Ulster Bank cuts rates for new and existing customers

“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.
 
Thanks Brendan. It's interesting that Ulster Bank is maintaining the trend of banks offering fixed rate deals cheaper than variable rate deals.

It further adds to your suspicion that we will have more reductions in SVR's later this year.

If Ulster Bank can lock you into a 3.8% 7-year fix, they'll be laughing if SVR's drop below 3%.

However, I do feel that the 7 year fix represents reasonable value in certain cases - in particular if you expect your mortgage balance to be too low in 5+ years time to make switching lenders feasible.
 
Hard to know for sure.

The lenders love people who fix. They don't need to worry about losing them to a competitor.

If everyone fixes, there will be no switcher market and little competition.

Brendan
 
Good coverage by RTE

Other lenders may now be forced to cut again, as despite recent cuts, mortgage rates here are still among the highest in the 19-member eurozone. The Ulster Bank move to cut the variable rate for both new and established mortgage holders is in contrast to recent reductions from Bank of Ireland, Permanent TSB and KBC Bank, which were only for new customers and switchers. AIB and EBS had reduced its rates for new and existing customers before Christmas.
 
Ulster Bank are been clever here they are attracting switchers and at the same time keeping their existing customers happy . It's a pity that PTSB doesn't value it's existing customers .
They don't care that you are switching and will do nothing to keep you.
 
reddanmm said:
Ulster Bank are been clever here they are attracting switchers and at the same time keeping their existing customers happy . It's a pity that PTSB doesn't value it's existing customers .
They don't care that you are switching and will do nothing to keep you.
Click to expand...

I though PTSB had reduced rates for it's existing customers recently - there were a few posters on here saying they'd received letters stating this...
 
shweeney said:
I though PTSB had reduced rates for its existing customers recently - there were a few posters on here saying they'd received letters stating this...
Click to expand...

Existing customers of ptsb who took out an MVR (Managed Variable Rate) since June 2013(?) have seen their rate reduced, but the vast bulk of the existing, long standing, customers on SVR have not received any cuts.

Brendan
 
I've been on to UB numerous times in the past week in an attempt to get confirmation of the above rate changes & have been told several times by House Mortgages that they have yet to be informed of the rate changes but that I will be 'first to know' when the date does actually change :) I'm also trying to swap to a lower rate to avail of that nice reduction mentioned above, if your LTV ratio is under 60pc. One week in, still trying to get details from them as to how I can demonstrate this & change rates. The old way of arranging a valuation of my house no longer suffices! Anyone else having the same troubles?
 
Brendan Burgess said:
“
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.
Click to expand...

Thanks to AAM and this thread I've now requested Ulster Bank to move me to a lower rate. I await their refusal !

This time I received no rate change letter from Ulster, did other customers?
 
Bronte said:
Thanks to AAM and this thread I've now requested Ulster Bank to move me to a lower rate. I await their refusal !

This time I received no rate change letter from Ulster, did other customers?
Click to expand...

Nope, me either, and I am also still waiting for documentation from my branch which I was told I needed in order to apply for the lower rate due to reduced LTV!
 
Hi Folks,
Got a letter from Ulster Bank yesterday stating that their standard variable mortgage rate has dropped from 4.5 to 4.3
It then referred to my monthly mortgage payment and that it would drop by around 18 euro per month.
My interest rate is 4% and from a quick calculation I am now on 3.8%

So I've benefited from the 0.2 drop.

I didn't apply or chase up anyone in Ulster Bank about this.
I mention it in passing to a staff member (on the phone) when talking to them about a general query in relation to my mortgage.
The response I got was that Ulster Bank would be contacting customers in March.

Any other Ulster Bank mortgage holders get this letter?

Cheers,
JR
 
I got a letter also from Ulster Bank with a reduction -.20%.

I did write to them requesting a reduction on SVR mortgage due to their advertisment.
 
You must log in or register to reply here.
Back
Top