2.6% Mortgages with Ulster Bank

JTMan

cojomo2 wrote: »

Just changed to a 5 yr fixed with kbc last week...is there any cooling off period for this !?

There should be a 30 day cooling off period. Act fast.

B-D-P--

Well balls, I just signed up to the 2.9% 3 year term in january...
Ahh sure still good rate.

Cuddlesworth

Hayley Grumpy Sequel wrote: »

Sounds interesting. What two firms are looking for a licence?

Frank Money is one. The Central bank has been sitting on their application so long that they either have something very wrong with their model or there is some serious deliberate blockading going on for new entrants into the market.

mydiscworld

Do we know if it's just the fixed rate that's changing or variables too?

Chris_5339762

Cuddlesworth wrote: »

Frank Money is one. The Central bank has been sitting on their application so long that they either have something very wrong with their model or there is some serious deliberate blockading going on for new entrants into the market.

According to the Fair Mortgage Rates Campaign, Frank Money has withdrawn their application

phunkadelic

Chris_5339762 wrote: »

According to the Fair Mortgage Rates Campaign, Frank Money has withdrawn their application

They were waiting a long time to get in, seems to be hard to get in and compete with the big banks

ct5amr2ig1nfhp

Frank Money has withdrawn their application. Who was the second seeking a licence?

Cuddlesworth wrote: »

Frank Money is one. The Central bank has been sitting on their application so long that they either have something very wrong with their model or there is some serious deliberate blockading going on for new entrants into the market.

WayneEnterprise

Hayley Grumpy Sequel wrote: »

Frank Money has withdrawn their application. Who was the second seeking a licence?

Finance Ireland I think

ct5amr2ig1nfhp

Is this the Macquarie group or another company. On phone so will google them later.

WayneEnterprise wrote: »

Finance Ireland I think

JTMan

WayneEnterprise wrote: »

Finance Ireland I think

Finance Ireland already have a license from the CBI.

Finance Ireland are launching a mainstream mortgage product later this year apparently.

Big Wex fan

Please correct me if I'm wrong but was Ulster bank not one of the banks that would not do any deals with customers who found themselves in trouble when things went south. I heard they were really hard nosed about getting every cent back, no compromise at all. (From casual chat, no hard facts to back it up)

Cyrus

Big Wex fan wrote: »

Please correct me if I'm wrong but was Ulster bank not one of the banks that would not do any deals with customers who found themselves in trouble when things went south. I heard they were really hard nosed about getting every cent back, no compromise at all. (From casual chat, no hard facts to back it up)

I wouldn't have an issue with that

bk

Article here about the Irish mortgage market and how it is ripe for new competition and lower rates:

http://www.independent.ie/business/personal-finance/property-mortgages/macquarie-predicts-bleak-growth-prospects-for-irish-banks-35940429.html

Analysts Namita Samtani and Piers Brown point out that Irish customers pay over 3pc for a new variable mortgage rate, but UK consumers avail of similar loans priced at less than 1pc.

Macquarie argues this "is unsustainable from a competitive basis, given that the euro market is open to all EU banks".

marketty

Big Wex fan wrote:

Please correct me if I'm wrong but was Ulster bank not one of the banks that would not do any deals with customers who found themselves in trouble when things went south. I heard they were really hard nosed about getting every cent back, no compromise at all. (From casual chat, no hard facts to back it up)

Maybe that's why they are able to drop their interest rate like this, while other banks who don't pursue defaulters are subsidising those non performing loans with high SVRs

cojomo2

Interesting thread - thanks for the heads up OP.


Last week I switched from a 3.05% variable to a 5 yr fixed @ 3%.. however I can get out of it and go back to the variable by availing of the cooling off period.

I can't avail of the Ulster bank deal as my mortgage falls just under their 300k minimum.

Not as up to date as I should be on this stuff, should I avail of the cooling off period and go back to the variable in the hope my bank react to this and reduce their rates?

Thanks!

JTMan

How far under 300k are you?

If you are only slightly under 300k, you could:
(1) Ask Ulster Bank if they will lend you 300k (banks can lend you more than your existing mortgage when switching provided you are inside LTV bands and the bank agrees to the extra debt).
(2) Use the cooling off period and get out of the fixed rate,
(3) Switch to Ulster Bank 2.60% Fixed.

kala85

Why are they restricting it to over 300k

celticbhoy27

cojomo2 wrote: »

Interesting thread - thanks for the heads up OP.


