Flexible mortgage repayment options are only available with Discounted/Flexible Variable Rate Mortgages. Payment holidays are subject to approval and conditions. Payment breaks are not available during the first six months of your mortgage. Interest will continue to accrue during a payment break, and when a payment break has ended the underpaid amount will be included in the mortgage balance and the repayment will be calculated over the remaining term. The mortgage term will not be increased beyond that which was originally sanctioned.

If you choose the payment-free months option and subsequently revert back to 12 monthly payments, your repayments will be recalculated and reduced accordingly. Written quotations with preferred payment free months available on request from any branch of Ulster Bank.

Ufirst, ufirstgold and ufirst Private customers can avail of a Variable Mortgage with a reduced rate for the lifetime of the mortgage. Maximum Loan to Value on this product is 75%.

Discounted Variable Rate with ufirst discount - Available to ufirst current account holders only.

Discounted Variable Rate with ufirstgold / ufirst Private discount - Available to ufirstgold and ufirst Private current account holders only.

For ufirst a monthly membership fee of €10 applies.

For ufirstgold a monthly membership fee of €14 applies.

For ufirst Private a monthly membership fee of €50 applies. This incorporates the monthly fee of €36 for the Private Relationship service provided to customers of Ulster Bank Private and the monthly fee of €14 for the benefits of the Ufirst Private account.

These fees are subject to change.

The cost per month of a typical €100,000, 20 year flexible variable rate mortgage with a 4.8% APR (Annual Percentage Rate) is €640.77 excluding insurance. Total amount repayable €153,784.80. If rates increase by 1% an additional €55.62 would be payable monthly.

The cost per month of a typical €100,000 20 year discounted variable rate mortgage with ufirst discount at 4.1% APR (Annual Percentage Rate) is €605.98 excluding insurance. Total amount repayable €145,435.20. If rates increase by 1% an additional €53.98 would be payable monthly.

The cost per month of a typical €100,000 20 year discounted variable rate mortgage with ufirstgold/ufirstprivate discount at 4.0% APR (Annual Percentage Rate) is €603.35 excluding insurance. Total amount repayable €144,804.00. If rates increase by 1% an additional €53.85 would be payable monthly.

By taking out a ufirst, ufirstgold or ufirstprivate current account just to avail of the mortgage discount may cost you more in the long run. You may wish to seek independent advice before availing of a ufirst, Ufirstgold or Ufirst Private mortgage.

If you redeem a fixed rate mortgage prior to the end of the agreed term, an early redemption charge will be applied. The redemption charge will be a sum equal to the lower of

(i) six months' interest or

(ii) a sum calculated in accordance with the following formula:

(Redeemed Amount) x (R - R1) x Time remaining in days until the end of the fixed rate period) divided by 360.

For the purpose of the above formula:

"Redeemed amount" means the estimated average loan balance between the time of the proposed repayment or interest rate conversion and the end of the relevant fixed rate period, assuming that no such repayment or interest rate conversion takes place and that all scheduled repayments of the loan are made by the borrower under the terms specified in the loan offer.

Where a lump sum repayment is made, "redeemed amount" shall mean the amount of the lump sum repayment.

"R" means the interest rate available to the lender for funds placed in the money market on the start date of the relevant fixed rate period for the duration of the relevant fixed rate period.

"R1" means the interest rate available to the lender for funds placed in the money market on the date of the proposed early repayment, lump sum repayment or interest rate conversion for the remainder of the relevant fixed rate period. The rate applied is based on the remaining fixed rate term of the mortgage, rounded to the nearest month if less than one year or to the nearest year if greater than one year.

"Time" means the number of days from the date of early repayment, lump sum repayment or interest rate conversion to the end of the relevant fixed rate period.

Six months interest is the estimated interest that would be payable in the six months following the proposed repayment or interest rate conversion.

Worked Example

In the example below, a customer took out a 5 year fixed mortgage at a rate of 5.00% on 1st January 2010. On 4th January 2011, the mortgage outstanding was €100,000 and the customer opts to break out of the fixed rate. The breakage cost calculation is:

Redeemed Amount = €87,832.42
R (Market rate on 1st January 2010) = 2.849%
R1 (Market rate on 4th January 2011) = 1.713%
Time = 1,457 days

Breakage Calculation = (Redeemed Amount x (R-R1) x Time) divided by 360
= (€87,832.42 x (2.849% - 1.713%) x 1,457)/360
= €4,038.22

Six Months Interest = €2,500

Therefore, in this case the customer would be charged the lesser amount of the six months interest i.e. €2,500.

When your fixed rate mortgage expires you can revert to the Standard Variable rate or any other mortgage product that you may be offered at this time.

If you have already bought an affordable house under a local authority affordable housing scheme, you are not eligible to switch your mortgage from a previous lender (including Local Authorities) to an Ulster Bank Home Run mortgage. Further mortgage advances, equity release or top-ups are not currently available on the Ulster Bank Home Run mortgage. An Ulster Bank Home Run mortgage is not available if you are building your own home on an affordable housing site allocated by your local authority. Minimum mortgage amount advanced is €40,000. Minimum mortgage term is 5 years and maximum term is 35 years and is subject to serviceability after retirement age. The maximum mortgage is normally 90% of the property value. An approval in principle is not an offer of a loan.