Important Customer Update
From 10th June 2022 Ulster Bank is no longer accepting new Mortgage applications with the following exceptions.
Existing Mortgage customers can continue to apply for a Top Up Mortgage until the 26th August 2022.
Existing Tracker & Offset Mortgage customers can continue to apply for a Mortgage loan offer to move property or a Top Up Mortgage until further notice.
Announcement by ECB of a rate increase
The European Central Bank (‘ECB’) announced an increase of 0.50% to its base rate on 21st July 2022. We will write to all of our impacted customers within 10 business days of this announcement to provide specific information on the change to their tracker mortgage product rate and what this will mean for their monthly mortgage payment.
Please Note: this change will only impact ECB Tracker Mortgages.
You can continue to review your current rate and monthly repayment by logging on to Manage My Mortgage at www.ulsterbank.ie/mortgages/manage-your-ulster-bank-mortgage.html
If you want to get in touch with us to request a Fixed Rate Quote or breakage fee or wish to order a statement please email: ECBRateIncrease@ulsterbank.com and include your name, account number and contact details. A member of our team will be in touch you within 48 hours.
If you feel that you may have difficulty repaying your mortgage, we’re here to help. You can call our Arrears Support Unit on 1800 435 763 or log on to www.ulsterbank.ie/managingdebt where you can leave your details with us and we'll call you back at a time that's convenient for you.
It all starts here
We’ve put together this simple step-by-step guide to help you understand how we deal with a mortgage application at every stage.
There are four key stages to the mortgage application process.
Steps 1: Assessment
How we assess your application
We look at a number of factors to make sure you’ll be able to afford the size of your loan. We’ll take into account how much deposit you’re putting down, your income, household bills and outgoings, savings and any other financial commitments you may have.
To help us understand your financial position clearly and move your application forward, we will ask you for additional supporting documents, including your payslips and bank statements. If you’re employed, these may include your payslips or up to three months’ bank statements, depending on the type of mortgage you have chosen. If you’re self-employed, we may ask for up to two years’ of accounts.
Completing your assessment
Once our team has assessed your application, checked any additional documents and are confident you’ll be able to meet the repayments, we then move to the next stage - Offer.
Quick tip: At this stage you could consider which solicitor you will appoint to act on your behalf. If you’re remortgaging to Ulster Bank, we will appoint our panel solicitor, so there’s no need to find your own.
Step 2: Offer
Once your valuation can be completed, we carry out our final checks and will send a copy of the valuation to your solicitor. If the valuation shows a decline in the value of the property from your agreed Purchase Price, or the Estimated Value you provided on your application, then the Bank may decide not to proceed with this mortgage and may withdraw your Loan Offer, or may proceed on the basis of a reduced amount. This unfortunately introduces an element of uncertainty into the home buying process.
Changing your offer before completion
We make our offer based on the details you provided in your original application, such as the property purchase price loan amount and your specific mortgage product. If you want to make any changes to these, now is your final opportunity to discuss them with your Mortgage Specialist before completion.
Step 4: Completion
If you are buying a property, once your solicitor has made all of their checks, they will agree the dates for exchanging contracts and completing the purchase with the seller’s solicitor. On exchange of contracts, your deposit is paid to the seller. You’ve now committed to buy the property.
The last step is completion itself. This is where , if you are remortgaging, we either release the funds to you or to your previous lender to pay off the redemption amount and clear your old mortgage.
If you’re buying a new property, it’s when your solicitor sends us the Certificate of Title and in return we release the funds to them. They then pass those funds to the seller’s solicitor. Once the seller has received the money, the house purchase is complete. You get the keys to your new home. Congratulations.