Ulster Bank Switch | Switching Your Mortgage

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Switching your mortgage could save you money

Wherever you bank, talk to us and see if you could save

Get our dedicated mortgage team to call you back Read this Important Information
about our mortgages

Maximum loan to value is 90%.  Lending criteria, terms and conditions apply.  Over 18s only.  Republic of Ireland residents only.  Mortgaged property must be in the Republic of Ireland.  Residential mortgages only. Product fees may apply. Security, buildings insurance and life cover are required.

Take a look at the figures and see if they stack up

€1,500 paid back in cash for your Legal Fees within two months of switching your mortgage

When you make the switch to Ulster Bank, you could save money on your repayments and even reduce the time left on mortgage. As well as our excellent range of competitive fixed and variable interest rates on offer, we also pay €1,500 into the current account used to pay your mortgage – all within two months of switching!

Understand eligibility
€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

With Ireland's lowest 4 & 7 year fixed rates, the fixed repayments could give you peace of mind

Available on mortgages above 60% loan to value 

Source: bonkers.ie, Mortgage Comparison, 26th June 2020

 

View our mortgage rates today
Ulster Bank voted best mortgage for switchers 2020

We are the best provider of switcher mortgages in Ireland! 

As awarded by bonkers.ie National Consumer Awards on 27th February 2020

Fancy an extra €500 if you also switch your current account?

Switch your mortgage to Ulster Bank and open an Ulster Bank Current or Standard Account and receive €500 provided you:

  • Switch a residential mortgage to Ulster Bank between 27th July and 21st September 2020, to be completed by the date outlined in your mortgage offer letter and;
  • Open an Ulster Bank Current or Standard Account and complete the all of the following within 3 months of switching your mortgage:

  Pay in at least €2,000 to your new account;

  Set up at least two monthly Direct Debits on your new current account and;

  Register for and log into Anytime Internet Banking or Mobile Banking.

Important: to avail of this offer you can’t already have an Ulster Bank current account prior to 27th July 2020.  This offer is optional, and the approval of your mortgage switch and your current account application are not in any way linked. The €500 cash payment will be paid to your current account, within 3 months of you having met all of the required criteria above.

Fees and charges will be applied to your account each month. You can find out more about our current accounts in our Personal Banking Terms and Conditions and A guide to Personal Account Fees and Interest booklets. 

For full qualifying criteria and Terms and Conditions for this offer click here

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.

WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT

IF YOU CHOOSE A FIXED RATE MORTAGAGE:

WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE MORTGAGE EARLY

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 variable interest loan:

VARIABLE RATE LOANS:  THE PAYMENT RATES IN THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME

Get in touch with us

To make switching as seamless as possible, you can now apply to switch your mortgage over the phone.  All you have to do is send us your details and let us do the rest!

Get our dedicated mortgage team to call you back

Common Questions

How can we help?

Is there a penalty for switching mortgage lender?

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.

 

How do I know my mortgage is worth switching?

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

Will the current COVID 19 situation impact the switching process?

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.



 

How do I switch my mortgage?

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

Switching your mortgage - How Much Can you Borrow?

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

 

Find out how much you could borrow

How long does it take to get approved for a 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.

 

Can I apply for a mortgage if I'm not an existing Ulster Bank customer or do not hold a Ulster Bank Current Account?

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

What legal fees are involved with taking out a mortgage?

 

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
€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

Do I need to take out insurance when getting a 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. 

Find out more information on our Insurances

What costs do I need to consider?

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.

 

 

Find out more information on our Insurances

Can I borrow more to refinance other loans when I switch my mortgage to Ulster Bank?

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

 

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