Moving House Mortgage | Mortgages | Ulster Bank

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Tracker & Negative Equity mortgages

Helping you get a move on

Read this Important Information
about our mortgages

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. 

Is it time for your next move? We understand your circumstances may have changed

Our Tracker & Negative Equity mortgages are for existing residential customers who wish to move to a new home but are either on a tracker rate or who are in negative equity, or indeed are both on a tracker rate and in negative equity.

Tracker & Negative Equity excludes investment properties and is only available on your main home.

If you are ready to make a move you could talk to one of our Mortgage Specialists and find out how much you could borrow in 10 minutes with our Approval in Principle.

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Our Tracker & Negative Equity mortgages could allow existing customers to:

 

Transfer your negative equity to a new home

Trade down and move to a smaller property with a lesser mortgage

Trade up and move to a larger property with a bigger mortgage

Have a new loan to value (LTV) up to 150%

Extend the term of your mortgage up to 35 years (to maximum age 70)

Change ownership of your mortgaged property

Lending criteria, terms and conditions apply

Important Information for existing tracker rate customers

 

If you are on a tracker rate and you wish to move home using a Home Mover mortgage, you will lose your right to your tracker rate for the lifetime of your mortgage.

 

You will have a new mortgage agreement and your monthly repayments, your total amount repayable, and the interest rate on your mortgage may be higher than under your previous mortgage.

 

We'll make sure all of this is clear to you upfront.

I'm in negative equity & want to move home

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Icon expand How much can I borrow?

You can transfer your negative equity to your new home and you don't need a deposit as long as you can meet our affordability criteria.

However, your new loan to value (LTV) cannot be more than 150%.

Your existing home must be sold and full proceeds paid off your original mortgage.

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Icon expand How do I work out my new loan to value?

Add the purchase price of your new home to the amount of negative equity to be carried forward, then divide this by the purchase price of your new home and multiply by 100.

For example, if you were to sell you current home for €150,000 and your existing mortgage is €175,000, you would have €25,000 of negative equity.

If you were to purchase a new home for €200,000, you would require a new mortgage of €200,000 plus the €25,000 of negative equity to be carried forward, which is a total of €225,000.

Your new loan to value would be your new mortgage total of €225,000 divided by the purchase price of your new home of €200,000, then multiplied by 100 to give you a new loan to value of 112.5%.

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Icon expand Can I take my current rate with me?

For tracker rate customers - You cannot transfer your existing tracker rate to your new home, however you can choose our 10 year European Central Bank (ECB) tracker rate of ECB+2.50% (2.9% APRC variable) for loan amounts up to your current level of tracker borrowings.

For fixed rate & flexible variable rate customers - You can transfer your existing fixed rate to your new home up to your existing level of fixed rate borrowings.

APRC - Annual Percentage Rate of Charge                                    
ECB - European Central Bank Base Rate (currently 0%)

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Icon expand What happens to my tracker rate after 10 years?

After the 10 year period, your ECB tracker rate will revert to the Ulster Bank Standard Variable Rate (SVR), unless an alternative rate is chosen.

You will be eligible to choose a rate from our range of fixed and variable rates available at that time.

SVR is currently 4.30% (4.4% APRC). SVR is not available to new customers. As SVR is not linked to the ECB base rate, the rate can increase at any time even if there is no change in the ECB base.

Repayment example Assuming a total amount of credit of €100,000 repayable over 20 years at a borrowing rate of 4.3% (variable), the cost per month is €621.90 excluding insurance. The total amount to be repaid is €149,294 which includes a release of security fee of €38. The Annual Percentage Rate of Charge is 4.4% (variable). The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €54.74 and would be payable monthly.

APRC - Annual Percentage Rate of Charge
ECB - European Central Bank Base Rate (currently 0%)

I’m on a tracker rate & want to move home

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Icon expand How much can I borrow?

Our normal affordability and lending criteria will apply, you can borrow up to 80% loan to value.

Read our eligibility criteria
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Icon expand Can I take my current rate with me?

You cannot transfer your existing tracker rate to your new home, however you can choose our 10 year European Central Bank (ECB) tracker rate of ECB+2.00% (2.6% APRC variable) for loan amounts up to your current level of tracker borrowings.

APRC - Annual Percentage Rate of Charge                                    
ECB - European Central Bank Base Rate (currently 0%)

Accordion

Icon expand What happens to my tracker rate after 10 years?

After the 10 year period, your ECB tracker rate will revert to the Ulster Bank Standard Variable Rate (SVR), unless an alternative rate is chosen.

You will be eligible to choose a rate from our range of fixed and variable rates available at that time.

SVR is currently 4.30% (4.4% APRC). SVR is not available to new customers. As SVR is not linked to the ECB base rate, the rate can increase at any time even if there is no change in the ECB base.

Repayment example Assuming a total amount of credit of €100,000 repayable over 20 years at a borrowing rate of 4.3% (variable), the cost per month is €621.90 excluding insurance. The total amount to be repaid is €149,294 which includes a release of security fee of €38. The Annual Percentage Rate of Charge is 4.4% (variable). The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €54.74 and would be payable monthly.

APRC - Annual Percentage Rate of Charge

ECB - European Central Bank Base Rate (currently 0%)

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Icon expand Can I borrow more money for my new home?

Yes, subject to passing our credit and affordability checks.

Our fixed and variable rate options for the relevant loan to value (LTV) customers are available to you. Our Mortgage Specialists will be able to discuss these with you.

Warning: If you switch to an alternative interest rate, you will not be contractually entitled to go back onto a tracker interest rate in the future.

Take for example...

If you current home is worth €120,000 with an outstanding tracker mortgage of €200,000, your negative equity is €80,000 and your existing loan to value is 167%.

If you are trading up to a larger property
Home Mover mortgages Trading up example

If you current home is worth €120,000 with an outstanding tracker mortgage of €200,000, your negative equity is €80,000 and your existing loan to value (LTV) is 167%.

Trade-up

If you purchase a new home at €300,000 together with the negative equity of €80,000 this gives a total new mortgage of €380,000. Your new LTV is 127%.

You could can borrow €200,000 at a new 10 year tracker rate, which will be based on your existing tracker rate and the new LTV of 127%. For the additional €180,000, our fixed and variable rate options for 90% loan to value (LTV) customers are available to you.

Read this important information about our mortgages
If you are trading down to a smaller property
Home Mover mortgages Trading down example

If you current home is worth €150,000 with an outstanding tracker mortgage of €190,000, your negative equity is €40,000 and your existing loan to value (LTV) is 127%.

Trade-down

If you purchase a new home at €100,000 together with the negative equity of €40,000 this gives a total new mortgage of €140,000. Your new LTV is 140%.

You could avail of a new 10 year Tracker rate on the entire €140,000 mortgage. This rate will be based on your existing tracker rate and the new LTV of 140%.

Read this important information about our mortgages

 

Please call into your local Ulster Bank branch for more information on what options are available to you.

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