Switching your mortgage
Time for a new deal
Request a Call Back Read this Important Informationabout 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.
Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
If you choose a fixed rate mortgage:
Warning: You may have to pay charges if you pay off a fixed rate loan early.
We currently have the lowest four year fixed rate on the market
3.7% Annual Percentage Rate of Charge.
Standard Variable Rate applies after the fixed term, currently 4.3%
Source: Bonkers, Mortgages Comparison, 6th August 2019.
https://www.bonkers.ie/compare-mortgages/
Looking to switch your mortgage?
Your current mortgage may have been the best available at the time.
But what about now?
This includes first time buyers, home movers, switchers and buy to let customers for mortgage applications submitted by 31st December 2019.
Find out more about the offer and who is eligible.
The switching process explained
When you switch your mortgage from your current provider to another lender this is known as remortgaging.
Step 1 - Review your current mortgage deal
When you are switching you can choose to change the mortgage term or the amount that you're borrowing. This is a good opportunity to see if you can save on your monthly repayments by choosing a mortgage with a lower interest rate or plan.
Remember, your lender may charge you if you pay off your mortgage before the end of the term. This is called a breakage cost. There may also be a redemption charge or exit fee.
Make sure you've done your research so you know the costs involved and can make an informed decision.
Step 2 - Decide which deal suits you
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.
Step 3 - Finalise your new deal
Firstly, we will assess your application and carry out the relevant credit checks. You can also view our Mortgage application form (PDF 2.7MB) to find out what information we will need you to provide us with.
Don’t worry about completing this in advance as our Customer Advisors will take you through the process at your mortgage appointment.
You will need to provide us with some documentation so that we can process your application. You can find more information on what you need to bring to your mortgage appointment
Once your application is complete, we will arrange for your property to be valued and when we have received the valuation report we will let you know our decision within 10 working days.
Step 4 - Insurance
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.
More about insurance and protection options can be found here
Step 5 - Completion
You will have to appoint a solicitor to take care of the legal process and paperwork for you. We will contact your solicitor by letter, phone or email to request your title deeds and details of the freeholder if the property is leasehold.
Once you've successfully gone through the valuation and relevant credit checks, you will receive a formal offer in writing. 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.
You will need the following documents in order to draw down your mortgage:
1. Assignment of Life Policy
2.Confirmation of Home Insurance
3. Signed loan offer acceptance and solicitors legal undertaking
Additional requirements for Self builds:
1. In date copy of Architect/Engineers Professional Indemnity Insurance
2. Copy of the stage payment request form
Your solicitor will manage this process for you, including ensuring your existing mortgage provider is repaid in full.
We now offer €1,500 towards your legal fees on all new mortgages
This process is available here (PDF122KB) if you wish to download or print a copy
About our mortgages
Fixed rate mortgages
Our fixed rate mortgages may make budgeting a little easier as the repayment amount is fixed for an initial term
Flexible variable mortgages
These mortgages track the Ulster Bank Standard Variable Rate plus or minus a set margin for the entire life of the loan
Eligibility criteria
Find out about our eligibility criteria including how much you could borrow and for how long
Use our mortgage calculators to find out how much you could borrow and find a mortgage to suit you. Also see you much you could save if you make an overpayment.
Helpful mortgage guides
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.
Variable Rate Representative 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. The above quotation is for illustrative purposes only.
Fixed Rate Representative Example Assuming a total amount of credit of €100,000 repayable over 20 years, initially on a fixed rate for 3 years at 2.99% and then our Standard Variable Rate of 4.3% for the remaining 17 years would require 36 monthly payments of €554.10 and 204 monthly payments of €612.48. The total amount payable would be €144,931.52 made up of the loan amount of €100,000 plus interest of €44,893.52 and a security release fee of €38. The Annual Percentage Rate of Charge is 4.0%. After the initial fixed rate period ends, an additional 1% rise in our Standard Variable Rate would give rise to an additional cost at that time of €46.86 monthly. The above quotation is for illustrative purposes only.