Key Post Variable mortgage rates - best buys

qwerty5

Frequent Poster
Messages
250
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.
+1

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

mojoask

Frequent Poster
Messages
68
...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.
Is that done based on the current balance or do they also take into account an updated valuation?
 

dave2015

Registered User
Messages
40
Is that done based on the current balance or do they also take into account an updated valuation?
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!
 

Brendan Burgess

Founder
Messages
37,868
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
 

Super Sesame

Registered User
Messages
11
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%)
 

tom1ie

Frequent Poster
Messages
79
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.
 

Sarenco

Frequent Poster
Messages
5,499
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.
 

tom1ie

Frequent Poster
Messages
79
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.
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%.
 

Sarenco

Frequent Poster
Messages
5,499
Ebs looked good as I could take the money wait a little bit then move to, for example KBC at 2.9%.
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.
 

tom1ie

Frequent Poster
Messages
79
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.
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.
 

RedOnion

Frequent Poster
Messages
3,132
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.
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.
 

Reflections

Registered User
Messages
30
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
 

Reflections

Registered User
Messages
30
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
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??
 

Brendan Burgess

Founder
Messages
37,868
You will get €5,000 from the EBS and €3,000 from KBC.

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

Brendan
 

tom1ie

Frequent Poster
Messages
79
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.
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.
 

RedOnion

Frequent Poster
Messages
3,132
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.
I managed to get my rate reduced, but I think it was because I'd made extra payments. Didn't even need a valuation.
I'd recommend you check if you have a relationship manager (you'll see if you log into full website), and call that person rather than a call center where the person doesn't care if you leave - they're measured against call targets, whereas your relationship manager might have loan volume targets.
 
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