Last week I switched from a 3.05% variable to a 5 yr fixed @ 3%.. however I can get out of it and go back to the variable by availing of the cooling off period.

I can't avail of the Ulster bank deal as my mortgage falls just under their 300k minimum.

Not as up to date as I should be on this stuff, should I avail of the cooling off period and go back to the variable in the hope my bank react to this and reduce their rates?

Thanks!

I'm assuming you mean 3.5% ? And not 3.05. it's hard to guess where rates will be in 5 years time but I wouldn't be fixing just yet. Hopefully this is the beginning of a more competitive market

cojomo2

celticbhoy27 wrote: »

I'm assuming you mean 3.5% ? And not 3.05. it's hard to guess where rates will be in 5 years time but I wouldn't be fixing just yet. Hopefully this is the beginning of a more competitive market

Nope, 3.05%..I wasn't switching for the .05% reduction..but more fir the certainty of a relatively low rate for the next 5/yrs.

celticbhoy27

cojomo2 wrote: »

Nope, 3.05%..I wasn't switching for the .05% reduction..but more fir the certainty of a relatively low rate for the next 5/yrs.

What bank are you with? As I said it's difficult to guess long term how rates will go. I'd be inclined to hold off for a few months however.

thebackbar

bk wrote: »

Article here about the Irish mortgage market and how it is ripe for new competition and lower rates:

http://www.independent.ie/business/personal-finance/property-mortgages/macquarie-predicts-bleak-growth-prospects-for-irish-banks-35940429.html

That's all well and good but it seems the irish central bank is making it incredibly difficult for new banks to enter the irish mortgage market, hence its hard to see rates dropping to uk levels

skerry

Does anyone know if this applies to mortgages of 90% LTV or is it limited to 80%? About to fix for 5 yrs with Bank of Ireland at 3.35% and not sure what to do now. Five years is starting to sound like a long time with rates like this emerging.

sharpish

skerry wrote: »

Does anyone know if this applies to mortgages of 90% LTV or is it limited to 80%? About to fix for 5 yrs with Bank of Ireland at 3.35% and not sure what to do now. Five years is starting to sound like a long time with rates like this emerging.

I've the same feeling 5 years is looking like long sentence now too.

JTMan

skerry wrote: »

Does anyone know if this applies to mortgages of 90% LTV or is it limited to 80%?

Up to 80% LTV.

cojomo2

JTMan wrote: »

How far under 300k are you?

If you are only slightly under 300k, you could:
(1) Ask Ulster Bank if they will lend you 300k (banks can lend you more than your existing mortgage when switching provided you are inside LTV bands and the bank agrees to the extra debt).
(2) Use the cooling off period and get out of the fixed rate,
(3) Switch to Ulster Bank 2.60% Fixed.

40 k under, not really looking to borrow any more than I have to...want to pay it off as soon as possible!

I have just used the cooling off period so should be back on a variable tomorrow.

I suppose what I'm really hoping for is that KBC will take notice of this and drop their rates further at which point I may fix in. I will change provider if I have to though..

Kenny Logins

skerry wrote: »

Does anyone know if this applies to mortgages of 90% LTV or is it limited to 80%? About to fix for 5 yrs with Bank of Ireland at 3.35% and not sure what to do now. Five years is starting to sound like a long time with rates like this emerging.

Different rates for different LTV bands and conditions (current account customers) -

http://digital.ulsterbank.ie/personal/mortgages/mortgage-rates.html

sc86

im with ulster bank and im 2 years into a 7 year fixed rate 4.2 percent

is there anyway to switch ?

JTMan

sc86 wrote: »

im with ulster bank and im 2 years into a 7 year fixed rate 4.2 percent

is there anyway to switch ?

Ask Ulster Bank what your breakage fee is.

sc86

i see the offer is only for 300k plus mortgage
im well short of this

ct5amr2ig1nfhp

A little off topic, but are there any stats showing the breakdown of mortgage by value (for the Irish market) ? Would like to know what the average joe soap is borrowing. Are most mortgages under 300k etc.