Ulster Bank reduces variable rates

Does anyone know if these rates are to be passed on to existing customers or is it new customers only ?
 
UB LTV rates are structured as a discount to their SVR for the lifetime of the loan.

My understanding is that UB apply any changes to the SVR discount to all borrowers, new and existing, with a particular LTV.
 
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Great news for those fortunate to have lower LTVs..... but those like myself with negative equity continue to get screwed by UBs extortionate standard variable rate.
 
Sarenco said:
UB LTV rates are structured as a discount to their SVR for the lifetime of the loan.

My understanding is that UB apply any changes to the SVR discount to all borrowers, new and existing, with a particular LTV.
Click to expand...

so the question is, have UB actually reduced their SVR at any stage since the campaign began. If not my suspicion is they'll just increase the discount available to new customers in order to win business - e.g. if I move to them now with a discount of 0.8, I won't benefit if they increase the discount for new <60% business to 1.0
 
Hi Sh

Ulster Bank have the same rates for new and existing customers. If you have an LTV of <60%, and they reduce that for new business, then you will get the new rate for existing business as well.

Brendan
 
Miakk said:
Great news for those fortunate to have lower LTVs..... but those like myself with negative equity continue to get screwed by UBs extortionate standard variable rate.
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Good point Mia.

I think that they did reduce the rate from 4.5% to 4.3%, but I am not sure.

But the 4.3% rate is too high which is why we are campaigning for a rate no higher than 3% above the ECB rate.

Brendan
 
Just off the phone speaking to Ulster Bank about this.
My LTV is less than 60%, so I am lucky that I can avail of this new rate.

Currently I am on the SVR (4.3%) minus 0.5% discounted rate which is 3.8%

From speaking to the agent, I've been informed that if I elect for the 60% LTV rate of 3.5% - I will move off the 0.5% discounted rate altogether.
Instead I will be on a 60% LTV rate of 3.5%
Naturally I don't want to opt for something and then several years down the line, find myself on a rate and unable to move off it.
I know this is the same situation any mortgage holder faces when choosing their rate.
So I will arrange a meeting with a loan advisor and discuss my options in more in depth.

Ulster Bank will send out the forms in the post, in which I will choose my rate and then return it to Ulster Bank.

I suppose on the surface it seems obvious to go for the 3.5% rate but naturally want to weigh up all options before committing.

Anyone else call Ulster Bank? You won't get the rate automatically according to the agent.
 
Jiblet-run said:
Just off the phone speaking to Ulster Bank about this.
My LTV is less than 60%, so I am lucky that I can avail of this new rate.

Currently I am on the SVR (4.3%) minus 0.5% discounted rate which is 3.8%

From speaking to the agent, I've been informed that if I elect for the 60% LTV rate of 3.5% - I will move off the 0.5% discounted rate altogether.
Instead I will be on a 60% LTV rate of 3.5%
Naturally I don't want to opt for something and then several years down the line, find myself on a rate and unable to move off it.
I know this is the same situation any mortgage holder faces when choosing their rate.
So I will arrange a meeting with a loan advisor and discuss my options in more in depth.

Ulster Bank will send out the forms in the post, in which I will choose my rate and then return it to Ulster Bank.

I suppose on the surface it seems obvious to go for the 3.5% rate but naturally want to weigh up all options before committing.

Anyone else call Ulster Bank? You won't get the rate automatically according to the agent.
Click to expand...

Just spotted this thread now. I am fortunate to have LTV <60% and be on the SVR (4.3%) minus 0.5% discounted rate of 3.8% with UB. I was not aware of the reduction in rates for existing customers until I spotted a newspaper article over Christmas. Spoke to an Agent and he indicated I had to formally apply for it (even though I am already on a LTV of <60%). They sent out the forms and I chose the new (and obvious until now) 3.5%. My application went in last week and I havent heard of anything yet.
However I am only spotting this post now and your point of opting for something that you might be unable to come of it has only hit me now - possibility of me ending up in a situation where I'll lose the SVR - 0.5%. Essentially short term gain of 3.5% V long term pain of stuck on this if SVR drops and me not on SVR -0.5%.
May I ask Jiblet how did you get on with your decision/application? After reading your post I am half thinking of writing in and asking them to cancel my application to change rates? (especially if Brendans campaign for rates no higher than 3% proves successful)
 
money boxed in,

You have chosen 3.5% which is in effect their SVR - 0.8%. This is better than your previous rate of SVR - 0.5%.

From their website

Residential Flexible Variable Rates
These mortgages track Ulster Bank Standard Variable Rate for the entire life of the loan.
Standard Variable Rate is currently 4.30%.
Click to expand...

All you've done is replaced your 0.5% discount with a 0.8% discount, so looks like your good to me.

One other point to note here is that if you have borrowed more than 250k then you qualify for their "High Value Loyalty Discounted Variable" rate of SVR - 0.95%, which currently equates to 3.35%.

GN
 
@money boxed in

Yes Generic Name is correct.

Since I posted that above - I followed up with Ulster Bank and spoke to another much better informed agent who confirmed that it's the SVR (4.3%) - 0.8% = 3.5%
The first person I spoke to in Ulster Bank was clueless and gave me incorrect information and hence my post above.
You retain the discount on the SVR and don't lose it as I was informed by the second agent.

So based on that I signed up to the new discounted rate of 3.5%
I received the form in the post (took ages to arrive) and selected the appropriate option.

Sorry I didn't come back and update this thread with this info.
 
Have decided to move to ulster bank from bank of ireland .
currently paying 920 on a 142000 morgage interest rate 3.95. I negotiated a rate decrease down from 4.5 a couple of months ago. I have 18 years and 3 months left

ulster offering 3.5 with 60 percent ltv.. this would give me a savings 0f about 35 euro a month but for the fact I can only get morgage for 17 years with them. So i will be paying roughly 920 a month I get 1 year and 3 months off.

also they are giving me 1500 for fees which are only costing me 940. The 940 includes solicitor fee and all other costs searches etc. Valuation also covered by ulster

the fact they treat existing and new customers the same seems like I am doing the right thing

my questions are
are ulster bank ok to deal with once I am an existing customer. Am I missing anything
I have been told no conditions on 1500 does any one know if this is correct
 
For those who were told no conditions, get a copy of the T&C and read them through. If you don't see anything then write a letter to the head office asking for confirmation in writing about the same and keep it safe.
 
I was also told there are no strings attached; once your solicitor draws down the money, €1500 will be transferred into your current account.
 
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