If you don't want to fix right now, take a look at UB loyalty rates if it suits you to move your current account there. I think you are eligible for the loyalty plus rate of 3.5% (I'm not familiar with the process fir existing customers so maybe someone else can confirm).
If you can get your house valued at €320k, or pay circa €15k lump sum off your mortgage, your LTV will drop below 80% and this will give you more options. The variable Loyalty Plus rate would drop further from 3.5% to 3.1% or you could fix for 3 years at 2.85%. Failing that the 4 year fixed at 2.99% looks very attractive when you're paying 4.3%.
Yes, but you have to ask for it.i am I entitled to a lower variable rate now that I have the account with them?
Just seen it on the rate sheet I requested from them , its a bloody disgrace they don't send out regular info about more suitable rates that will say me money.
Hi all,
I'm with ulster bank on VR 4.3%, house value is 300,000 and 255k left on mortgage 25 years, should I fix for there 4 year fixed rate 2.99%? Would I be eligible to switch banks to get some cash back. Any advice would be appreciated!
That's a great point.
If the €300K valuation was a couple of years ago then tick the 3.1% in the Ulster Bank rate sheet. They will use some data they have to guesstimate the value of the property. If they value it at more than €319000 then you're in the <80% LTV and can choose 3.1% variable.
I did this recently. They don't require you to get a valuation so it's free. If they value it at less than €319000 though and you disagree then you do need a valuation which will cost a few quid.
My actual process was similar, I did it a couple of months ago.
They valued it at X. This gave me a LTV of 61%. I rang them and asked them what valuation they gave me. They told me. So I overpaid by Y to get a LTV of 59.something.
Then I asked for the rate sheet again and chose the rate for <60% LTV and got it.
Overpaying might not be an option for you but the point is they have no resistance to you doing this and are helpful.
Could I tick the option for for the lower rate of 3.1% LTV of 80% , the 300k valuation was from a local estate agent but she did say I would probably get more, that was a good few months ago, or should I get 1 or 2 more valuation s from different estate agents . can't really afford to pay 15k of d mortgage to get down to golden LTV 80%.
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