New Ulster Bank product to match NIB ?

[ButtermilkJa]

...ButtermilkJa - thanks for the info, worth checking out from the sounds of things

No worries!

Anyone managed to get UB to pay for their valuation, as part of the process of getting them to reduce their margin on your Tracker btw ?

Just had a meeting with my local UB branch this week and was told they won't pay for the valuation if it's for switching rate. Even if it's a ufirst account rate.

 

[GreatDane]

Banks to stage mortgage war as AIB slashes rates!!!

Typically measured commentary from the Indo's finance section...

Hi Doc

Thanks for the link. While the Indo kindly indicated that the margin was being cut on the tracker rate, by up to 0.36% its not entirely clear what the new rate is etc.

A quick look on Aib.ie does not seem to clarify either (although I guess I could take 0.36% from the tracker rate quoted, though it's an APR so doubtful to be entirely accurate given the way APRs are calculated etc)

Strange, but early days I guess .... no doubt we will soon be hearing / seeing more detail on this one.

Cheers

G>

 

[milly123]

Hi there,

You might find this interesting also,

i was in the process of moving from AIB to NIB, when I got a call from lady in AIB yesterday offering 4.1% on LTV 50%. NIB were offering me 4.09% on LTV57%.

Apparently AIB are bringing out new rates - they are going to be advertised from 12th Feb next....​

 

[Kazsal]

Re: New Ulster Bank product

its 0.75% margin on top of ECB for loan to value under 80% for anyone who holds a U First Account

rumours are that the U First Account is going to be re-vamped in February offering addtional improved features!

no news though as to whether existing customers will have to get an up to date valuation

We've been offered this through Rea Mortgages, they brokered our mortgage, and if we (as Rea customers) sign up before the end of feb we won't have to open a U account. (which has a E9 monthly charge).

 

[irishpancake]

Can anyone clarify the situation with UB Trackers as of today.

I have seen references here about a new LTV-type product, but I cannot see any change announced on their website.

I took out a flexible tracker with them about 2 yrs ago (Flexible Tracker Mortgage < 80% LTV).

It was for 10 years, and the LTV was well under 50%. (actually closer to 25%)

The rate, AFAIK, is now 4.45% (ECB +0.95%), which seems out of line with current offerings from NIB and AIB.

Do UB actually have a better LTV product available to existing mortgage holders?

I would move to another provider, but it's hardly worth the hassle as the mortgage is quite small, but if UB have a similar product I would opt for it.

Also, I'm not interested in their uFirst product as the cost would almost be more than the potential savings.

I ask here because UB are notoriously non-responsive to e-mail or phone queries.

 

[ButtermilkJa]

Can anyone clarify the situation with UB Trackers as of today....

I know you said you weren't interested in the ufirst option, but just to clear things up a bit, I am on a ufirst tracker (got it 2 years ago at LTV 92%) and am on a rate of 4.55% (ECB +1.05%) and asked if I could switch to a lower rate because my LTV is now around 65%. They said I could switch to their 'new' ECB + 0.75% tracker rate for LTV < 80%. This is the rate that is discussed here on this thread but has not yet been added to their website.

They gave me a print-out of their current list of rates as at 24th January, which I have here, and lists this new ECB + 0.75% rate. However, the only other (non ufirst) rate I see mentioned is a "Flexible Tracker Mortgage LTV < 80%" which is indeed 4.45% (ECB + 0.95%).

So it looks like they have not reduced your rate, and don't offer any other LTV rates (ie: LTV < 60%, LTV < 50% etc.). It seems you may be able to avail of any lower rate.

Having said this I would call them and tell them you are considering switching to NIB as your LTV is 25% and see if they make an offer. If not, then I'd switch anyway. You may not save much but out of principle...

Example:
UB, LTV 25% (€100,000), 8 years, 4.45% = €1,239 (Total Interest = €19,050)
NIB, LTV 25% (€100,000), 8 years, 4.09% = €1,223 - (Total Interest = €17,400)

 

[irishpancake]

I know you said you weren't interested in the ufirst option, ....

Thanks a mil ButtermilkJa, for taking the trouble and posting a very concise and informative reply.

I think I will indeed take your advise and ask UB for a reduction, or I walk.

As you say the principle is the thing, and i have been known to advise ppl to take a similar course myself in the past.

It's just sheer laziness on my part, you know.

Thanks again

 

[NavanMan1]

Hi Pancake,
Let us know how you get on with UB.

My own position is that I am still waiting for a statement of account for my tracker with them ( paying 4.45% ) as I want to go to both AIB & NIB for a quote on my mortgage which should be around 71K at this stage on a house worth 210K.

 

[oldtimer]

AIB are now offering 4.1% on trackers which have an LTV balance less than 50%. They need a letter from valuer certifying the value of house. I have contacted a valuer and he wants €130 for full valuation or €65 for a letter stating the value.

 

[KalEl]

AIB are now offering 4.1% on trackers which have an LTV balance less than 50%. They need a letter from valuer certifying the value of house. I have contacted a valuer and he wants €130 for full valuation or €65 for a letter stating the value.

That sounds like €65 for putting down the figure you want!

I'd love to know the "fraud factor" in the Irish mortgage market.
If you combine misrepresentation of people's income and overvaluation of property for LTV type products it must be significant!

 

[Ravima]

ulster told me previously that they could not reduce the rate. got more competitive rate from BoI and guess what................Ulster can better it slightly!!!!!!!!!

 

[GreatDane]

Hi Ravima

Are you saying that UB can beat the rates they quote, or just reduce the old rate you had in line with their current quotes ?

Thanks

 

[Ravima]

they reduced to match their own rates, given the better LTV. however, when I first asked they refused to do this. It was only when I went back to say BoI would do better, that they agreed.