Switching from the bank I switched to.

Discussion in 'The Switchers' Forum' started by tom1ie, Jul 16, 2017 at 8:57 PM.

  1. tom1ie

    tom1ie Registered User

    Posts:
    18
    So i m in the process of switching from Aib to Ebs. I'll get the 2% lump sum and I'll be better off by €25 euro per month as they've a better variable than what I was on. This is including the €75 tax relief at source, I presume I'll be loosing.
    Once I receive the 2% lump sum, the plan was to move again, probably to KBC as they've the best rates, fixed and variable on the market.
    My concern is , is it likely KBC won't want my business as I'm switching straight away, and they won't see me as a long term customer?
    Thanks
    Tom.
     
  2. newirishman

    newirishman Frequent Poster

    Posts:
    575
    You won't lose TRS if you switch mortgage providers, you just need to apply for it again via the Revenue web site. (It is a bit cumbersome though).

    What is your concern regarding KBC? That they won't offer you a mortgage? Have you gotten approval from them already? if not, you might want to get that first.
     
  3. tom1ie

    tom1ie Registered User

    Posts:
    18
    I presumed you might loose the trs as it might be considered a "new" mortgage.
    My concern with KBC is they might see that I've only stayed with Ebs for two payments and I'm looking to move again. Maybe not though.
     
  4. Sarenco

    Sarenco Frequent Poster

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    3,835
    No, Revenue wouldn't consider it to be a new mortgage for TRS purposes.

    I gather some lenders balk at refinancing a mortgage that is less than a year old. No harm in asking KBC when the time comes - the worst they can say is "no".
     
  5. RedOnion

    RedOnion Frequent Poster

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    117
    They'll definitely require 12 months statements from your mortgage, so it's a question of whether the box that needs to be ticked will allow for 2 separate statements!
     
  6. Sarenco

    Sarenco Frequent Poster

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    3,835
    Hi RedOnion

    When you say they will "definitely require 12 months statements" do you mean that is the conventional underwriting requirement or something else?

    I'm not aware of any legal or regulatory requirement in this regard.
     
  7. RedOnion

    RedOnion Frequent Poster

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    117
    Sorry, underwriting policy.
     
    Sarenco likes this.
  8. RedOnion

    RedOnion Frequent Poster

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    117
    To clarify. It's my understanding that 12 months statements are required for underwriting in switching, but I've no direct experience of this.

    There are certain late payment behaviours that don't always appear in an ICB record depending on timing (which I won't explain!)

    Happy to be corrected if anyone has direct experience.