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?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?
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