Mortgage Questions: UB U-First Tracker Rate

Hi all,

A few quick questions.

I've more or less decided that UB u first tracker rate is probaly the best deal around, am I right? I intend to borrow approx 270K which will be greater then 60% ltv.

1. Am I right in saying that the ECB rate is 2%. If so why is the u first APR 3.1% when it's ECB +1.05%.

2. With the 0.1% discount u get for having the u first account, is there actually a saving rather than going for their flexibale tracker rate of 3.2% without the charge of the U first account. I know you get a free valuation but is it worth it?


title edited slightly by ajapale

UB U First Tracker Rate

APR is defined as "the equivalent, on an annual basis of the present value of all commitments (loans, repayments and charges) future or existing, agreed by the Finance House and the consumes. Thus APR represents the real cost to the consumer of the credit advanced"

Therefore, as it takes all these factors into consideration, APR is a more accurate way of comparing rates between lenders. For example if you were to have a discounted variable rate of 2.95% for one year and a standard variable rate of 3.5% thereafter for 24 years then the APR will by around 3.5% as it is assumed this is the rate which the mortgage will be at for the majority of the mortgage.

Yes, the ECB rate does currently stand at 2%.

To find out if your best bet is to go for the U First tracker you should ask your mortgage advisor to give you a quote using both the 3.05% rate and 3.15% and see if the difference is over €9 per month. If it is then you will be saving by having the account.

Re: UB U First Tracker Rate

Myself and my partner are in the process of applying for a switcher mortgage with UB. Just to let you know we asked them to do up an example of the repayment @ 3.2% Apr for those without a UB current account and the repayment @ 3.1% Apr for those with an account. After we take into account the €9 per month membership fee 3.1% Apr only represents a €0.27 saving for us per month - not much!

Does anyone know if UB let you service your account online (i.e. balance transfers, paying bills etc.)? - I forgot to ask.

Re: UB U First Tracker Rate

thanks Catsi,


So not much of a saving but I suppose to have your account in the same bank as ur mortgage is an advantage

ub tracker

yes, they do let you service the account online. i'd say that in the majority of cases, it's worth having the u first account because it also gives other benefits like restaurant reductions and cheaper loans as well as the free valuation. if you don't feel after a few months that it's worth the 9 euro a month, then you can just change to the regular mortgage anyway for a small fee.

Re: ub tracker

do you mean to change to a regular account rather than a regular mortgage? also, do you know how 'small' the fee is.