Max Saving Switch or Multi Switch advice

misterk

Registered User
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40
Hi All,

Currently with PTSB on 4.2% MVR with an outstanding balance of 196K on a property valued at 250k last year maybe closer to 260k now.

House is currently only in my wife's name so we would be adding me to the mortgage also.

Didnt have the best of experiences with PTSB during the recession and i am finally in a position to move on.

I am trying to decide between just switching once to the lowest possible fixed rate reducing my outstanding term from 23 years to 20 or possibly 15 years keeping the current repayment amount.

Or switching as many times as possible within a 6-12 month period going from PTSB - EBS - KBC - UB to get the cashback offers and lower my principle. I imagine all the legal fees would negate most of the cashback and would switching 3 or 4 times really be worth it for possibly 3-4k

Would really appreciate your thoughts.

Thanks
 
So if you go the cashback route you'd be getting nearly 4k each time. Legal and other switching fees shouldn't come to more than 1500 max, so you'd be making about 2500 each time. I'd apply to EBS, BOI and Ulster at the same time, get the approval for all of them which should last 6 months, then switch to BOI first, collect their cashback within 2 months and switch to EBS, collect the cashback again and finally switch to UB for one of their low fixed rates. You could do a deal with your solicitor too so its not the normal legal fees x 3. There's a lot of paperwork etc to this but its very manageable and to me seems a no brainer in your situation. I'd also keep the term as long as possible and just overpay to the amount you want, that way if you hit any hard financial times in the future you could just stop your overpayments to reduce your minimum monthly payment and avoid having to negotiate with the bank to restructure the mortgage. Best of luck.
 
yes good advice Coldwarrior but why not try PTSB at the end to get their 2% cashback. I presume you haven't availed of it before?
 
yes good advice Coldwarrior but why not try PTSB at the end to get their 2% cashback. I presume you haven't availed of it before?

As far as I know PTSB look for 24 months of mortgage statements with your current lender before giving you approval (they did for me anyway) so that might not be a runner in this case, unless OP takes the Ulster 2 year 2.3% fixed rate and switches at the end of this, but the chances of the PTSB cashback still being there at that time are probably slim.
 
Why would you advocate a final destination of UB when KBC are the best 10 year rate and fixed rates are only going to go one way in the next few years?

UB have good rates up to 4 years fixed. Coming back out into the market in 4 years time you aren't going to be getting 3.05-3.75 10 year rates KBC are now offering.

Also banks require you to be with your current lender for a certain period of time. Apart from one poster on here who claims to have managed multiple switches without getting caught out by these rules is there anything to suggest this multiple switch is feasible?
 
Thanks for the replies i will apply to all 3 as suggested.

Are there any restrictions apart from ptsb on how long you stay with a lender
 
Why would you advocate a final destination of UB when KBC are the best 10 year rate and fixed rates are only going to go one way in the next few years?

UB have good rates up to 4 years fixed. Coming back out into the market in 4 years time you aren't going to be getting 3.05-3.75 10 year rates KBC are now offering.

Fair point, depends on your appetite for risk I guess and whether you plan on being in the house 10 years. UB do also have a 2.99% 7 year fixed rate which may be a good compromise.
 
Hi All,

Apologies for not updating sooner but much to my disappointment i was not able to get stuck into this last year.

I have all my paperwork now in order to kick on with this and plan on applying to EBS, BOI, AIB & UB tomorrow/Friday. I will probably switch in that order also.

I was considering adding in KBC but i will be moving home in 12 mths or so and was hoping to fix with them on their 2.65% 5 year rate then.

Am i missing anything in the order i am taking and will gladly accept any advise available, very impressed with the work done by some of the contributors here regards switching.

Thanks
 
Hi All,

Apologies for not updating sooner but much to my disappointment i was not able to get stuck into this last year.

I have all my paperwork now in order to kick on with this and plan on applying to EBS, BOI, AIB & UB tomorrow/Friday. I will probably switch in that order also.

I was considering adding in KBC but i will be moving home in 12 mths or so and was hoping to fix with them on their 2.65% 5 year rate then.

Am i missing anything in the order i am taking and will gladly accept any advise available, very impressed with the work done by some of the contributors here regards switching.

Thanks

BOI require you to be with your current lender for 12 months so I would start with them first
 
Thanks i will switch to BOI first then move to EBS.

Are there any issues regarding moving straight away and not staying for the 5 years for the extra 1% that i need to be aware of?

Out of curiosity once you moved quickly again did the local branches query why you were moving on again ?
 
no not really, you are simply doing what everyone advises us to do, ie get a better deal. You are breaking no rules whatsoever.
 
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.

Obviously, it really depends on who you are dealing with in the bank, apart from I think KBC, you have to be with your current bank for a period of time before you can move. I know you Sean Og are moving within weeks/months and fair play to you but if they really check into it, they will not let you move. Just remember, when you get approved for a mortgage, it APPROVAL IN PRINCIPAL, principal being the key word here.
 
In these multi- switcher movers is everyone going for variable options along the way and then (possibly) ending with a fixed rate?
 
Yes Feria that is what i did, as you are moving again very soon it doesn't really matter and rules out any hassel with breakage fees etc. I am hoping to move to UB for the best rate on the market . I have to be with EBS for 6 months so hopefully i will apply in May 2019.
 
Jumping in here but we've had the same mortgage protection the whole time. As long as you've enough balance and time left on it, you don't need to do anything. Some banks will ask for original of policy. We switched one at a time so it was no issue getting it to the next bank. Other Banks take a letter of undertaking to pass the original over.
 
Great news keep up the good work. Maybe post your news over on the other thread " i switched 3 times in 6 months as there are a few on there looking for news and advice.
 
Hi Folks,

I am going to post my updates in the thread pointed out by Sean Og so hopefully we can then have all the advise in one place.
 
Things gone a bit quiet on This.
Is it working out ok Misterk?
Is there much hassle in all these switches?
 
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