ICS extend offer for ECB+0.65% tracker

ICS have announced today that they are extending their offer of an ECB + 0.65% tracker for all mortgages >€500,000 regardless of LTV (max 92%) until 16th April 2008. This offer comes with a free switch cash-back of €1,000 towards legal fees (which should cover a switch), subject to a clawback of this €1,000 if the mortgage is redeemed within 5 years. Applies only to PDHs, i.e. your family home.

By my calculations, National Irish Bank's ECB Tracker mortgage beats it up to 80% LTV but it beats everything else between 80% and 92%.

How does it stackup against Ulsterbanks UFirst tracker? I switched to Ulster a while back and got the €1000, can I switch again?

My LTV is < 40%

At present Ulster Bank's best tracker is ECB + 0.75% for <50% or <80% >€500,000. It may have been different when you switched. What rate did you switch to?

The €1,000 cash-back might or might not be clawed back if you redeem within 5 years - you'd need to check the terms and conditions that applied to your loan.

For an LTV of 40% you won't get lower than NIB's tracker rate of ecb plus 0.5%.

I spoke to someone yesterday who had an Ulster Bank variable rate mortgage and was contemplating a switch to this ICS ECB + 0.65% rate. Ulster Bank offered them ECB + 0.7%, even though that's not a published Ulster Bank rate.

So the moral of the story is, as ever: ring your existing lender and tell them you're thinking about switching to some other bank. Ask to speak to a manager. It might ten minutes, but it could save you money for years.