Ulster Bank reduces mortgage rates for some new and existing customers

newirishman said:
Interestingly, I can't find it anymore explicitly mentioned on their site so maybe it isn't as strict anymore. OTOH, Central Bank guidelines state 3.5 LTI so it would be.
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The previous 3.2% rate only applied if you were borrowing 80% or less and not more than 3.5 times income.
 
Gordon Gekko said:
Do you still have to be a "3.5 times income" borrower to avail of the 3.1% rate?
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With their previous variant of this product the 3.5 LTI, though stated as criteria, only applied to new mortgages and not switchers as per CB rules, hence assuming nothing has changed there. But theoretically now you could get this if your one of the customers they give a new mortgage to who is greater than the 3.5 LTI.
 
Generic Name said:
A point here for existing UB mortgage customers on their "Loyalty" products is previously you did not need to have your salary mandated, but just to have an UB current account. They've also reduced the amount required to be borrowed from 250k to 200k. So while reducing the rate they've also changed the criteria somewhat, hence the "New Loyalty" reference I guess.
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I got my loan offer letter in May. It had the requirement then that my salary is paid to my current account.
 
Steelman said:
The topic title and the Indo's article title are slightly misleading. They should really have the word "some" in them.
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Good point. I have amended the title of the thread.

I suppose what I was trying to get across is that they treat existing customers the same as new customers as distinct from KBC which reduces rates for new customers only and often gets headlines: "KBC reduces mortgage rates".

Brendan
 
A related question, that had been bothering me for a while:
How do UB, or any other banks, calculate LTV for existing customers?

It's clear how the calculation works for new customers, but how is the "value" calculated for existing customers? Is it based on current market rates, with each customer required to get a valuation to make their case, or is it as a proportion of the original "value" at the time the loan was taken?
 
Miakk said:
A related question, that had been bothering me for a while:
How do UB, or any other banks, calculate LTV for existing customers?

It's clear how the calculation works for new customers, but how is the "value" calculated for existing customers? Is it based on current market rates, with each customer required to get a valuation to make their case, or is it as a proportion of the original "value" at the time the loan was taken?
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I got a mortgage from UB in 2014 on 2 yr fixed 90% LTV. When the 2 yr fixed ended this year, I applied for the high loyalty discount 80% LTV 3.2% and sent in screenshots from myhome.ie, house for sale on my road, and screenshots from property price register of house that had sold in last 6 months, also on my road. I also sent in my own calculations showing my LTV was now under 80%.
The next letter I got from them was confirming my move to the high loyalty discount rate, guess I saved them some time by doing a bit of work myself
 
I just received a survey request from Coyne research on behalf of Ulsterbank, a big chunk of the questions related to knowledge of, and interest in, Offset Mortgages. Would be interesting to see this product return to the Irish market if so.
 
Do you need to contact UB to get the 3.2 - 3.1% rate or does it automatically kick in? Never had a rate cut before that I'm eligible for :)
 
jathclare said:
I just received a survey request from Coyne research on behalf of Ulsterbank, a big chunk of the questions related to knowledge of, and interest in, Offset Mortgages. Would be interesting to see this product return to the Irish market if so.
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I for one would also be very interested if Ulster were to bring back such a product....
 
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