Announcement of cessation of new mortgage business: As of 1st May 2023, Ulster Bank is no longer accepting new mortgage lending applications. This includes applications to move to a new property or port a tracker rate and applies to all mortgage customers with the exception of existing Offset Mortgage customers and product switch applications, though we will consider applications for a Top Up Mortgage from existing customers in certain circumstances.
Further details can be found on our Customer Support Hub here.
Announcement by ECB of a rate increase: the European Central Bank (“ECB”) announced a base rate increase of 0.25% to 4.50% on 14 September 2023. We will write to all of our impacted customers within 10 business days of the announcement to explain what this will mean for their monthly mortgage payment. Please Note: this change will only impact ECB Tracker and Offset Mortgages
If you feel that you may have difficulty repaying your mortgage, we’re here to help. You can call our Arrears 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 to you.
Information on our current mortgage rates
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT
WARNING: IF YOU DO NOT MEET THE REPAYMENTS ON YOUR LOAN, YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE
WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE MORTGAGE EARLY
VARIABLE RATE LOANS: THE PAYMENT RATES IN THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME
WARNING: IF YOU SWITCH TO AN ALTERNATIVE INTEREST RATE, YOU WILL NOT BE CONTRACTUALLY ENTITLED TO GO BACK ONTO A TRACKER INTEREST RATE IN THE FUTURE.
If you choose a fixed rate now, Ulster Bank will have completed the transfer of your mortgage to another provider by the time your new fixed rate expires. In this scenario, you will receive advance notice from the new provider prior to your rate expiring, advising of the rate options available to you.
Residential fixed rates
- With fixed rate mortgages the repayment amount is fixed for an initial period.
- Early Redemption Charges apply during this time.
- When your fixed rate mortgage expires you will revert to a follow on Variable Rate* unless you choose from any other mortgage product that you may be offered at this time.
*Follow on Variable Rates are not linked to the European Central Bank (ECB) base rate or SVR, this means the rate can increase at any time even if there is no change to either of these rates.
Please note that Ulster Bank will have completed the transfer of your mortgage to another provider by the time your new fixed rate expires. In this scenario, you will receive advance notice from the new provider prior to your rate expiring, advising of the rate options available to you.
Residential variable rates
Our new business variable rate mortgages track Ulster Bank Standard Variable Rate (SVR*) for the entire life of the loan, or until you choose an alternative rate, if sooner. Standard Variable Rate is currently 4.30%.
If you choose a variable rate, you can move to a fixed rate at any time with no Early Redemption Charges.
* As Standard Variable Rate (SVR) is not linked to the European Central Bank base rate (ECB), the rate can increase or decrease at any time even if there is no change in the ECB base rate.
Buy to Let rates
Our new business variable rate mortgages track Ulster Bank Standard Variable Rate (SVR*) for the entire life of the loan, or until you choose an alternative rate, if sooner. Standard Variable Rate is currently 4.30%.
If you choose a variable rate, you can move to a fixed rate at any time with no Early Redemption Charges.
With our fixed rate mortgages the repayment amount is fixed for an initial period. Early Redemption Charges apply during this time.
When your fixed rate mortgage expires you will revert to a follow on variable rate* unless you choose from any other mortgage product that you may be offered at this time. Follow on variable rates are not linked to the ECB base rate or SVR, this means that follow on rates can increase at any time even if there is no change in either of these rates.
*As Standard Variable Rate (SVR) is not linked to the European Central Bank base rate (ECB), the rate can increase or decrease at any time even if there is no change in the ECB base rate.
Existing Tracker Rate Customers
Existing tracker rate customers who want to move home can convert their tracker to our 10 year European Central Bank (ECB) tracker rate, up to the level of their existing tracker borrowings. Any additional borrowing would be at our variable or fixed rates, subject to meeting normal affordability criteria.
Important Information for existing tracker rate customers - If you are on a tracker rate and you wish to move home using our 10 year European Central Bank (ECB) tracker rate, you will not have the right to return to your existing tracker rate. You will have a new mortgage agreement and your monthly repayments, your total amount repayable, and the interest rate on your mortgage may be higher than under your previous mortgage.
10 Year ECB Tracker Rates – see below for information on the period for which the rate applies
|
**LTV |
Initial |
***Follow On Rate at end of term | ****APRC |
10 Year ECB* Tracker Rate |
Up to 60% |
ECB +2.00%
|
3.50% |
6.1% |
10 Year ECB* Tracker Rate |
Up to 80% |
ECB +2.00% |
3.70% |
6.1% |
Note: if you choose the 10 Year ECB Tracker rate shown for all or part of your mortgage, the rate will apply until 31 December 2033, at which point you will move to the follow-on rate shown, unless you choose an alternative rate from those made available at the time of expiry of the 10 Year ECB Tracker rate.
*ECB - European Central Bank
**LTV - Loan to Value
*** Follow on variable rates are not linked to the ECB base rate or SVR. The rate can increase or decrease at any time even if there is no change in either of these rates. Please be advised that the follow on rates quoted above are for illustration purposes only.
****APRC - stands for Annual Percentage Rate of Charge. This is the yearly cost of your mortgage. It includes not just the interest on your loan but any other charges you have to pay, such as a valuation fee. It also helps if you compare like for like between mortgage providers.
Existing Negative Equity Customers with Tracker Rates
Existing Tracker customers in negative equity who want to move home can transfer the negative equity to their new home, subject to being able to meet our affordability criteria. However, the new loan to value (LTV) cannot be more than 140%. The existing home must be sold and full proceeds paid off the original mortgage.
Existing tracker rate customers in negative equity who want to move home can convert their tracker to our Negative Equity 10 year European Central Bank (ECB) Tracker rate, up to the level of their existing tracker borrowings. Any additional borrowing would be at our variable or fixed rates for LTV 90%+ borrowing, subject to meeting normal affordability criteria.
Important Information for existing tracker rate customers - If you are on a tracker rate and you wish to move home using our Negative Equity 10 year European Central Bank (ECB) Tracker rate, you will not have the right to return to your existing tracker rate. You will have a new mortgage agreement and your monthly repayments, your total amount repayable, and the interest rate on your mortgage may be higher than under your previous mortgage.
Variable Rate Representative Example Assuming a total amount of credit of €100,000 repayable over 20 years at a borrowing rate of 4.3% (variable), the cost per month is €621.90 excluding insurance. The total amount to be repaid is €149,294 which includes a release of security fee of €38. The Annual Percentage Rate of Charge is 4.4% (variable). The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €54.74 and would be payable monthly. The above quotation is for illustrative purposes only.
Fixed Rate Representative Assuming a total amount of credit of €100,000 repayable over 20 years, initially on a fixed rate for 2 years at 4.65%, and then a variable rate of 3.7% for the remaining 18 years would require 24 monthly payments of €640.77 and 216 monthly payments of €594.45. The total amount payable would be €143,817.28 made up of the loan amount €100,000 plus interest of €43,779.28 and a security release fee of €38. The Annual Percentage Rate of Charge is 4.0%. After the initial fixed rate period ends, an additional 1% rise in the variable rate would give rise to an additional cost at that time of €48.82 monthly. The above quotation is for illustrative purposes only.