Ulster Bank cuts fixed rates

The fact that Ulster's 4-year fix @2.6%, for LTVs up to 80%, is now available at all loan amounts is pretty significant.

It will be interesting to see how other lenders (particularly AIB/EBS) react to this move.
 
The headlines used by media nearly always imply that rates for all mortgages will reduce.
But when you get to the fine print its always for mortgages in excess of €200,000 only.
You may well be right.

The Indo article states explicitly that Ulster has removed "any minimum borrowing threshold" from its Loyalty Plus product but Ulster's website still refers to a €200k minimum -
https://digital.ulsterbank.ie/personal/mortgages/mortgage-rates.html

Has the Indo got this wrong?
 
Here is the press release

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Effective from 22nd March 2018, Ulster Bank is reducing a number of its fixed rate mortgages, with significant cuts to its five year fixed rates which now range from 2.80% to 2.99% (down from 2.90% to 3.75%). The same rates are available for three years fixed and we have also reduced our four year fixed rate for customers with 90% LTV to 2.85% (down from 2.99%). This is in addition to our existing market leading four year fixed rate of 2.60% for customers with up to 80% LTV.


Ulster Bank has also simplified its Loyalty offering and removed any minimum threshold for borrowing, which means the lowest rates are now available to all customers with a salary mandated current account (our Loyalty Plus rates were previously only available to these customers for borrowings of more than €200,000).


In addition to these new rates, Ulster Bank is also offering customers:


· €1,500 contribution to legal fees.

· Free valuations.

· Same rates for new and existing customers.

· Secure bespoke video technology so customers can talk to us at their convenience.

· Mobile Mortgage Managers available to meet outside of work hours and in a place convenient to customers.

· Rates available through all channels, in branches, online, through our mobile mortgage managers, via telephone and via brokers.
 
Sub 3% rates for LTV 80-90% is not bad all things considering
The margin between 60% and 90% is surprising at a max of 0.2%
I assume anyone fixing with Ulster would go towards the 5 year now as opposed to the 3 year - everything else being equal
 
Having fixed with Ulster Bank at 2.5% for 5.5 years, I note that’s still the floor in terms of available rates.
 
Agreed, and personally don't see this floor being broken any time before the rates start to rise again...

I don’t really mind rates rising to be honest; when they do, my sense is that it will be because inflation is getting towards the ECB’s 2% target and Europe is in decent shape.
 
I don’t really mind rates rising to be honest;
If you have a 2.5% rate with UB, I think you need a 500k mortgage to qualify for that rate. I would be sure that given that sort of mortgage you would prefer rates to stay as low as possible, unless matched by wage inflation.

I recently moved to the 10 year KBC rate, but the mortgage is very low. Made the decision as I can also redraw a sizeable amount of funds at 2.95% 'guaranteed' for the next 10 years (until Dev 2027). It would be better for me personally if interest rates started to rise, but I am not that selfish (yet)
 
The sting in the tail with Ulster has been the svr rate you switch to after your fixed-rate period ends. Their svr is 4.3% something to consider. I haven't seen anything so far too suggest they are charging this.
 
The sting in the tail with Ulster has been the svr rate you switch to after your fixed-rate period ends. Their svr is 4.3% something to consider. I haven't seen anything so far too suggest they are charging this.

They confirmed to me and to others that we can avail of the best rate available to everyone at that time.

Given what’s happened with trackers etc, there is no way that banks will try to hoodwink people; there’d be carnage.
 
That's literally true but, when you take account of their cash-back offers, BOI and (in certain scenarios) KBC offer lower effective rates -
https://www.askaboutmoney.com/threads/fixed-rates-best-buys.204420/

As things stand, the AIB/EBS and PTSB offerings have become totally uncompetitive.

I don't see Ulster Banks 2.5% or 2.6% fixed rates listed there. Which line maps to the 2.6%
UB give €1500 cashback too. And they don't charge a valuation fee which is worth about €150. Also hard to plug into a table so.
 
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