Ulster Bank now best rate ?

[BillyPiper]

Hi there

Do ulster bank now have the best rates for ~ 90% mortgage loan ?
i.e. 4.25% below
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e.g.
Variable
Mortgage type Typical APR 20 years
Discounted Variable Mortgage <90% with ufirst discount (Standard Variable Rate* minus 0.15% for the life of the mortgage)
Available exclusively to ufirst current account holders 4.40%
Typical Example The cost per month of a typical €100,000, 20 year variable rate mortgage with ufirst discount at 4.40% APR (variable) is €624.58 excluding insurance. Total amount repayable €149,899.20. The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €54.86.

Available to ufirst current account holders only. A monthly membership fee of €10 applies. This fee is subject to change. If you close your ufirst account, the interest rate on this loan will revert to either the Flexible Variable Rate or the Discounted Variable Rate. The relevant rate will be set out in your loan offer.
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What would the impact of 0.15% reduction for 10 euro a month charge for the ufirst account for term of mortgage?

Is it actually worth it ? or would it cost you more in the long run ?

Any ideas what the Flexible Variable Rate or the Discounted Variable Rate is ?
It does not have it @ [broken link removed]

Thanks for any advice

Regards,
Billy

 

[ryaner]

AIB are just a hair lower than Ulster right now but it is anyones guess where things will be in 12 months time.

If going with Ulster, then the ufirst discount will normally offset its membership fees in the early years. More likely the larger the mortgage gets. If fees come back in, then it'll be more likely to be a positive as well.

One thing to check is what happens to the discount if you ever fix. It used to be that you lost the discount, however the discount used to be higher.

 

[Brendan Burgess]

Ulster Bank has the highest Standard Variable rate so you should be very careful dealing with thm.

As ryaner has pointed out, if you take out a fixed rate mortgage, you revert to this very high Standard Variable Rate for the rest of your mortgage.

Because many customers do have discounts, they have to maintain a high SVR and are unlikely to reduce it.

Best avoided.

Brendan

 

[BillyPiper]

Ulster Bank has the highest Standard Variable rate so you should be very careful dealing with thm.

As ryaner has pointed out, if you take out a fixed rate mortgage, you revert to this very high Standard Variable Rate for the rest of your mortgage.

Because many customers do have discounts, they have to maintain a high SVR and are unlikely to reduce it.

Best avoided.

Brendan

Hi Brendan

Why do you say they have the highest SVR ?

In comparing against the other rates (@around 90% mortgage). They look the cheapest e.g

http://www.*****************.com/mortgages/standard-variable-rates

Please explain why they are 'highest', as I cant see it, but I am sure you are right

Thanks a million
Billy

 

[ryaner]

The rate on ***************** isn't actually UBs SVR.

[broken link removed]

*Standard Variable Rate is currently 4.50% ( 4.60% APR*). The Standard Variable Rate is not available to new customers.