Key Post Variable mortgage rates - best buys

Discussion in 'Mortgages and buying and selling homes' started by Brendan Burgess, Feb 12, 2016.

  1. dave2015

    dave2015 Registered User

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    18
    In my experience UB don't automatically pass on, you need to phone up for a new rate list each time. On plus side they've kept competitive with pretty much all offers going the last few years as long as you meet loyalty criteria but you need to keep an eye on it. Also very easy to change bands, they do an online assessment, took 2 mins and as long as you're happy with figure that's it done, no fee.
     
    qwerty5 likes this.
  2. qwerty5

    qwerty5 Frequent Poster

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    109
    +1

    Their rate is now 3.0% if you have LTV of 60% or less + owe more than 200K and have a current account.
     
  3. mojoask

    mojoask Registered User

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    19
    Is that done based on the current balance or do they also take into account an updated valuation?
     
  4. dave2015

    dave2015 Registered User

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    18
    They updated the valuation also. In my case they've inflated valuation 25% in 3 years without seeing it, which seems very generous for our location. I don't disagree with it too much as we've pumped a lot of money into interior and insulation etc. but I was expecting to have to at least fork out for a valuer to come inspect that as opposed to someone doing it over the phone. On that basis anyone even coming close to dropping a band should query, might be pleasantly surprised!
     
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  5. Brendan Burgess

    Brendan Burgess Founder

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    31,556
    I have updated the rates to reflect the changes in Ulster Bank's qualifications for the Loyalty Rate. It is no longer necessary to have over €200k.

    Bank of Ireland doesn't seem to quote variable rates anymore other than to say that they are 4.5% for over 80%.

    Brendan
     
  6. Super Sesame

    Super Sesame Registered User

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    8
    What do you mean by have over 200k? Is that the mortgage amount does not have to be over 200k?
    I can't see it on their website. It has a Loyalty Plus for over 200k and the Loyalty, assume it means for under 200k.
    It says:

    Loyalty Plus
    Our Loyalty Plus rates are available to Ulster Bank current account customers who are borrowing €200,000 or more. Customers must have an income mandated to an Ulster Bank current account.
    LTV Rate
    Loyalty Plus Discounted Variable Up to 60% 3.00%
    (4.30% SVR* - 1.30%)
    Loyalty PlusDiscounted Variable
    Up to 80% 3.10%
    (4.30% SVR* - 1.20%)
    Loyalty PlusDiscounted Variable Up to 90% 3.50%
    (4.30% SVR* - 0.80%)

    Loyalty
    Our Loyalty rates are available to Ulster Bank current account customers. Customers must have an income mandated to an Ulster Bank current account.
    LTV Rate
    Loyalty Discounted Variable Up to 60% 3.20%
    (4.30% SVR* - 1.10%)
    Loyalty Discounted Variable
    Up to 80% 3.30%
    (4.30% SVR* - 1.00%)
    Loyalty Discounted Variable Up to 90% 3.70%
    (4.30% SVR* - 0.60%)
     
  7. tom1ie

    tom1ie Registered User

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    18
    I spoke to an Ebs mortgage advisor today and he told me there WAS a clawback on the 2% payment?! He wasn't sure was it over a 3 or 5 year period but there definitely was a clawback. I asked him for literature to support this which he said he'd e mail on. I hope he's wrong, as it makes kbc's LTV less than 50% rate look very good indeed compared to Ebs @ 3.3% for the equivalent LTV.
     
  8. Sarenco

    Sarenco Frequent Poster

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    3,835
    Clawbacks of cash back deals were never enforceable. In any event, they are now ancient history.

    How much are you borrowing? If it's a relatively modest amount, a fixed cash back amount coupled with a lower rate might well be a better deal in your circumstances.
     
  9. tom1ie

    tom1ie Registered User

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    18
    So I'm borrowing 277000, house is worth 600000 (valued by estate agent) I have 30 years left on mortgage with Aib at the moment. Already have availed of ltv less than 90% when I drew down mortgage with Aib and I've been told I can't change LTV rate bands.
    Ebs looked good as I could take the money wait a little bit then move to, for example KBC at 2.9%.
     
  10. Sarenco

    Sarenco Frequent Poster

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    3,835
    Sounds like a plan.

    Interesting that AIB won't let you move to a lower LTV band - we've had differing reports recently on that front.
     
  11. tom1ie

    tom1ie Registered User

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    18
    Once I receive documentation showing that the 2% is subject to a clawback I will post a picture of it or a link to a pic on this forum. Doubt I'll get documents though.
     
  12. Sarenco

    Sarenco Frequent Poster

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    3,835
  13. RedOnion

    RedOnion Frequent Poster

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    110
    Have you repaid much capital since you drew down the mortgage? I switched bands with AIB earlier this year with no problems. LTV is currently <25% but a mixture of early repayments and increase in house value.
     
  14. Reflections

    Reflections Registered User

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    19
    Hi Brendan,

    I've recently looked at switching providers for my mortgage and decided to use my union recommended broker to try and get the best offer. I am currently with AIB on 3.4% variable but they have recommended KBC for a variable option of 3.1% and PTSB for a 1 year fixed option of 3.2%. From your previous post above you warn to stay away from KBC and to a lesser extent PTSB. Is this still your opinion? Also, would you recommend using this info against AIB to try and negotiate with them to drop my variable rate in order to stay with them?

    Regards
     
  15. Brendan Burgess

    Brendan Burgess Founder

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    31,556
    Yes and yes.

    Brendan
     
  16. Reflections

    Reflections Registered User

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    19
    Thanks very much Brendan
     
  17. Brendan Burgess

    Brendan Burgess Founder

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    31,556
    Hi Reflections

    I had not realised that KBC is offering €3,000 to switchers.

    This is now an option worth considering if your mortgage is relatively small.

    KBC now offering €3,000 to switchers

    Brendan
     
  18. Reflections

    Reflections Registered User

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    19
    Hi Brendan, My mortgage is about €258k with 24-25 years left. What's your opinion with these figures in mind.

    Also, do you know if many people have tried to negotiate with their existing mortgage providers and in general how successful they were??
     
  19. Brendan Burgess

    Brendan Burgess Founder

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    31,556
    You will get €5,000 from the EBS and €3,000 from KBC.

    If EBS accepted you, that would be a better deal.

    Brendan
     
  20. tom1ie

    tom1ie Registered User

    Posts:
    18
    We haven't made any extra payemebts off our mortgage at all, the LTV has dropped because we bought at the bottom of the market and house prices have shot up since.