Ulster bank Tracker

M

moneypenny

Registered User
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Hi there,

i've an Ulster bank tracker mortgage for the past 1.5 years. To qualify for this mortgage, I had to sign up to a U-First account which allows unlimited banking transactions at a cost of €9 monthly. Now, I keep hearing that Ulster bank are offering free current account transactions. Should I be asking for free fees too? Am I being ripped off?

Many thanks,
Moneypenny
 
Hi
All Ulster bank current accounts have been "fee free" for at least the last 2 years - if you kept 500 euro in it. They have recently removed the 500 limit - and that is probably what you have seen.
. The U first account has other extras in it (i'm not sure what exactly - but it didn't sound like it was worth 9 euro a month to me personally). I don't think you are being ripped off - but if you do why not switch to Bank Of Scotland (Ireland) - they are offering to pay upto 1000 legal fees and valuation fee and the rate is very close to Ulster's. Probably not worth the hassle though?

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I also have a U first account and a tracker mortgage with UB. UB offered a lower tracker for U first customers as opposed to non U first customers. The saving was 0.05% on the mortgage. Given that the cost of U first is €108 per annum, then anybody with a mortgage of €250K should be on a winner for a least five or six years, the higher you mortgage amount is, the longer the U first deal is worthwhile.

Regards,

Past30
 
Hmmm - I'm certain I was saving 0.1% on opening the U First account. I mortgaged 2 years ago. Has things changed ?
 
Owner occupiers will save 0.1% with the U-First Tracker mortgage as opposed to the regular UB Tracker, but there are different rates depending on what percentage of the purchase price you borrow:

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Thanks elcato,

I'm making a bigger saving than I remembered.

Definitely makes the U first option the way to go as opposed to their flexible tracker.

Regards,

Past30
 
With regard to the Ulster Bank tracker, I'm currently on the 60 - 92% rate of ECB plus 1.05%. I must be getting very close to 60% LTV. How easy is it to move onto the lower rate (saving of 0.2%) with UB?
 
Past30Now said:
With regard to the Ulster Bank tracker, I'm currently on the 60 - 92% rate of ECB plus 1.05%. I must be getting very close to 60% LTV. How easy is it to move onto the lower rate (saving of 0.2%) with UB?
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I have just contacted them with exactly the same scenario and waiting to hear back. My LTV has just hit 60% based on the sales price of the next phase of development of same house type. Will be interesting to see what sort of response I get...
 
I was on to my mortgage provider (AIB Finance & Leasing) last week about this and they said they would accept a print out from myhome.ie as proof of house prices in the estate. No need for a valuation.
 
elcato said:
You will have to get a valuation done which will cost about €120 afaik.
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UFirst Account holders qualify for a free valuation (paid for by UB). This applied on our first mortgage and a remortgage (trading up).
 
MB05 said:
I was on to my mortgage provider (AIB Finance & Leasing) last week about this and they said they would accept a print out from myhome.ie as proof of house prices in the estate. No need for a valuation.
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Yes, I remember reading a post here on aam many months ago where UB didnt insist on the valuation. I'd imagine its not a universal response though - so I will see what they come back with in my case. However, I would hope that they wouldnt insist on a valuation if theres clear evidence that the same house is being sold off for the price I stated. AFAIK, the developer is one of their customers so they should have access to this info fairly handy.

UFirst Account holders qualify for a free valuation (paid for by UB). This applied on our first mortgage and a remortgage (trading up). Today 07:11 PM
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I *think* elcato meant second time round - as what i'm doing is second time round - having called off the mortgage about a year ago and already having had the valuation done at that time and reinbursed in the interim.
 
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