PTSB cashback payout when instantly (one month max) switching

M

MoneyLar

Registered User
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Hoping for some advice / see if anyone else has had the same experience.

I switched from BOI to PTSB which completed a week ago. While doing the PTSB application I was simultaneously doing one with AIB too where I want to end up with the 5 year green rate. I am wondering do I need to stay with PTSB for a certain amount of time to be able to get their cashback? I can't see anything in their terms about it so I intend to switch to AIB ASAP to get the green rate before it might increase but I obviously don't want to miss out on their cashback.

Thanks.
 
dexterdempsey said:
The cashback is due to you once you drawdown, you can switch straight away and still entitled to cash back
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Thanks Dexter. Do you know this from experience? I don't have any document to suggest it is the case so reluctant to make the move without having it and having a battle to get it - i.e. I have nothing to fall back on and not sure if it should come to a challenge over it would it be implied it is paid even if you are no longer with them.
 
Thanks Arthur. Just by way of update I got the cashback in today (18th) having drawn down on 7th.
 
MoneyLar said:
Thanks Arthur. Just by way of update I got the cashback in today (18th) having drawn down on 7th.
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That is great news. You could have timed this perfectly as bank funding rates have jumped significantly since you drew down meaning your break cost could end up being zero as well.

How long will your application with AIB take?
 
unknowninsider said:
That is great news. You could have timed this perfectly as bank funding rates have jumped significantly since you drew down meaning your break cost could end up being zero as well.

How long will your application with AIB take?
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I went variable with ptsb knowing I would only be with them a month or so and it would give the freedom to break as soon as I need to.

My AIB application was started the same time as PTSB so having gt my AIB letter of offer I now only need to get the last couple of conditions done, being showing up to date life cover, noting interest of aib on house insurance (done and letter from company on way) and getting solicitors undertaking. I would hope to draw on next 2 week and don't expect AIB green rate to move in that time!
 
MoneyLar said:
Thanks Arthur. Just by way of update I got the cashback in today (18th) having drawn down on 7th.
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Can I ask how long did it take from signing the contract with PTSB to drawdown?

I am in similar position to you have LOO issued from ptsb and ebs to which we plan to switch and adter ptsb and stay.

O one more q. Did your solicitor advise you on any potential delays with registering your mtg with Land Registry....as this could slow down the next swith (can't be done untill mortgage is registered by previous lender).

Thanks
 
It took about 3 weeks from signing but I was constantly onto PTSB about it as they were dragging their heels for some reason, claiming they didn't get a document that my solicitor had sent. That was the only reason things slowed down.

Solicitor hasn't flagged anything no, I assume that part is relatively smooth.
 
thank you.
now the step around registering a mortgage would not pose a threat in itself if you (and me) were not planning to do another switch.
This step is completed last and once you receive the funds you would not be aware of those dealings completed by your solicitor until it's time for the next switch, which may be delayed if there is a delay in registering the first mortgage.

I hope this makes sense, and I hope this won't be the case for you, or me for that matter.

I've seen other people on this forum completing multiple switches in a very short period where solicitor would not even register a mortgage if you are planning a swath the next week, but my solicitor is saying she can't do this.
 
Thanks for flagging. I've a good idea how it works and so don't envisage there being an issue but we are in with solicitor for signing tomorrow so can check then.
 
Just to update, funds were released today so a decent timeframe to get it moved all in all.
 
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