Ulster Bank Switcher Mortgage
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plaudit
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I've had a look at this and they appear to be offering it on mortgages over €75K and they pay your legal fees too, looks like another nobrainer, has anybody else any other info?
Are they the cheapest lender in most or all categories?
LDFerguson
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They do have good tracker rates at 0.75% above ECB <80% and 0.95% above ECB >80%, but these rates are only available through brokers. If you want to get them directly from branches, you have to take out a U-first current account also.
Liam D. Ferguson
www.ferga.com
Liam D. Ferguson
www.ferga.com
So - perhaps not necessarily such a no brainer after all? In my opinion one should ignore gimmicks and convoluted add ons and stick to the lender who is most competitive long term (usually the lender offering the lowest margin tracker for your specific circumstances). If/when your LTV reduces so that you can avail of even lower rates/margins then review your mortgage needs at that point. I see that LDF mentions NIB elsewhere as offering the best long term tracker rates (possibly for specific LTVs).
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plaudit
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My LTV will be less than 50% so the NIB option does look like an even cheaper deal.
I agree about the gimmicks and stuff to a point, although the offer of €1000 from Ulsterbank did enough to get me thinking about the whole thing
Regarding having to open a Ufirst account I am sure if you put a proverbial gun to their head in the branch they may be prepared to waive this.
I agree about the gimmicks and stuff to a point, although the offer of €1000 from Ulsterbank did enough to get me thinking about the whole thing
Regarding having to open a Ufirst account I am sure if you put a proverbial gun to their head in the branch they may be prepared to waive this.
LDFerguson
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Or you could save yourself the trouble of having to revert to such violence by going to a broker.
shammy feen
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I am presently in the process of switching my mortgage to Ulster bank from IIB to avail of the lower interest rates available in my case from Ulster Bank. (0.75% above ECB)
I have nearly closed the switch, and am awaiting issue of cheque. On Tuesday morning I heard some guy on the news talk breakfast show talking about how Ulsterbank will give new switchers €1000 cash and pay all legal fees for mortgage switches between 02nd April 2007 and 02nd June 2007.
Of course I asked my broker if this was available for me as I had not closed yet. It wasnt available in my case.
It is only available for New applications made on or after the 02nd April, and these switches must be closed out by the June 2nd deadline or else you do not get your €1000. Also I was told it is only available directly through Ulster Bank (Not available through a broker at the moment), You must use one of the nominated solitors that Ulsterbank have on their panel and you will be tied in for at least 3 years (probably 5) with a clawback if you switch again within that time.
My broker believes that this is a marketing ploy on Ulsterbanks behalf to grab the only boyant market out their at the moment- switcher mortgages. He has heard that First time buyer mortgage applications, investment business and residential trader upper mortgage applications have slowed considerably in the last few months and this is Ulster banks response.
Intreguingly I was told Ulster Bank will not be widely advertising this offer on the media after the start of April as they do not want to encourage a "Mortgage Switching " culture.
Thats just plain weird in my opinion, You either have an offer and promote it as such or you dont bother at all.
Hope this helps
Shammy
I have nearly closed the switch, and am awaiting issue of cheque. On Tuesday morning I heard some guy on the news talk breakfast show talking about how Ulsterbank will give new switchers €1000 cash and pay all legal fees for mortgage switches between 02nd April 2007 and 02nd June 2007.
Of course I asked my broker if this was available for me as I had not closed yet. It wasnt available in my case.
It is only available for New applications made on or after the 02nd April, and these switches must be closed out by the June 2nd deadline or else you do not get your €1000. Also I was told it is only available directly through Ulster Bank (Not available through a broker at the moment), You must use one of the nominated solitors that Ulsterbank have on their panel and you will be tied in for at least 3 years (probably 5) with a clawback if you switch again within that time.
My broker believes that this is a marketing ploy on Ulsterbanks behalf to grab the only boyant market out their at the moment- switcher mortgages. He has heard that First time buyer mortgage applications, investment business and residential trader upper mortgage applications have slowed considerably in the last few months and this is Ulster banks response.
Intreguingly I was told Ulster Bank will not be widely advertising this offer on the media after the start of April as they do not want to encourage a "Mortgage Switching " culture.
Thats just plain weird in my opinion, You either have an offer and promote it as such or you dont bother at all.
Hope this helps
Shammy
LDFerguson
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Hi Shammy,
The Ulster Bank offer is definitely available to brokers. It seems a bit mean-spirited that they wouldn't offer you the €1,000. They use First American Title Insurance in lieu of a full legal conveyance and you just attend one of their panel solicitors for signing documents. There's a claw-back if you switch to another lender within five years.
Why don't you ask your broker to put pressure on them to give you the €1,000? After all, I presume you could simply cancel your application and start all over again.
Liam D. Ferguson
www.ferga.com
The Ulster Bank offer is definitely available to brokers. It seems a bit mean-spirited that they wouldn't offer you the €1,000. They use First American Title Insurance in lieu of a full legal conveyance and you just attend one of their panel solicitors for signing documents. There's a claw-back if you switch to another lender within five years.
Why don't you ask your broker to put pressure on them to give you the €1,000? After all, I presume you could simply cancel your application and start all over again.
Liam D. Ferguson
www.ferga.com
shammy feen
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Hi folks,
Thanks for the replies. I am using my own solicitor and am nearly finished the process of switching. If I cancelled now and started all over again, I would still have to pay the solicitor for his time and work. That would cancel out most the €1000 I would gain by starting again.
I didnt want to lock myself in to a 5 year contract with Ulster Bank thats why I chose the "use own solicitor" route in the first place", My Broker covers a percentage of the legal fees for switching.
If I had known in advance that I could get my legal fees paid, get €1000 in the hand and get a rate of 0.75% above ECB, I would probably have locked in for 5 years alright.
If only I had a crystal ball eh?
Shammy
Thanks for the replies. I am using my own solicitor and am nearly finished the process of switching. If I cancelled now and started all over again, I would still have to pay the solicitor for his time and work. That would cancel out most the €1000 I would gain by starting again.
I didnt want to lock myself in to a 5 year contract with Ulster Bank thats why I chose the "use own solicitor" route in the first place", My Broker covers a percentage of the legal fees for switching.
If I had known in advance that I could get my legal fees paid, get €1000 in the hand and get a rate of 0.75% above ECB, I would probably have locked in for 5 years alright.
If only I had a crystal ball eh?
Shammy
Hello all
I understand the clawback if you move to another lender within five years - however does that clawback also prevent you as well from paying down the mortgage using lump sums and / or redeeming the mortgage if you were to sell the property involved within the five year period.
Happy to stay with UB for five years at tracker rates, but what is the €1000 clawback situation if you sell up or get a windfall to reduce your mortgage??
thanks
I understand the clawback if you move to another lender within five years - however does that clawback also prevent you as well from paying down the mortgage using lump sums and / or redeeming the mortgage if you were to sell the property involved within the five year period.
Happy to stay with UB for five years at tracker rates, but what is the €1000 clawback situation if you sell up or get a windfall to reduce your mortgage??
thanks