Just wondering if anybody has first-hand experience of the above? We are FTBs and have approval in-principal for AIB, KBC and EBS and are weighing up which is the best deal for us. The EBS cashback offer of 2% then switching to a bank with a lower rate seems like a no-brainer we are not sure of the costs associated with switching and how long it would take.
We are looking to take a mortgage of 315K. I've done the calculations and the 2% cashback offer means our 90% mortgage will become a 88% mortgage so will be cheaper of the long run, even with the higher interest-rate. Not sure where to go from there once the cashback has been paid against the mortgage - how soon can/should we move? Has anyone actually done this? Do the banks have any conditions attached before you can switch to/from them?
We are looking to take a mortgage of 315K. I've done the calculations and the 2% cashback offer means our 90% mortgage will become a 88% mortgage so will be cheaper of the long run, even with the higher interest-rate. Not sure where to go from there once the cashback has been paid against the mortgage - how soon can/should we move? Has anyone actually done this? Do the banks have any conditions attached before you can switch to/from them?