Have you switched to a U-First Account?

Discussion in 'Mortgages and buying and selling homes' started by serotonin sid, Jan 11, 2005.

  1. I have got the forms to open up a u-first account so that i can avail of their lower rate tracker mortgage.

    On the form it asks if i'm transferring a/c from another bank - and to give account no. and bank details. I thought that account transfer hadn't been put in place by the banks just yet?
    Will this mean i wont have to go into BOI and close account - and re-do all the direct debits?
  2. I'll answer my own question just in case anyone does a search on this at some point.
    Went to my local branch and they told me just to change the direct debits and close account manually. No automatic transfer system in place - although i know i read something about this recently...must not be up and running yet.
  3. sadmak

    sadmak Guest

    Hi serotonin sid.
    I am looking to follow your footsteps from BOI to Ulster Bank.
    Is there musch hassle involved in the switch?
    What costs are involved?
    Who ascertains the Current Market Value of your home?
    Anything else that might crop up??
  4. stobear

    stobear Guest

  5. I'm a FTB just changing accounts from my existing Bank - BOI to UB - so that i can get the lower tracker rate.

    If you do a search, you will find info on switching your mortgage over. With UB, they pay your legal and valuation fees.
  6. mollser

    mollser Guest

    U First account

    I need to open one of these accounts shortly to avail of the reduction in the tracker rate.

    What are the conditions of the account, ie do you need to have your salary etc paid into the account also, or can you just pay your mortgage from it and transfer/dd money in every month?
  7. Kerry

    Kerry Guest

    Re: U First account

    I opened up a U First Account for the same reason in the past few months and the only condition is that the €9 charge for this account be paid on a monthly basis. With regards to salary, mine is still paid into an AIB account and i had to set up a direct debit for the mortgage repayments from this account. (Eventually i will close this account nad transfer all to the U first account but i havent got round to doing this yet).
    I think there was a mention in the U first info leaflet of a minimum balance of €2000 to open a U first account but this wasnt required in my case as i was getting my mortgage with Ulster Bank
  8. munsterman25

    munsterman25 Guest

    Re: U First account

    CAn I ask ye a question. The tracker rates in AIB, BOI, and PTSB all seem to be 3.1%. This is too the rate you get from UB when you open a U first account whcih costs 108 euro a year. Why do you all seem to be choosing UB over the rest, is there some conditions with the ones in the other banks??
  9. mollser

    mollser Guest

    Re: U First account

    well, for me, UB offered 100% mortgage of €410k, 3.15% tracker, 3.05% with discount, so marginally beating the competitors on rate, but thrashing them on the amount they would lend.

    oh - and the savings are about €400 pa, cost €108.

    happy days :)
  10. glennD

    glennD Guest

    Re: U First account

    That's the exact same rate as I am on with UB as a U-First Mortgage. The rate is attractive but recently I have found it frustrating that I am paying 9euro per month for U-First membership and the additional benefits are total rubbish (apart from the .5% rate cut). They say you get deals on filghts, hotels...I have tried to avail of such things but never manage to find what I wanted...they typically only give money off things like first class flights to NY or 5 star hotels! If I was wealthy enough to afford a 5 star hotel in the first place then I wouldn't really need a stupid little discount!

    What do you think?
  11. Kerry

    Kerry Guest

    Re: U First account

    Reason i went with Ulster Bank was that they were the most competitive for the amount i borrowed ie 166k - 92% LTV. AFAIK you have to borrow far more than that to avail of AIB's and other financial institutions tracker rate. Also valuation is free with U first account, ....every bit helps

    CCOVICH Guest

    Re: U First account

    We were charged a fee for setting up a DD from our U-First account, I would have thought this would be included in the €9 monthly fee? Or have I just failed to appreciate all the T&Cs?

    The fact that you are paying a flat fee should probably serve as an incentive to do as much of your business with UB in order to get the best value for your €9.

    I agree that the discounts on offer aren't great for hotels unless you are still willing to pay quite a bit. Some of the restaurant deals aren't bad.
  13. workdude

    workdude Guest

    which mortgage?

    Looking for mortgage, FTB, went to talk to AIB.
    Going to BOI tomorrow, am I wasting my time? who is the best bet, AIB guy was selling me tracker mortgage.

    how long would this last for, he was saying they track ECB rate 2%.(everyone knows this I didn't).

    not much of a clue, thinking, it would be just as easy go with them.
  14. npgallag

    npgallag Guest


    got switch offer from UB yesterday...moving from BOI 3.6% and understood that could switch to UB tracker at 2.95% but offer is onlt for first 7 months then it reverts to UB variable of 3.5%. House worth 225k and mortgage of 112k... Thought the 2.95% was for life of loan not just 7 months, as usual can get in contact to UB advisor to discuss..??. anyone any ideas.?
  15. Lemurz

    Lemurz Guest

    Ulster Bank

    My broker just moved my mortgage from EBS (3.25%) to Ulster's tracker (2.85%), a saving of .40%.

    The U first accounts has some useful benefits (free banking, free overdraft, etc) in addition to the mortgage discount.
  16. Lemurz

    Lemurz Guest

    Ulster Bank

    They also cover your legel costs of switching