Ulster Bank Switch | Switching Your Mortgage

You can switch your mortgage at any time but remember, you may incur a charge if you pay off your mortgage before the end of the term. This is called an Early Redemption Fee or breakage cost. You may incur an Early Redemption Fee or breakage cost if you repay a Fixed Rate Mortgage early, you should  speak to your current mortgage lender to undertstand the costs applicable.

Make sure you've done your research so you know all of the costs involved and can make an informed decision.

Take your time to research the best deal for you. Use our mortgage calculator to find a mortgage that suits you. You can review and compare our mortgage rates and find out how much your repayments are likely to be.

You can also visit the Competition and Consumer Protection Commission's website for more information on switching lenders and changing mortgage type.

The impacts of the current circumstances surrounding the COVID 19 outbreak could cause delays and uncertainty to the mortgage and valuations process which are beyond the Bank’s control. The value of your home may be lower than before the COVID 19 pandemic.

Where we receive confirmation that the property value has reduced, we'll need to complete a reassessment as a change to the loan amount may be required. This could delay the switching process and the loan may need to reduce in line with the value.

Our mortgage team will assess your application and any supporting documents to build up an overall picture of how you manage your finances. We want you to take out a mortgage with us but need to make sure you don’t overstretch yourself financially, so this is an important part of the mortgage application process.

Take the next step and switch your mortgage. Contact our dedicated mortgage team to arrange an appointment to assess your mortgage application.

Once you've successfully gone through the relevant credit checks, you will receive a formal offer in writing which is subject to valuation.  You will have to appoint a solicitor to take care of the legal process and paperwork for you.  

Your solicitor will go through the loan offer and advise you on any questions or concerns you might have. If you’re happy to proceed with the mortgage switch, you’ll sign a new loan agreement and agree a date for completion.  Remember to complete the instructions in the letter and return to us as requested.  You should also keep a copy for yourself. Remember also to look out for the valuation becoming available.

When you take out a mortgage, we expect you to take out buildings insurance to cover damage or rebuilding costs if needed, in addition to life cover.

Get an idea of how much you may be able to borrow with an Ulster Bank mortgage.

The time to get approval for a mortgage can vary depending on your circumstances and if you have all the documentation required ready, however typically if everything is in order you could have a mortgage offer within 10 business days.

Ulster Bank welcomes applications from all customers, existing or not. Take the next step and apply for a Mortgage. Contact our dedicated mortgage team.

Solicitor's fees are for the legal work involved in switching your mortgage, buying a new home or selling your current home if you have one.  You will have to select your solicitor and settle your solicitor fees.  The fees can vary but should be agreed with your solicitor before the process. Currently Ulster Bank pay €1,500 in cash for your Legal Fees within two months of switching your mortgage.

It is important that you get the cover you need in order to protect you and your home. When you take out a mortgage, we expect you to take out buildings insurance to cover damage or rebuilding costs if needed.

We also expect you to take out life cover. You may also decide to take out contents insurance along with sickness and unemployment cover, as appropriate. You should review your current insurance policies to check if they remain suitable or if they need to be updated when you switch your mortgage. 

Solicitor's fees - for the legal work involved in switching your mortgage from your current lender to Ulster Bank, we will be offering you €1500 cash towards this cost

Valuation fees – Normally this costs €155 however Ulster Bank currently offer this free of charge to new mortgage customers. You may wish to also instruct your own valuation at the time.

With almost any mortgage you’ll always need to have buildings and life insurance to protect you and cover your home, this could be a good time to review your current cover. 

Home insurance

Like most mortgage providers, we normally ask you to ensure you have buildings insurance as a condition of the mortgage, but you don’t have to buy it from us.

You can get a quote and apply online today for a combined buildings and contents policy. A standalone buildings policy (when the building is in the course of construction) or contents policy can be purchased by telephone or your Mortgage Specialist will be able to provide you with more details

Life cover

It’s important that you have the right level of cover to protect your home and family should anything happen to you.

The type of life cover you’ll need depends on how much you’ve borrowed, for how long and what sort of mortgage you have. You don’t have to buy it from us but this is a good time to review.

Your Mortgage Specialist will be able to provide you with more details.

As part of your mortgage switcher application you can apply to borrow additional finance for home improvements, or refinance short term external debt (not including credit card debt) subject to the following conditions

- up to a maximum of €30,000

- A maximum LTV of 80%

- Available once in any 5 year period

- Facilities to be refinanced must have been held for a minimum of 12 months

- Satisfactory repayment history of the debt to be refinanced, over the last 12 months