Hi, I thought I would post my experience of switching from Ulster Bank to EBS recently.
Was with Ulster Bank (previously First Active) since 2005
Was on various fixed and variable rates during that time.
In early 2015 I found Ask About Money and started to consider switching.
I owed approx. €205,000 on a house valued at €270,000
I was paying 4.3%.
At that time I think KBC were around 3.8% so I contacted Ulster Bank to ask would they reduced my rate. They sent me a list of their rates and I was eligible for 3.9% which was their 60-80% LTV rate. So I got a valuation done (€150) and changed rate and stayed with Ulster Bank and my rate dropped to 3.7% not long after.
All the time I was watching rates and contemplating switching.
In August 2016 Ulster Bank brought out a loyalty rate. When I heard this announced on news "Ulster Bank reduce SVR" I was delighted. But I soon found out it was only for people who owed >€200,000 which I didn't anymore.
It actually annoyed me that they called this new rate a loyalty rate, as it wasn't for long term LOYAL customers, it was only for some customers with big mortgages. I though I was a loyal customer but Ulster Bank didn't.
I decided to switch.
I chose to switch to EBS based on reading Ask About Money.
Their rate was 3.5% and they would give me 2% cash back with no strings.
In October 2016 I called into an EBS branch and got the necessary forms.
I got a couple of solicitors quotes, the best one was €1000 incl. VAT plus costs/outlays.
First meeting with EBS mortgage adviser on 25/10/16. I brought all documentation needed with forms salary certs etc. filled out. Was told there should be no problems with mortgage.
We sign letter of authority for solicitor.
Second meeting with mortgage advise early November. Needed to bring Life Assurance policy and house insurance details with policies assigned to EBS.
During November had two quick meetings with solicitors to sign a few bits.
Had a little bit of contact with mortgage adviser and solicitors by email just to keep things moving throughout the month.
We drew down funds on 14/12/16
All in all two months with very little hassle and job done. Probably about 5 hours tops of my time.
EBS rate is 3.5% so I am saving 0.2% a month (€39 or so)
Borrowed €195,000 so getting €3900 cash back from EBS.
Costs were valuer €150, solicitors €1336, Ulster Bank solicitors deed release fee €73.
So I made €2341 by switching plus the €39 per month I will save.
I will probably look to switch again by the end of the year.
Was with Ulster Bank (previously First Active) since 2005
Was on various fixed and variable rates during that time.
In early 2015 I found Ask About Money and started to consider switching.
I owed approx. €205,000 on a house valued at €270,000
I was paying 4.3%.
At that time I think KBC were around 3.8% so I contacted Ulster Bank to ask would they reduced my rate. They sent me a list of their rates and I was eligible for 3.9% which was their 60-80% LTV rate. So I got a valuation done (€150) and changed rate and stayed with Ulster Bank and my rate dropped to 3.7% not long after.
All the time I was watching rates and contemplating switching.
In August 2016 Ulster Bank brought out a loyalty rate. When I heard this announced on news "Ulster Bank reduce SVR" I was delighted. But I soon found out it was only for people who owed >€200,000 which I didn't anymore.
It actually annoyed me that they called this new rate a loyalty rate, as it wasn't for long term LOYAL customers, it was only for some customers with big mortgages. I though I was a loyal customer but Ulster Bank didn't.
I decided to switch.
I chose to switch to EBS based on reading Ask About Money.
Their rate was 3.5% and they would give me 2% cash back with no strings.
In October 2016 I called into an EBS branch and got the necessary forms.
I got a couple of solicitors quotes, the best one was €1000 incl. VAT plus costs/outlays.
First meeting with EBS mortgage adviser on 25/10/16. I brought all documentation needed with forms salary certs etc. filled out. Was told there should be no problems with mortgage.
We sign letter of authority for solicitor.
Second meeting with mortgage advise early November. Needed to bring Life Assurance policy and house insurance details with policies assigned to EBS.
During November had two quick meetings with solicitors to sign a few bits.
Had a little bit of contact with mortgage adviser and solicitors by email just to keep things moving throughout the month.
We drew down funds on 14/12/16
All in all two months with very little hassle and job done. Probably about 5 hours tops of my time.
EBS rate is 3.5% so I am saving 0.2% a month (€39 or so)
Borrowed €195,000 so getting €3900 cash back from EBS.
Costs were valuer €150, solicitors €1336, Ulster Bank solicitors deed release fee €73.
So I made €2341 by switching plus the €39 per month I will save.
I will probably look to switch again by the end of the year.
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