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Current Account Switch Offer Terms and Conditions

Current Account Switch Offer Terms and Conditions

Please read this document which provides you with information including the full Terms and Conditions relating to the Current Account Switch Offer.

The Current Account Switch Offer provides new customers who switch their mortgage to Ulster Bank and open an Ulster Bank current account the opportunity to receive a one-off cash payment to the sum of €500. Full qualifying criteria and Terms and Conditions apply as outlined below.

What is the offer?

Ulster Bank will make a one-off cash payment of €500 to eligible mortgage switcher customers who open a new current account and meet the criteria below.

 

How do I qualify for the offer?

  • You must complete a full mortgage switch application for a residential mortgage with Ulster Bank between 27 July 2020 and 21 September 2020, and you must switch your mortgage within the timeframe outlined in your offer letter.
  • You must apply for and open an Ulster Bank Current Account or Standard Account within 3 months of drawing down your Ulster Bank mortgage and you must also meet the qualifying criteria outlined below within this timeframe.
  • You must be a new Ulster Bank customer who does not hold an Ulster Bank current account prior to 27 July 2020.
  • You must complete the following within 3 months of drawing down your Ulster Bank mortgage: 
  • Make at least €2,000 worth of deposits to your new current account;
  • Register for and log into our Anytime Internet Banking or Mobile App services;
  • Set up two or more Direct Debits to be paid from your new current account on a monthly basis.

 

What else should you know?

  • The €500 cash payment will be paid to your current account, within 3 months of you having met the required criteria above.
  • The offer is not available to customers who only submit an Approval In Principle application during this period.
  • Each customer may only receive the cash payment in relation to one eligible current account.
  • Joint mortgage customers who each open individual current accounts will be eligible for a €500 cash payment to be made to each eligible current account.
  • If you open an eligible current account and meet the criteria above, you will still receive the payment if you convert the account to another account type before the payment is made.
  • If you close or request to switch your current account to another provider or you redeem or switch your Ulster Bank mortgage to another provider before payment of the €500 then no payment will be made to you.
  • Once you’ve opened your current account, you’ll be bound by our Personal Banking Terms and Conditions, which contain all the terms applicable to your current account, including any regular criteria you need to meet in order to keep your account and use the account benefits. For detailed information on our Terms and Conditions as well as our Fees and Interest, please visit ulsterbank.ie/brochures and view our “Personal Banking Terms and Conditions” and “A Guide to Fees and Interest” brochures.
  • A decision by the Bank to withhold a cash payment in respect of an eligible account may be made at the Bank’s sole discretion.
Get in touch Call us today

Call 1850 424 365

 

Lines are open: 

Mon & Fri 8.30am - 7.30pm
Tues, Wed & Thur 8.30am - 9pm
Sat 9am - 2pm
(excluding bank holidays).

Calls may be recorded.

Call 1850 424 365

 

Lines are open: 

Mon & Fri 8.30am - 7.30pm
Tues, Wed & Thur 8.30am - 9pm
Sat 9am - 2pm
(excluding bank holidays).

Calls may be recorded.

Mortgage guide Other costs to consider

Building's Insurance - For any mortgage you have to have buildings insurance. You may be offered it from your mortgage provider but it can pay to shop around to find the best policy for you. If your property is leasehold and you pay a management or maintenance fee, check to see if you’re already covered.

Solicitor's fees - for the legal work involved in buying your new home (and selling your current home if you have one)

Stamp duty - this is the tax you pay when you buy a property

Valuation fees - if your mortgage lender charges to value your new home

Survey charges - if you decide to get a structural surveyor to check your new home for defects and problems before you go ahead

Moving costs - if you want to hire a van, use a removal firm or store your things for a while

Auctioneer's fees - are paid by the seller rather than the buyer

Mortgage guide When do your mortgage payments start?

When making your application, you can choose the date each month your mortgage payment is taken.

Get in touch Call us today

Please call us on 1850 424 365 to make an appointment

 

Lines are open: 

Mon to Fri 8am - 8pm
(excluding bank holidays).

Calls may be recorded.

What makes an Ulster Bank mortgage different? Why choose us?

We offer €1,500 towards your legal fees on all new residential and buy to let mortgages, mortgage application must be submitted by 31 December 2020

Ulster Bank currently offer a free standard valuation on our new mortgages. Only one free valuation per customer applies.

We offer the same great rates to new and existing customers so when you’re fixed term ends, you can choose the best deal to suit your circumstances

We’ve lowered our variable and fixed rates and extended our range of fixed terms up to 7 years which means you can now fix lower for longer

Many of our branches are open for mortgage appointments on Saturday mornings

Our Mobile Mortgage Managers can travel to meet you to discuss your new mortgage in a place that suits you

Request a Call Back
Managing your mortgage Will I be notified my deal is ending?

Before your mortgage deal is due to end we will send you a letter which will list the full range of mortgage rates available for you to choose from.  

If your deal is due to end soon and you've not yet received this letter, please contact us to discuss your options.

 

Get in touch Read this important information about our mortgages
Home Mover mortgages How do you work out your 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 multiply by 100 to give you an loan to value of 112.5%.

Read this important information about our mortgages
Home Mover mortgages What happens to my tracker rate after 10 years?

After 10 years, 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 new rate from our range of fixed and variable rates available at that time.

SVR is currently 4.30% (4.4% APR). 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.

