# RIP mortgage with Ulster Bank



## bob24 (11 May 2007)

Has anyone switched an RIP mortgage to Ulster Bank recently? If so how did you find the process, how long did it take etc?

Am thinking of switching, as I'm currently paying 5.2% APR variable with EBS so UB ECB +0.75 is very attractive. 

/Thanks


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## landlord (12 May 2007)

bob24 said:


> Has anyone switched an RIP mortgage to Ulster Bank recently? If so how did you find the process, how long did it take etc?
> 
> Am thinking of switching, as I'm currently paying 5.2% APR variable with EBS so UB ECB +0.75 is very attractive.
> 
> /Thanks



Going through the switch at the moment.  They are also offering investers 1,000 Euro cash for switching and they will pay the legal fees. I am going for their 4.65% fix for 2 years.  You can also avail of a 3 year fix at 4.65%. Considering rates are still on the way up, you might want to consider it.  I think the 1000 Euro offer has a deadline which is quite tight, because their solicitors are notoriously slow, however they might extend this.


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## aircobra19 (13 May 2007)

landlord said:


> Going through the switch at the moment.  They are also offering investers 1,000 Euro cash for switching and they will pay the legal fees. ...



Thats this offer. 
http://www.ulsterbank.com/ri_01a.asp?id=PERSONAL/MORTGAGES/SWITCHER


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## bob24 (14 May 2007)

Thanks for replies, will definitely have a look at the fixed option. Do you know if they will do interest only?


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## landlord (15 May 2007)

bob24 said:


> Thanks for replies, will definitely have a look at the fixed option. Do you know if they will do interest only?


yes they will


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## Ms X (17 May 2007)

Sent in my documents to broker today to switch. Does it take long as someone mentioned above the solicitors are slow.

Do they organise the solicitor or do I have to?

Looking forward to 1K back!


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## Helen (17 Jul 2007)

I applied to switch my RIP mortgage to Ulster bank and was refused as they say I would be over committed. I was very surprised so I investigated a bit further and found that their criteria are incredibly strict:-

- Stress test your mortgage to 2% higher than current rates
- Stress test your owner occupier to 2% higher using their rate of .75 tracker (even if you have a lower rate)
- Will not consider foreign rental income
- Will not consider potential increases in rental income
- Will not consider savings/equity other assets
- Need to be less than 50% committed bearing all this in mind. 

I came out at 58% and was refused and there is no leeway.

Anyone else have a different experience with a different branch?


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## MortgageMate (21 Jul 2007)

BOSI are quite good. Check out their rates.


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## Banking2006 (21 Jul 2007)

I know of 3 family members with UB mortgages- they bargained individually and got ECB +0.5% rate.

Private me and i tell you how... you may need to give a portion of the Guaranteed savings!


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## landlord (22 Jul 2007)

I started the switching process with Ulster Bank way before 12/05/2007, which was the date of my last post above on this subject.  So far the legal department hasnt even contacted me.  I have missed out on that 4.65% fixed rate they were offering.  They are uneblievably slow.


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## Banking2006 (22 Jul 2007)

Hi 

I do not understand fully the question- can you private me or restate

Thanks


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## Banking2006 (22 Jul 2007)

Mortgages varied in amounts from 80k to over 200k


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## biggerry (15 Aug 2007)

Landlord, how did your switch go? Did you ever complete? 

At the start of June I applied to move 2 investment mortgages so I could avail of the switcher package, get the free legal fees and get the 1000 euro cash-back. Mortgage advisor in branch told me that both were approved.  I got one offer letter and am still waiting on the second.  Turns out now that the mortgage advisor that I was talking to isn't working with UB any more so I need to follow up with some new person.  Not impressed at all.


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## Ms X (16 Aug 2007)

I started the switching process to UB about mid May through a broker who promised it would all be tied up within a couple of weeks.... and I am still waiting to switch!

The 1K switch bonus applies for mortgages switched before end of this month so pushing for it to get moving.

Everything has happened extermely slowly and had I not been chasing it all the time I'll still be far from closing. 

However expecting to get cheque Mon/Tue however I wont hold my breath. Fingers crossed. It has been one of the most painful things I have ever done.


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