Taking Advantage of Cashback Deals!

lotus17

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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 like to avail of a cashback deal elsewhere 1st if this is possible.

I was thinking of moving to PTSB next. They are currently offering a 3.2% var rate and 2% cashback (worth €5100 to me minus €1000 legal fees = €4,100 profit.)

How long do you have to be with your current lender for PTSB to take you on?

I would consider staying with PTSB for a year at this rate and then move back to my original lender (BOI) if they are still offering their 2% cashback deal.

What are my chances of Bank of Ireland taking me back if I had the mortgage with them originally and then moved a few times?

Has anyone experience of making successful moves like this?

How can I increase my chances of this being successful?

My ultimate aim is to make as much money as possible on the cashback deals and also to end up on a low interest rate.
 
I moved to Ebs from aib to avail of the 2% cash back and because aib wouldn’t allow me to change ltv rates.
I am now in the process of moving back to aib, I’m just waiting on the deeds to be sent to my solicitor from ebs and then I will sign contracts. This will put me on a Ltv of less than 50% and a variable of 2.75%.
I know Ulster bank require you to be with your previous lender for 6 months, b.o.i for 12 months.
Aib will accept you straight away, kbc are the same. PTSB are the only ones I didn’t enquire about as I thought they’re rates were crap.
I will stick with aib for 6 months but after that I might move to Ulster bank and fix for a number of years, as I can only see interest rates going up.
 
Ive made contact with PTSB by phone with a view to switching from EBS and they have emailed me with the following rates:

"·3 Year Fixed New Business Home Loan ( <=60% LTV ) Rate 2.95%

·5 Year Fixed New Business Home Loan ( <= 60% LTV) Rate 3.05%"

I note on PTSBs website, they have a 12 month discounted variable rate of 3.2% for LTV <50%. This would be the most attractive option to me as I am just changing to avail of the cashback deal and then to switch again ASAP - probably to AIB.

Is there any risk in this strategy?
Is it possible/likely PTSB may refuse to allow me to switch to them when they see I am only with EBS a few months? Its likely they may suss that I am just switching to harvest the 2% cashback if I choose the discounted variable rate over the fixed rate. The lady explained over the phone, when the year is up on the discouted variable, you go to the standard variable which is 3.7% and this advised a 3 or 5 year fixed rate would be better.

If I manage to get the 2% cashback, I will be moving elsewhere speedily.....

Your thoughts?
 
Ive made contact with PTSB by phone with a view to switching from EBS and they have emailed me with the following rates:

"·3 Year Fixed New Business Home Loan ( <=60% LTV ) Rate 2.95%

·5 Year Fixed New Business Home Loan ( <= 60% LTV) Rate 3.05%"

I note on PTSBs website, they have a 12 month discounted variable rate of 3.2% for LTV <50%. This would be the most attractive option to me as I am just changing to avail of the cashback deal and then to switch again ASAP - probably to AIB.

Is there any risk in this strategy?
Is it possible/likely PTSB may refuse to allow me to switch to them when they see I am only with EBS a few months? Its likely they may suss that I am just switching to harvest the 2% cashback if I choose the discounted variable rate over the fixed rate. The lady explained over the phone, when the year is up on the discouted variable, you go to the standard variable which is 3.7% and this advised a 3 or 5 year fixed rate would be better.

If I manage to get the 2% cashback, I will be moving elsewhere speedily.....

Your thoughts?
Are you using the same documents each time? Do you take out new mortgage protection each time? Can you use the same valuation or do you need to keep paying for new ones?
Thanks for the updates
 
If i switch to BOI for say the 2% cashback and fix for say 3 years. Can i pay the break fee after few months and switch again. Assuming break fee Is small and another lender will take me on after only a few months with BOI. Have BOI any hold on You? They will be paying me 7k up front eventhough they will be get around 2-3k in interest if I leave after few months. Big loser for them or am I wrong in what I'm saying?
 
We switched from Boi to Ebs in Oct 16, got the 2% and paid it off our mortgage. Just got approval from Aib to switch to them. Started at 4.5% with boi, got them down to 3.75 I think before we left, then 3.3% with ebs. Moving to a 2.75% with aib. We probably could have switched sooner to Aib but had a few things going on. Would switch again if conditions are right! The cash back deals might not be around forever though. Legal fees are incurred each time, as are valuation. Our solicitor is giving us a fair price as it's the third time we've used him :)
 
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