Switching to EBS or BOI?

strat_641

Registered User
Messages
6
Yep totally agree but that's not the question! The question is can you do it at least once? Switch to the bank(s) that offer the incentive and then return to original bank as a new customer and get same perks? You would think it's in T&Cs but u can't spot it (with BOI at least... Loads about cash back plus but little about the standard 2%)

We are a culture that favors little change and personally I think the banks are betting on that
 

skrooge

Frequent Poster
Messages
175
Just to confirm for EBS

https://www.ebs.ie/mortgages/back-in-cash

You will not be eligible if...

  • You are an existing EBS mortgage customer who is availing of a top-up loan or a transfer of title mortgage loan; and/or
  • You have already availed of the EBS 2% Back in Cash offer for a mortgage loan relating to the same property
 

Sean Og

Frequent Poster
Messages
160
If you have never received the 2% cash back from EBS then there is nothing stopping you from moving to BOI getting their 2% cash back, then moving back to EBS and getting the 2% cash back from them. Why not then move to PTSB and get 2% cash back from them. I am in the process of doing this and there is no time limit etc that you have to be with a certain Bank.
 

strat_641

Registered User
Messages
6
OK so what I was thinking. Can you let us know from where to where and back to where have you gone? I take it each move you make is to a variable rate? If they dont have any T&C's about moving straight away then then only hurdle that I can see is when you try and get the 2% (first time) from the bank that you left in the first place...eg EBS - BOI +2% - PTSB +2% - EBS +2%.

I think is that is possible you would want to be making a serious deal with your solicitor!!
 

Sean Og

Frequent Poster
Messages
160
Ok i have my first 2 offers in from PTSB and BOI for 300k over 20 years. I am also waiting on my offer from EBS to come through. I am availing of the 2% cashback on all offers. Just want to make sure i am ok to go with BOI 1 year fixed @3% instead of their variable 4.2%. There will be no penalty when i go to switch after 8 weeks for so?
 

mojoask

Frequent Poster
Messages
73
Ok i have my first 2 offers in from PTSB and BOI for 300k over 20 years. I am also waiting on my offer from EBS to come through. I am availing of the 2% cashback on all offers. Just want to make sure i am ok to go with BOI 1 year fixed @3% instead of their variable 4.2%. There will be no penalty when i go to switch after 8 weeks for so?
How long are the approvals valid for and do they stay valid if you've switched provider since first applying?
 

Blackrock1

Frequent Poster
Messages
410
Ok i have my first 2 offers in from PTSB and BOI for 300k over 20 years. I am also waiting on my offer from EBS to come through. I am availing of the 2% cashback on all offers. Just want to make sure i am ok to go with BOI 1 year fixed @3% instead of their variable 4.2%. There will be no penalty when i go to switch after 8 weeks for so?
very unlikely unless something drastic happens but it could, basically paying the higher interest for 8 weeks is a cost of insurance!
 

Sean Og

Frequent Poster
Messages
160
All offers are valid for 6 months and i won't be telling them i have changed lender, i got all my offers based on the new lender thinking i am with EBS paying 5.5%. When it suits me i will just close one mortgage and draw-down the next. Everything is in place all my solicitor has to do is request the money. EBS will obviously know i have changed lender from them when i move back to them but they will also know that i paid them a massive breakage fee to exit my 5.5% fixed for 3 more years.
 

rochforn

Registered User
Messages
11
SO moral of the story on these switches they must be done on variable rates to avoid breakages fees? im locking in on a 3 year fixed with PTSB 3.1% on 224K over 31 years, 2% cashback after 40 days where I could line up AIB to switch to but will PTSB charge a breakage fee for doing so?
 

skrooge

Frequent Poster
Messages
175
SO moral of the story on these switches they must be done on variable rates to avoid breakages fees? im locking in on a 3 year fixed with PTSB 3.1% on 224K over 31 years, 2% cashback after 40 days where I could line up AIB to switch to but will PTSB charge a breakage fee for doing so?
There definitely won't be a break fee when switching while on a variable rate mortgage. There may be a break fee if you are switching while on a fixed rate. It all depends on how banks funding cost have changed since the date you fixed. Have a look at the following thread to understand

https://www.askaboutmoney.com/threads/understanding-fixed-rates-breakage-costs.204427/

The only way to know for sure is to enquire with your bank.
 

strat_641

Registered User
Messages
6
OK, not sure if I can revive this post so late in the day but thought I might give it ago!

I posted sometime ago about switching a number of times to try and get the 2% cash back from the banks offering it. I am nearing my 1 year fixed so looking now at my options. Thinking I could switch to EBS and get 2% cash back at a variable rate then swap again for a lower rate fixed with some offer to cover expenses e.g. KBC give €3000 lump sum and 2.70% fixed so also a saving on the current 3% I am paying.

Did anyone try the ol swapperoo that I talked about last year? Only curious?! I didn't bother as was on a fixed rate.
 

strat_641

Registered User
Messages
6
Cheers! Glad to see I was not wrong so in my thinking!
However sad to see that I am a bit late possibly in getting finger out as some banks have removed the % cashback in favour for a flat lump sum! Live and learn I guess!
Think I will contact bank and see about fee to leave 1 Yr fixed rate instead of waiting until Nov, maybe get the ball rolling on hopefully getting one more % cash back payout...!
 

username123

Frequent Poster
Messages
1,446
As far as I know, Ulster, AIB and KBC have lump sum while BOI, PTSB and EBS have percentage. So it's about 50/50. The KBC is the best of the lump sums and they have decent rates. I finished the 3 moves on Ulster Bank.
 
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