Multiple Switch & Breakout Fee

W

Waffles23

Registered User
Messages
3
Hi,

We have approval to switch from PTSB + approval pending from BOI and KBC having gone through all information on the phone.

We are currently on 2.6% fixed with Ulster Bank, fixed in September 2017 for 4 years (ends 31 March 2022) 314k remaining at present.

I received the breakout fee from Ulster Bank today and it is €3,218. There is no calculation with this - would anyone be able to confirm if this is correct? I am going to ring and request calculation tomorrow.

My plan is to move to KBC first and then PTSB and BOI. PTSB and BOI are both allowing us to consolidate some other debt as we have decent equity. KBC are not allowing this, hence moving to them first instead of last as had been my original plan. I am hoping to switch back to Ulster for better rate after a year.

From experience, what would happen if PTSB/BOI found out that we were not still with Ulster Bank?

I'd appreciate any advice.
Thanks ,
Waffles
 
Waffles23 said:
Hi,

We have approval to switch from PTSB + approval pending from BOI and KBC having gone through all information on the phone.

We are currently on 2.6% fixed with Ulster Bank, fixed in September 2017 for 4 years (ends 31 March 2022) 314k remaining at present.

I received the breakout fee from Ulster Bank today and it is €3,218. There is no calculation with this - would anyone be able to confirm if this is correct? I am going to ring and request calculation tomorrow.

My plan is to move to KBC first and then PTSB and BOI. PTSB and BOI are both allowing us to consolidate some other debt as we have decent equity. KBC are not allowing this, hence moving to them first instead of last as had been my original plan. I am hoping to switch back to Ulster for better rate after a year.

From experience, what would happen if PTSB/BOI found out that we were not still with Ulster Bank?

I'd appreciate any advice.
Thanks ,
Waffles
Click to expand...
PTSB require you to be with your current lender for at least two years.
 
Good man Waffles23 fair play, you are in for a nice windfall with such a big mortgage. Take my advice and consult with your solicitor first, PTSB will never know and have no reason to ask for anymore info once you have a full mortgage offer. Just be careful not to switch until you have all your full mortgage approvals in place, this way the banks have no reason to ask for anything else. Then switch as soon as you can, remember you don't have to wait until the cash back is in your account, it has to be paid even if you switch after 48 hours. Best of luck with it and keep us updated.
 
Sean Og said:
Good man Waffles23 fair play, you are in for a nice windfall with such a big mortgage. Take my advice and consult with your solicitor first, PTSB will never know and have no reason to ask for anymore info once you have a full mortgage offer. Just be careful not to switch until you have all your full mortgage approvals in place, this way the banks have no reason to ask for anything else. Then switch as soon as you can, remember you don't have to wait until the cash back is in your account, it has to be paid even if you switch after 48 hours. Best of luck with it and keep us updated.
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