you can switch them all because the mortgage is valid for 6 months leaving you loads of time to complete all the switches. At €9000 a time it's absolutely well worth doing. Ill even do it for you for €2000 a time
Believe me, I have absolutely no love of banks and have even less respect for them.I don't see any sharp practice, and I find that a rich comment after the carry on of Irish banks (no insult to you intended).