Ulsterbank - 2000euro back to switch mortgage and current account

L

leex

Registered User
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I'm considering this. Any comments negative or positive about their products?
 
The €2,000 is made up of €1,650 for switching your mortgage, €150 for switching your current account and €200 extra if you do both.

As with any introductory or short-term offer, make sure that the interest rate you'll get from Ulster Bank is the best on the market for your particular requirement.

Be aware that there will be a clawback of the €1,650 mortgage cash-back if you move your mortgage away from Ulster Bank within five years.

Be aware also that if you avail of this offer, you'll pay your own legal costs, which will obviously eat into your €2,000.
 
And also bear in mind that some other lenders will also subsidise or subsume the switching/legal costs subject to a similar 5 (?) year clawback condition. Ultimately it makes sense to shop around for the lender with the best overall deal (net of any switching costs if applicable) rather than just looking at the headline figures on such offers.
 
Thanks guys. I'm aware of the T&C for these switcher products and also that a good switcher offer does not necessarily mean the best value in the longer term.

I was wondering what are UB like to deal with. I have read some negative comments previously but was curious about the broader picture of their banking service in general.
 
I see in their T&C that the minimum mortgage for this offer is 150k - thankfully mine is a lot less than that so will have to look at other competitive products.
 
stay away from ub mortgages - i have had nearly a year of problems with them - the departments do not communicate with each other, nothing is simple with them. afte a no of issues not being resolved i complained in july - got a letter in august saying they would give me a gift for complaining and they would improve communications within the depts. i rang in nov looking for gift, they apologised for it not being sent and i got it in dec!! now i have had similar issues to those i had late last year again.......
waste of time complaining.
good luck to you if you do go with them.
 
Thanks Poppy1 - that is the type of feedback I was looking for. I read similar on other forums also.
 
leex said:
I was wondering what are UB like to deal with. I have read some negative comments previously but was curious about the broader picture of their banking service in general.
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I have found them grand - no better or worse than any other bank that I've dealt with.
 
Have been banking with them for the past 6 years. They are efficient but not pro active in their approach to customer. Also as always, read the fine print when it comes to special offers or money back as there are always strings attached.
 
ClubMan said:
I have found them grand - no better or worse than any other bank that I've dealt with.
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With regard to big loans (especially long term ones like mortgages) the level of customer service should not be a controlling factor in deciding where to place your business. The rate is the only thing that matters. Poor customer service is annoying but worth putting up with if you're borrowing at a few basis points below the more customer friendly institutions.
 
Im in yr2 of a fixed rate loan with EBS. I was thinking about this, anyone know what the payments are like when leaving a fixed rate mortgage? on the website it reads "WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY." I need a renovation and furnishing loan of 10,000 so this extra 2,000 would help
 
The penalty can be up to 6 months interest but each lender has their own criteria. If the actual cost to the bank is zero (i.e. they can lend out your money at a higher rate), they may agree to waive the penalty altogether. EBS should be able to give you this over the phone.
 
I switched to UB earlier this year and got the €1000 and I had no problems, I also got the cash for switching current account.
 
Ulsterbank upped the Ufirst charge as well recently, I think it was €8 and now its up to €10. I've never seen anything of benefit from it though.
 
Don't do it! I switched my current account them for 150 euro free and it was the worst mistake I have ever made, they have lost forms, my credit card application, set up cheque books in the wrong name and sent them to me.. you can never get through to your branch it is routed to Northern Ireland and messages are never passed on. They ended up paying me another 100 euro for all the mistakes they have made and the manager's letter was full of spelling mistakes. Appalling.
 
I switched my current account, got the €150, and I switched my mortgage and got the €1000 - I never had any problems with them.

The only thing I don't like is the ufirst charge - a bit of a joke because I've seen any value come from it.
 
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