Advice on Possible Switch to Ulster Bank

[Reflections]

I’m considering switching from AIB to Ulster Bank as these new rates by UB are just too good to pass up, but I have some questions regarding this potential switch as I’m not too sure what would be the best option to try first so hopefully someone can help. My current mortgage LTV rate with AIB is 2.95% on a mortgage of about €245k with a little over 23 years left on the term.

My queries relating to this switch are :

1. What are the odds on AIB advertising new rate cuts in the very near future?
   
   
2. Before I contact UB should I talk with AIB first and confirm that I plan on switching if they don't provide me with a much better rate (Has anyone had any luck with this in the recent past?).
   
   
3. If I were to switch to UB do I need to also switch both our bank accounts as well?
   

Any advice on these issues would be very helpful.


Thanks

 

[RedOnion]

What are the odds on AIB advertising new rate cuts in the very near future?

They have publicly stated they will not chase market share.
But I suspect they will have to do something. It will cost them too much to match UB rates. Some thoughts:

https://www.askaboutmoney.com/threads/aib-fixed-and-variable-rates-no-longer-attractive.208991/

Before I contact UB should I talk with AIB first and confirm that I plan on switching if they don't provide me with a much better rate (Has anyone had any luck with this in the recent past?).

The only success I know of is getting moved to a lower LTV band.

If I were to switch to UB do I need to also switch both our bank accounts as well?

Only if you want their loyalty rates which only apply to certain products (3 & 5 year terms).

 

[Reflections]

They have publicly stated they will not chase market share.
But I suspect they will have to do something. It will cost them too much to match UB rates. Some thoughts:

https://www.askaboutmoney.com/threads/aib-fixed-and-variable-rates-no-longer-attractive.208991/


The only success I know of is getting moved to a lower LTV band.


Only if you want their loyalty rates which only apply to certain products (3 & 5 year terms).

Hi RedOnion,

Thanks so much for this info, especially that last bit as I was told by a colleague that I would have to switch everything to UB to avail of any of their rates. That makes the switch option much more desirable. The 2 year fixed option looks really good from my point of view as it will be a significant saving each month compared to what I'm paying now.