Ulster Bank offering FTBs and switchers €1,500!

Brendan Burgess

Brendan Burgess

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According to Charlie Weston in the Indo

The bank plans to target pillar banks AIB and Bank of Ireland in an attempt to grow its mortgage business.

The €1,500 contribution toward the legal fees of those taking out a mortgage applies to both first-time buyers and mortgage holders switching from other banks.

The deal, to be announced today, is available to those who have a mortgage offer from today until June 13.

Switchers are now attractive again to banks, due to Central Bank loan restrictions that have prompted lenders to try to "cannibalise" each other's mortgage customers. Mortgage experts said the latest move came after a string of banks cut lending rates in the past few months.

This must make UB one of the best options. They are the only lender which allows existing customers to avail of lower LTV rates.
 
Am I correct in saying that you must take a fixed rate, they are not offering the standard variable rate to switchers? Is this another indicator that svr will reduce across the board? Why would they offer a lower fixed rate than svr, why do they want people to fix?
 
To stop them switching again to another provider, although there is usually a clawback clause on the money up front to prevent that within a certain amount of time.
 
SVR: Standard Variable Rate

Currently 4.3% (4.4% APR*). The Standard Variable Rate is not available to new customers. As Standard Variable Rate is not linked to the ECB base rate, the rate can increase at any time even if there is no change in the ECB base rate.


From ulster bank website
 
On their rates page it does indeed say standard variable 4.4% is not available to new customers, but there is no such exclusion on the;

Discounted variable <60% @ 3.9%

Discounted variable <80% @ 4.0%

Flexible variable <90% @ 4.4%

[broken link removed]

UB’s mortgage page also states;

‘’Offer is available across the Ulster Bank residential mortgage product range’’

[broken link removed]
 
twofor1 said:
On their rates page it does indeed say standard variable 4.4% is not available to new customers, but there is no such exclusion on the;

Discounted variable <60% @ 3.9%

Discounted variable <80% @ 4.0%

Flexible variable <90% @ 4.4%

[broken link removed]

UB’s mortgage page also states;

‘’Offer is available across the Ulster Bank residential mortgage product range’’

[broken link removed]
Click to expand...

Ah ok, thanks for that.
 
1.5K is a good offer - I've been looking into switching and this would cover all the costs. Reluctant to fix for 3 years though.
 
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