They make it very very difficult to change to a lower rate with many conditions attached. It is infuriating. I wonder what our Financial Regulator makes of it all?
The rate is dependent on 1. Your LTV. 2. Switching your account to Ulster Bank. 3. Up to date valuation. Also in my letter there were a whopping 34 options to choose from in a variety of fixed and variable rate options with penal conditions. It is all so intimidating, I will take it up with the financial services ombudsman when I get a chance....and as was pointed out, even at a lower rate I'll only be saving the price of an average night out per year!
I have to say I disagree with your sentiment. I have my mortgage with Ulster Bank, and recently switched to a lower rate.
It was all very easy and transparent: contacted them via "contact us" form on their website. Branch called me back after 2-3 days. I then received a letter with all the available interest rates (both fixed and variable).
If you want to get a rate based on a specific LTV, you need to get a valuation. This is not very difficult, in general.
If you want to get a rate that requires to have your current account with Ulster Bank, than you need to switch your current account to Ulster Bank. This is also not very difficult, but can be very disruptive for a few months.
If you go for a fixed rate, they outline very clearly what the breakage fee would be. I found this actually very helpful.
I found the sheet (despite the 3 dozen different options) quite clear and understandable to be honest. They clearly state the interest rate and monthly repayment based on that rate.
What exactly do you want to take up with the FSO? That Ulsterbank clearly outlines the criteria for the individual rates? That you have too much choice?
I am saving over €1000 Euro per year, and it took me about an hour to go through the different rate options. YMMV, of course, but I found it neither difficult nor intimidating.
If saving the "price of an average night out" (not sure how much that is) is in your opinion not worth the hassle, than don't go through the hassle. Your money.
I understand that financial matters are stressful for many people, but if so, go to an independent financial adviser (or by all means go to your local bank branch) and talk through it with a fellow human being.
But I do wonder what you expect from the bank, what exactly would your complaint to the FSO be?