Multiple switches

Sean Og said:
No need to get a fixed rate, just get a variable rate, it won't matter as hopefully you will switch asap so 1 maybe 2 repayments max.
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good approach. cant even recall if you can select variable for the cashback deals but likely you can though. But for those already in Fixed Rate then that is not an option and will incur a break fee.
 
I've switched to BOI just before Christmas, and they gave me the 2% back before Christmas, but my first payment to them is the start of February. Is there anything wrong with me proceeding to switch to EBS now? I have AIP from EBS from October, so i'm ready to get everything else in order.

I plan to switch to Ulster afterwards. Do they have a minimum term at which you should be with your current mortgage provider? I've literally just left Haven, so all my payments/statements would have payments up until Dec. Our January mortgage payment was due today, but we're in limbo between Haven and BOI so if Ulster need statements maybe not is imminently the time to get AIP with them.

Very curious to know about the breakage fees too. I'm on a 1 year fixed so BOI will be looking for some payment (idea's what it might be on a 250k mortgage over 33 years). Got 5k cash back, cost me ~1.5k between solicitor, registration and valuation.
 
Do the banks not ask for up-to-date bank statements and see the payments going out?

Or do they not do a credit check and see the new loan?
 
Gordon Gekko said:
Or do they not do a credit check and see the new loan?
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Depends on the bank. Most of them complete full checks at approval stage, not drawdown.

I wouldn't be relying on AIP though to do this, as some banks do a credit check when it comes to full approval.

Even if there was a credit check, there is a delay between drawdown and first reporting to credit register / ICB, so it might not be reported yet.

The multiple switcher volume is too low for this to change bank policies. I suspect most of the multi switchers have posted about it here!! ;)
 
Ulster Bank require you to be at least 6 months with your current lender. PTSB require 24 months, this is why it is very important imo to apply for all the mortgages at the same time . BOI might require 12 months i can't remember. Get all the mortgages approved and when all your ducks are in line start picking them off. I don't think the banks bother carrying out up to date credit checks just before they release the mortgage but i am not sure. The credit check will show up nothing negative so they have nothing to bother with.
 
Sean Og said:
Ulster Bank require you to be at least 6 months with your current lender. PTSB require 24 months, this is why it is very important imo to apply for all the mortgages at the same time . BOI might require 12 months i can't remember. Get all the mortgages approved and when all your ducks are in line start picking them off. I don't think the banks bother carrying out up to date credit checks just before they release the mortgage but i am not sure. The credit check will show up nothing negative so they have nothing to bother with.
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I'm meeting Ulster bank on Monday to kick things off. I've been a bit slow to get AIP from everyone (had a baby during it all), so i'm only talking to them now. I've just switched to BOI like 2 weeks ago. I'm hoping I can get all my documentation together and basically say i'm still with the bank i've just left (Haven) and get my AIP. Does this sound a bit dodgy, or am I better of going in and being transparent and saying i've just moved to BOI and i'm looking to move to Ulster shortly?

I'm worried I tell them im with Haven, and then when they look for a statement showing my payments to haven, they'll see that I paid it off in December.
 
Black_Knight said:
I'm meeting Ulster bank on Monday to kick things off. I've been a bit slow to get AIP from everyone (had a baby during it all), so i'm only talking to them now. I've just switched to BOI like 2 weeks ago. I'm hoping I can get all my documentation together and basically say i'm still with the bank i've just left (Haven) and get my AIP. Does this sound a bit dodgy, or am I better of going in and being transparent and saying i've just moved to BOI and i'm looking to move to Ulster shortly?

I'm worried I tell them im with Haven, and then when they look for a statement showing my payments to haven, they'll see that I paid it off in December.
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They'll require 6 months statements. This will likely show you are paying mortgage to BOI and not Haven.
 
HollowKnight said:
They'll require 6 months statements. This will likely show you are paying mortgage to BOI and not Haven.
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I've not paid a cent to BOI yet. Nothing in my bank statements shows me paying anything to BOI. Though I do have a 5k transfer IN from BOI already.
The Haven statement for 6 months of payments is likely my downfall.. since it would show the mortgage being paid off just before Christmas
 
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You might be ok if you come clean and tell the truth, just say you went to BOI for the cash back offer but you are now switching to UB for the best rate. I can't understand why people don't follow the advice on here and go to PTSB first and then BOI or EBS they are all offering 2% cash backs. Apply at the same time thus eliminating the problem you have of new payments to new mortgage holders showing up on your statements.
 
All

Just telephoned EBS enquiring about an application form, the lady told me that I should receive the cash back in 2 months from draw down
 
EBS have told me today I need to be a year out from when I took the mortgage before I can switch to them :/
"With regards switching the mortgage from BOI to EBS it will be necessary for you to wait until it is a year from when you took out the mortgage initially before EBS can look at refinancing the loan, unless it is a case whereby you bought a second hand house that you now wish to do some work on."
 
Okokokoknic said:
EBS have told me today I need to be a year out from when I took the mortgage before I can switch to them :/
"With regards switching the mortgage from BOI to EBS it will be necessary for you to wait until it is a year from when you took out the mortgage initially before EBS can look at refinancing the loan, unless it is a case whereby you bought a second hand house that you now wish to do some work on."
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I was told last week by EBS that I could switch to them from BOI regardless of the fact that I only moved to BOI less than 6 months ago.
 
random2011 said:
I was told last week by EBS that I could switch to them from BOI regardless of the fact that I only moved to BOI less than 6 months ago.
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That's a completely different scenario. EBS don't care how long you've been with current lender, but you must have the mortgage at least 12 months to switch.
 
Sean Og said:
You might be ok if you come clean and tell the truth, just say you went to BOI for the cash back offer but you are now switching to UB for the best rate. I can't understand why people don't follow the advice on here and go to PTSB first and then BOI or EBS they are all offering 2% cash backs. Apply at the same time thus eliminating the problem you have of new payments to new mortgage holders showing up on your statements.
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I had a baby the day I was to go in a talk with UB. Granted I should of gone and talked to them sooner than now when I was technically still with haven. I'll see what my statement from Haven looks like first, and if it shows the balance being paid off, i'll go back to UB next month and do what you said (i've moved to BOI to get the cash back but I want to move to UB now for their 4 year fixed). In the mean time, i'll be moving to EBS.
 
Not true, i switched to EBS from BOI after about 6 weeks. In fairness i had a good relationship with the local branch of EBS and they knew that i was switching to get the 2% cash back. They also knew that it cost me almost €20k to break from EBS originally but the manager was happy enough to push my application and i got it through just before Christmas. Also i don't see it anywhere on EBS website etc that you must be 12 months with previous lender, if they do this is very new criteria.
 
Guys

How does the mortgage protection work between banks.

Can I just transfer my current policy to the new bank.
 
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