Switching products within Ulster Bank - any costs?

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Parazard2

Registered User
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Hello,
this may seem like a silly question but...I'm considering switching my 3 year current mortgage with Ulster Bank to a different package they offer because it has a lower rate than my current one and they are offering me to waive the penalty if I did so.
However I am not clear as to whether any of the other costs associated with switching mortgage if I am staying with the same lender (e.g. solicitors' fees, valuation)? Also, is it like reapplying for a mortgage or is it a much simpler process of simply switching products (i.e. no need for proof of income etc etc)?

Thanks in advance
 
They will send you out a product list with all their different packages, you tick which one you want & send it back. Unless your changing LTV there is no valuation required. There are no solicitor fees either.
 
With Ulster Bank they'll revalue based on some guide they have internally. So you might not necessarily have to pay for a valuation.
I just did it with my mortgage. I chose a rate based on a <60% LTV. If they do this and they come up with a number that you don't agree with then you can pay somebody to do a valuation for you. Or they'll tell you the value they put on your property so if their LTV valuation comes in at 61% you can assess if you want to do an extra repayment to get it down to the smaller percentage yourself.

They're quite good about it. You just have to ask.
They're not quick though.
 
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