Source: The Irish Times, Jan 2020
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 Informationabout 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!
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
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.
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!
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.
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.
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.
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.
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.
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.
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.
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