Switching to EBS or BOI?

Discussion in 'The Switchers' Forum' started by Virgo80, Nov 15, 2017.

  1. Virgo80

    Virgo80 New Member

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    3
    Hi all

    I am currently with Haven on variable rate. i was thinking to switch to EBS or BOI for cash back and lower fixed rate. My plan is to switch to BOI on a 1 year fixed rate then break away and switch to EBS . I thought about switching to EBS first and then to BOI but it seems BOI wants you stay with current lender at least for 12 months.

    Any advice from experienced switchers are much appreciated.

    Cheers
     
  2. Mackemdub

    Mackemdub Frequent Poster

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    87
    I'd say base your decision on the best deal for you today - which I assume BOI - though if you follow through on your plan you will only get 2% cashback not the 3% cashback plus

    EBS (or others) might not be offering the same incentive in 12 months time so be prepared to stay with BOI for longer, over 5 years and you'll get the additional 1% cashback.
     
  3. Virgo80

    Virgo80 New Member

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    3
    Thank you for your reply

    I have approval in priciple from EBS for 3.15% + 2% cash back.
    I will be meeting a BOI advisor tomorrow. their rate is 3% plus 2% cashback + 1% (after 5years).
    Savig between 3.15% and 3% is only euro 174 for 12 months. not sure if starting(mortgage process) with BOI is worth for it.
     
  4. tom1ie

    tom1ie Registered User

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    38
    Hi Virgo80
    I switched from aib to ebs to get the 2% cash back which I have now received.
    However the rate I was given was 3.3%@ ltv of less than 50% (mortgage of 280000, house value of 600000). Just wondering how you got 3.15%?
    Anyway I’m in the process of switching back to aib to get the variable rate of 2.75% @the same ltv.
    You are correct in saying boi want you to stay with current lender for 12 months.
    Tom.
     
  5. Sarenco

    Sarenco Frequent Poster

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    4,373
    @tom1ie

    As a matter of interest, have you encountered any reluctance from AIB to taking you back?

    It seems mad that a borrower can switch between two lenders within the same group and pick up a significant chunk of change in the process.

    Will you also end up on a lower LTV band with AIB?
     
  6. Virgo80

    Virgo80 New Member

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    3
    Last edited: Nov 27, 2017
    With the latest rate cut their 1 yr fixed rate is 3.15 %. Are you on a fixed or variable rate with ebs?

    I am more confused now to choose between EBS or BOI as EBS now offering to cover the valuation cost. that means cost of the loan for 12 months is same with EBS and BOI
     
    Last edited: Nov 27, 2017
  7. tom1ie

    tom1ie Registered User

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    38
    No resistance whatsoever. I was on an ltv greater than 90% with aib and now that I am rejoining it will be ltv less than 50%. It’s a bit of hassle but I’m 2% of my mortgage loan better off thanks to ebs.
     
  8. SMAEL17

    SMAEL17 Registered User

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    13
    What were your Legal Fees for each switch? - I'm think of following a similar Plan. Thanks.
     
  9. tom1ie

    tom1ie Registered User

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    38
    So for the switch from aib to ebs I paid €1000 inc v.a.t and for the second switch, ebs to aib I’m paying €897 with the same solicitor. He gave me a nice discount for repeat business!
     
    RedOnion likes this.
  10. lotus17

    lotus17 New Member

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    8
    I have been watching this thread with interest. I moved my mortgage from BOI earlier this year to EBS to achieve a lower interest rate and avail of the 2% cashback deal. I am now on a variable rate of 3.3% with EBS. The outstanding amount on my mortgage is around €255K with a loan to value ratio well below 50%. My job is permanent and secure. I have no other debt.

    I am interested in moving again and ultimately would like to be with AIB given their track record in handing on interest rate cuts. However I would be happy to avail of a cashback deal elsewhere 1st. I spoke to a mortgage broker yesterday who told me it is unlikely AIB would take me on now as Im with EBS and they are part of the same group as AIB and he suggested they have the one mortgage team in the background. He said nobody would take me for 6 months and then Ulster bank may be my best bet at that stage.

    However, I note Bank of Ireland have the best cashback deal/rates at the moment when you take the cashback and rates into account together. What are my chances of Bank of Ireland taking me back if I just left them a few months ago? I have always banked with them in the past and continue to have my main a/c with them where salary is paid in.

    Has anyone experience of making a successful move like this? How can I increase my chances of this being successful?


    This forum is excellent for empowering bank customers!
     
  11. tom1ie

    tom1ie Registered User

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    38
    Such rubbish from the mortgage broker!
    Aib will take Ebs customers no problem, and I originally moved from aib to ebs which you think would make it worse. Boi require you to be with your lender for 12months and ub 6 months. Kbc will take your business straight away (as long as you qualify of course) the same as aib.
     
    RedOnion likes this.
  12. username123

    username123 Frequent Poster

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    1,277
    To agree with @tom1ie, above it total rubbish. I am in process of going from EBS to AIB, after only being with EBS 7 months. Complete nonsense from whatever broker told you that. BTW, why are you even bothering with a broker.......?
     
    tom1ie likes this.
  13. RedOnion

    RedOnion Frequent Poster

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    632
    Switch to AIB. Do it directly.
    AIB don't deal with brokers - Haven do.
     
    tom1ie likes this.