Mortgage product switch within UB

R

_ripped_off

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I rang ulster bank last week just before the announcement that they were leaving the Irish market to get a break fee quote on my existing fixed mortgage with them. As we now fall into the 80% LTV I wanted to switch to their 2.2% fixed rate from 2.6%.
337k remaining on the mortgage.
Fixed in September 2019 for 4 years. Breakage quote €0.
I confirmed on the phone even though they are leaving the market we are still eligible to switch to another mortgage product within Ulster bank.
Anyone see any issues with this?
I don’t see any other fixed mortgage products available offering less than 2.2% at 80% LTV.
 
It's very important to realise that the break fee of zero applies for only x days after you get it.
So grab it quickly and then worry about what to do next.

Fixing at 2.2% seems like good value.

Brendan
 
Brendan Burgess said:
It's very important to realise that the break fee of zero applies for only x days after you get it.
So grab it quickly and then worry about what to do next.

Fixing at 2.2% seems like good value.

Brendan
Click to expand...
Yeah oddly they post the switching documents before the break fee quote but they were able to give it over the phone. Documents are signed and will be posted this evening I just wanted to make sure it wasn’t too good to be true scenario. I guess once we’re locked in whoever buys the mortgage will have to provide same T&C.
 
Can i just hijack here at opposed to creating my own please? Same type of question....
I have a 7 year fixed mortage i took out in July 2019 at 2.99% with Ulster Bank. LTV was 80%. LTV is now about 75%. Would they allow me to switch to a 5 year fixed at this stage to avail of the 2.2% rate? Without the need to resubmit all my info? (wifes work situation has changed but on the flip side no childcare costs! Yay!:rolleyes:
 
@peteb
Yes. The only question is what the break fee will be.

The change in financial circumstances won't matter - they've already lent you the money so can't change that.
 
peteb said:
Can i just hijack here at opposed to creating my own please? Same type of question....
I have a 7 year fixed mortage i took out in July 2019 at 2.99% with Ulster Bank. LTV was 80%. LTV is now about 75%. Would they allow me to switch to a 5 year fixed at this stage to avail of the 2.2% rate? Without the need to resubmit all my info? (wifes work situation has changed but on the flip side no childcare costs! Yay!:rolleyes:
Click to expand...
Yep I’m currently on maternity leave so just signed the letter they sent us to switch to the lower rate. That 2.2% rate you also need to be borrowing more than 250k.
and as red onion said check what your break fee is.
I just called asked what the break fee was and they asked did I also want the documents sent on what other options were available to me and the document to sign.
 
Hi all,

I have a 4 year fixed rate mortgage of 2.6% with UB and which is set to expire in April 2022. We have an amount of €308k left on the mortgage and 25 years remaining. The property value is approx €700k so LTV of just over 50%.

What I am querying here though more so is that we are looking to carry out some home renovations and in order to fund the project will need to take a loan for about €150k. From my understanding the best way to do avail of an amount so large and with lower interest rates on the repayments amount is to seek a higher mortgage rate with a new lender via a switch mortgage or seek a top up mortgage from my existing lender.

With this in mind, does anyone know if this is something UB would consider for us and extend the mortgage to an amount of approx €458K (€308K + €150k) and offer a rate of 2.6% or lower perhaps?

If not we will try seek a new lender to offer something similar once the UB fixed rate expires or if the break out penalty fee from the fixed rate is low, that is if a new lender would be willing to take on our loan. The only issue with a new lender is that they would treat us as a new customer and our circumstances have since changed (wife is now a stay at home mum) and my basic annual salary excluding bonus is €90k p.a. (hoping we may qualify for an exemption given the LTV)

Thanks
 
Your best bet is to approach UB and ask. AFAIK, switchers are exempt from the central bank rules on salary multipliers etc.
 
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