“At Ulster Bank, we want to support customers to make the moves and decisions that are right for them. These lowest ever rates, which include a number of market leading rates, are providing us with a fantastic opportunity to help more customers buy their dream home, or save money on their existing deal by switching to us.”
OK, so they are actively targeting customers of other lenders.
He added, “The addition of a new LTV in our range offers a wider range of choice to both new and existing customers and is a further example of how we are aiming to be number 1 for customer service."
I would interpret this to mean that a customer who is on an existing mortgage whose LTV is now below 60% can ask for the 3.8% rate. This would be the first lender to do that, if that is the case.