Switching to EBS or BOI?

Virgo80

Registered User
Messages
8
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
 

Mackemdub

Frequent Poster
Messages
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.
 

Virgo80

Registered User
Messages
8
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.
 

tom1ie

Frequent Poster
Messages
79
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.
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.
 

Sarenco

Frequent Poster
Messages
5,591
@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?
 

Virgo80

Registered User
Messages
8
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
 
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tom1ie

Frequent Poster
Messages
79
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.
 

SMAEL17

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

tom1ie

Frequent Poster
Messages
79
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!
 

lotus17

Registered User
Messages
34
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!
 

tom1ie

Frequent Poster
Messages
79
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!
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.
 

username123

Frequent Poster
Messages
1,448
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.
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.......?
 

RMGC11

Registered User
Messages
27
Does anyone know what criteria is EBS applying for switchers?
Do they have a 6/12 months with current lender requirement or do they not have any criteria like that at all?

I am wondering how many months people were with their current lender when they switched to EBS.
 

misemoi

Frequent Poster
Messages
123
Just about to sign with aib from ebs. They are totally separate businesses. I'd imagine the switching volume and value is so low between them that they simply don't care. Aib asked for my ebs statement which wasn't yet printed and I asked if they could see it internally. They said no.
 

strat_641

Registered User
Messages
6
Hi, bit late to the party but thought I might weigh in with my query...!

I am currently with EBS on a variable rate of 3.7%. Looking to switch to BOI to get lower fixed rate (3% for min 1 year) and get the 2% cash back (not a BOI customer, not interested in changing current A/C and dont want to fix for 5 years so cant get extra 1% cashback plus).

My question is, now that EBS have cut their fixed rates to 3% also, and currently offer 2% cash back till end of 2018, is there anything stopping me for switching to BOI on a variable rate, get the 2% and then in a few months switch back to EBS on a fixed rate of 3% for 1 - 3 years and get 2% cashback also?

I cannot find any small print to say that I need to stay for 12 months? I will be paying a variable rate for a time (~4.2%) but I think the extra cost would be covered by the 2% (x2) payment! Worst case, EBS dont take me back and I go to AIB or stay with BOI and fix for a min of a year and then see what is available then in terms of offers to switch.

Opinions would be most appreciated!!
 

strat_641

Registered User
Messages
6
Just seems a bit mad to think that provided a) your are bothered b) the banks do not refuse you for no other reason than they see what you are doing...you have the potential to gain seriously by switching

Example:
House value: €300,000
Mortgage value: €240,000
LTV: 80%
Term: 30 years

Assume 3 months to switch from EBS to BOI to EBS
1) Switch from EBS to BOI
3.7% variable pm (€1,104.68) to 4.2% variable pm (€1,173.64) = cost of €68.96 pm
Valuation cost: ~€150
Solicitor cost: ~€1,500
Net cost over 3 months: €1,856.88
2% cash back: €6,000
Net gain: €4,143.12


2) Switch from BOI to EBS
4.2% variable pm (€1,173.64) to 3% fixed pm (€1,011.85) = saving of €161.79 pm (or €92.83 savings pm when compared with original mortgage before switch)
Valuation cost: ~€150
Solicitor cost: ~€1,500 (maybe get a deal as repeat customer??!!)
Net cost: €1,650
2% cash back: €5,950 (assume some difference in total req after 3 months)
Net gain: €4,300

Total gain €8,443.12 and a new monthly saving of €92.83.

Worst case is that EBS dont see you as a new customer unless gone for a period of time (say 1 year). If that's the case, then go to AIB!

Sounds too good to be true!!
 

misemoi

Frequent Poster
Messages
123
Just working out our numbers on the above! Only in the door with AIB as we were looking to reduce to their 2.75% rate and not keen to fix. But I've just done the sums on moving to BOI then back to AIB and it would net us about 5k after additional interest charges and all fees for what is essentially a bit of paperwork! My query is, has anyone encountered resistance from AIB to switch back? I can't seem to find any Ts&Cs around this.
 

skrooge

Frequent Poster
Messages
176
Hi, bit late to the party but thought I might weigh in with my query...!

I am currently with EBS on a variable rate of 3.7%. Looking to switch to BOI to get lower fixed rate (3% for min 1 year) and get the 2% cash back (not a BOI customer, not interested in changing current A/C and dont want to fix for 5 years so cant get extra 1% cashback plus).

My question is, now that EBS have cut their fixed rates to 3% also, and currently offer 2% cash back till end of 2018, is there anything stopping me for switching to BOI on a variable rate, get the 2% and then in a few months switch back to EBS on a fixed rate of 3% for 1 - 3 years and get 2% cashback also?

I cannot find any small print to say that I need to stay for 12 months? I will be paying a variable rate for a time (~4.2%) but I think the extra cost would be covered by the 2% (x2) payment! Worst case, EBS dont take me back and I go to AIB or stay with BOI and fix for a min of a year and then see what is available then in terms of offers to switch.

Opinions would be most appreciated!!
Pretty sure it's in the t&c's that EBS won't pay the 2% more than once for the same borrower-property combination
 
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