Ulster Bank cuts rate for loans >€250k and <80% LTV to 3.2%

Brendan Burgess

Brendan Burgess

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They don't seem to have made an announcement about it, but their website is showing this rate at 3.2%

http://digital.ulsterbank.ie/personal/mortgages/mortgage-rates.html

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Fair play to anyone who gets this rate.

What I find hilarious though, is that this rate is lower than my PTSB tracker!
 
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I don't think you should consider switching until the rate issue has been sorted either by the FSO, the Central Bank or the High Court.

Brendan
 
This is only available to new customers!!! we can now put UB in with KBC...
The last product was SVR -0.95%

If they reduce the SVR the cuts are passed on.
 
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Hi SS

That is very interesting. Where are you getting that information from?

As far as I am concerned that would be in direct breach of their ads.

Brendan
 
Hi Brendan,

"The last product was SVR -0.95%" this is what I have... I will check if I can switch to the new rate tomorrow.
 
SS expert said:
This is only available to new customers!!! we can now put UB in with KBC...
The last product was SVR -0.95%

If they reduce the SVR the cuts are passed on.
Click to expand...


It's not the same as KBC. KBC have an rate which is available to only new customers for the life of their mortgage. So in 10 years, two customers who owe the same amount of money will be paying two different rates depending on when you took out the mortgage with KBC.

The Ulster Bank one is an introductory rate for new customers for a year. After that, you go onto the same rates as existing customers.
 
qwerty5 said:
It's not the same as KBC. KBC have an rate which is available to only new customers for the life of their mortgage. So in 10 years, two customers who owe the same amount of money will be paying two different rates depending on when you took out the mortgage with KBC.

The Ulster Bank one is an introductory rate for new customers for a year. After that, you go onto the same rates as existing customers.
Click to expand...

No, this is not an introductory offer. You are getting SVR -1.1% for the lifetime of the loan. So still SVR, but much lower.
The criteria - apart from sub 80% LTV -
  • Our High Value Loyalty rates are available to Ulster Bank current account customers who are borrowing €250,000 or more and who are borrowing no more than 3.5 times their gross income.
 
newirishman said:
No, this is not an introductory offer. You are getting SVR -1.1% for the lifetime of the loan. So still SVR, but much lower.
The criteria - apart from sub 80% LTV -
  • Our High Value Loyalty rates are available to Ulster Bank current account customers who are borrowing €250,000 or more and who are borrowing no more than 3.5 times their gross income.
Click to expand...

I didn't know that. I was talking to an UB mortgage advisor on Monday and he was calling it an introductory rate. I'll clarify it with him though and report back when he lets me know as it can make a big difference one way or the other.

Edit: Heard back from my advisor. He said the High Value rate is for the life of the loan and is continually reviewed. So you were right.
 
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qwerty5 said:
I didn't know that. I was talking to an UB mortgage advisor on Monday and he was calling it an introductory rate. I'll clarify it with him though and report back when he lets me know as it can make a big difference one way or the other.
Click to expand...

From link above:
"These mortgages track Ulster Bank Standard Variable Rate for the entire life of the loan.
Standard Variable Rate is currently 4.30%."

That reads to me 1.1% discount on the SVR for the whole term.. UB can easily make the SVR 5.3% but you still get 1.1% discount..
 
I did not get a definitive answer today, the call center were going to get back to me...
Anyone else get a similar response?
 
Anyone get any further info on this?. I'd be interested to know if anyone who signed up to the original SVR-0.95% will get the new rate of SVR-1.1%
 
I signed up to the original SVR-0.95% and just yesterday I confirmed by phone I was still on this rate. I was instructed to revert to my original UB mortgage advisor re getting the new rate. I done this yesterday and today received the following
I sent a request to Dublin Mortgage Centre to amend your rate as the rate doesn't change automatically, you need to request it as far I am aware.
they will confirm as soon as the rate is changed.
Click to expand...
I also informed a mate of mine who has same mortgage product about the new rate and after querying he was informed that he is entitled to the new rate, just needs to fill in a form.
 
On a related note, the "no more than 3.5 times their gross income" criteria doesn't apply when switching AFAIK.
 
I was talking to them today and they said I can have the new rate, they just send out a "rate sheet" which I return they make sure I still meet the criteria i.e. over 250k <80% ltv and I get the new rate
 
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