Switching your mortgage could save you money

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.

Compare our mortgage rates

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.

Request a call back from a mortgage specialist

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

Find out how much you could borrow

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.

Request a call back from a mortgage specialist

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.

Understand eligibility

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. 

Find out more about our Insurance products