Flexible Variable Rate Mortgages explained
Read this Important Information
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Lending criteria, terms and conditions apply. Over 18s only and Republic of Ireland residents only. Mortgaged property must be in Republic of Ireland. Security, buildings insurance and life cover required.
Our flexible variable rate mortgage tracks the Ulster Bank Standard Variable Rate for the entire life of the loan
You can benefit from:
- Regular overpayments – to clear your mortgage faster and reduce interest paid over the mortgage term
- Lump sum payments – to pay a large amount off in one go and reduce the amount of total interest
- Skipping months – you may be able to make 10 repayments per year instead of 12, subject to approval, interest will still be accrued during payment-free months
- Payment holidays – you may be able to take a break from making repayments, which is particularly useful if you are thinking of taking a career break or are having a baby , interest will be added to the mortgage capital during the payment holiday
Our flexible variable rate mortgage allows you to take advantage of interest rate reductions which may occur over the term of your mortgage. But if interest rates rise, it can also result in an increase in repayments.
Our rates vary depending on the loan to value of your mortgage.
Who can choose a flexible variable rate mortgage?
- They are available to both new and existing Ulster Bank mortgage customers
- If you want more flexibility, more choices and more financial freedom, our flexible variable rate mortgage is designed to out you in control and allows you to manage your mortgage in a way that suits your own individual needs.
If you choose a variable interest rate loan:
Variable rate loans: The payment rates on this housing loan may be adjusted by the lender from time to time.
Important information on our flexible variable rate mortgages
- Flexible mortgage repayment options are only available with our flexible variable rate mortgages
- Payment holidays are subject to approval and conditions and are not available during the first six months of your mortgage
- Interest will continue to accrue during a payment holiday, and when a payment holiday has ended the underpaid amount will be included in the mortgage balance and the repayment will be calculated over the remaining term
- The mortgage term will not be increased beyond that which was originally sanctioned
- If you choose the payment-free months option and subsequently revert back to 12 monthly payments, your repayments will be recalculated and reduced accordingly
- Written quotations with preferred payment free months available on request from any branch of Ulster Bank
- As Standard Variable Rate (SVR) is not linked to the European Central Bank base rate (ECB), the rate can increase at any time even if there is no change in the ECB base rate
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