Typical example


The cost per month of a typical €100,000, 20 year Tracker rate mortgage at 4.4% APR variable is €621.90 excluding insurance. Total amount repayable is €149,256.00. If rates increase by 1% an additional €54.74 would be payable monthly. This example assumes that APR remains constant for the length of the term.

APR - Annual Percentage Rate
ECB - European Central Bank Base Rate (currently 0.05%)

Read this important information about our mortgages
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 borrow €200,000 at a new 10 year tracker rate, which will be based on your existing tracker balance 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
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 balance 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

Making an overpayment on you mortgage

If you wish to make an overpayment please call our team on the number below.

Please have your mortgage account number ready.

Phone: 01 709 2500

Opening hours:
Mon-Fri 9am-5pm
Excluding public holidays
Calls may be recorded

 

€1,500 towards your legal fees

What’s the offer
 

 Offer is available across the Ulster Bank residential and buy to let mortgage product range

 Mortgage application must be submitted by 31st December 2020 

€1,500 payment as a contribution to your legal fees will be made into the current account from which your mortgage payment is made after mortgage drawdown. This amount is fixed and will not change if your legal fees are higher or lower

 

Who is eligible?
 

 Any customer taking a new mortgage, including first time buyers, home movers, switchers and buy to let

 Minimum mortgage amount is €40,000 for residential and €50,000 for buy to let

 Where existing customers are taking a Top Up on their mortgage, or moving to a 10 year ECB tracker rate, they can avail of the offer so long as they are borrowing at least an additional €40,000 at our fixed or variable rates, and the new Loan to Value will be no more than 90%.

 Otherwise, the offer excludes customers taking 10 year ECB tracker rates, top up / further advance, offset mortgages, negative equity rates, or seeking only to transfer title.

Request a call back
from a mortgage specialist
Free Valuation on your new home

What’s the offer

 Ulster Bank currently offer a free standard valuation on our new mortgages.

 Only one free valuation per customer applies.

 A valuer will be nominated for you from our valuation panel. 

 

Who is eligible?

New Ulster Bank customers who are buying their first home

Request a call back
from a mortgage specialist
€25,000 Life Insurance in Year 1

What’s the offer

 Free Life Insurance is available for a 12 month period and is provided by Irish Life Assurance plc.

 You can also apply for dual cover where both lives have €25,000 free cover each.

 If you die within the 12 month period, it will pay out a lump sum of €25,000.

 

Who is eligible?

 Offer available if aged between 18 and 55.

 To apply you must answer a qualifying health question.

 

 

Request a call back
from a mortgage specialist
50% off Home Insurance in Year 1

What’s the offer

 Discount comprises 25% Ulster Bank Customer Discount and 25% First Time Buyers Discount (which equates to year 3 on our no claims discount scale).

 All discounts are subject to a minimum premium of €230 on Buildings and Contents policies or a minimum premium of €115 on Buildings only or Contents only policies.

 Aviva underwriting acceptance criteria applies.

 50% discount applies to policies in the first year only. Offer valid until 30/09/2020.

 

Who is eligible?

 50% discount is available to new Ulster Bank Home Insurance customers who are buying their first home.

Learn more about our
Home Insurance offer

Switch Your Current Account Offer Terms and Conditions

What is the offer?

Ulster Bank will make a one-off cash payment of €500 to eligible mortgage customers who open a new current account and meet the criteria below

 

How do I qualify for the offer?

o    You must complete a full mortgage application for a residential mortgage with Ulster Bank between 23rd March 2020 and 1st May 2020, and you must draw down that mortgage within the timeframe outlined in your offer letter.

o    You must apply for and open an Ulster Bank Current Account or Standard Account within 3 months of drawing down your Ulster Bank mortgage and you must also meet the qualifying criteria outlined below within this timeframe.

o    You must be a new Ulster Bank customer who does not hold an Ulster Bank current account prior to 23rd March 2020.

o    You must complete the following within 3 months of drawing down your Ulster Bank mortgage:  

·         Make at least €2,000 worth of deposits to your new current account;

·         Register for and log into our Anytime Internet Banking or Mobile App services;

·         Set up two or more Direct Debits to be paid from your current account on a monthly basis.

·         The €500 cash payment will be paid to your current account, provided you have met the required criteria above, within 6 months of drawing down your mortgage and opening your current account.

 

What else should you know?

o    The payment will be made to your new current account after your mortgage has been drawn down

o    The offer is not available to customers who only submit an Approval In Principle application during this period.

o    There will be one payment only made for each current account opened that meets the criteria. Each customer may only receive the cash payment in relation to one current account.

o    Joint mortgage customers who each open individual current accounts will be eligible for a €500 cash payment to be made to each eligible current account.

o   If you convert your eligible current account to another eligible current account, and you meet the conditions for this offer in relation to either your original eligible current account or in relation to the one to which you have converted, payment will still be made to you.

o    If you close or request to switch your current account to another provider or you redeem or switch your Ulster Bank mortgage to another provider before payment of the €500 then no payment will be made to you.

o    Once you’ve opened your current account, you’ll be bound by our Personal Banking Terms and Conditions, which contain all the terms applicable to your current account, including any regular criteria you need to meet in order to keep your account and use the account benefits. For detailed information on our Terms & Conditions as well as our Fees and Interest, please visit ulsterbank.ie/brochures and view our “Personal Banking Terms and Conditions” and “A Guide to Fees and Interest” brochures.

o    Any cash payments will be made at the discretion of the Bank.

 

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