2.6% Mortgages with Ulster Bank

BlackWizard

I think the average for first time buyers is approximately 200k but increasing. I read that back in Q1.

machalla

kala85 wrote: »

Why are they restricting it to over 300k

At a guess they want a significant breakage fee to discourage people leaving for even better offers. Looking at Ulster banks website this is the breakage fees they charge on fixed mortgages.

http://digital.ulsterbank.ie/personal/mortgages/fixed-rate-mortgages.html

"An early redemption charge is due if you repay all or part of your mortgage before the end of the set fixed period, however you can make an overpayment of €1,000 each year without any penalty."

On their UK site this reads as a 3% charge of the amount repaid, the Irish site makes no mention of the actual charge percentage

http://digital.ulsterbank.co.uk/personal/mortgages/fixed-rate-mortgages.html

"An early repayment charge is due if you repay all or part of your mortgage before the end of the set fixed period. The charge is 3% of the amount repaid, however you can make an overpayment of up to £1,000 each year without any penalty"

The Bishop Basher

B-D-P-- wrote: »

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

I just signed up a couple of months ago but would have been just under the €300k anyway.

It's an excellent rate and I think 3 years is about the right time to fix..

All this talk of more competition and cheaper mortgage rates has been going on for the last 5 years and absolutely nothing has happened. ECB rates are only going one way and our banks are not in the habit of reducing rates for the fun of it let alone trending against ECB.

At the end of the day, you take your chance and hope for the best but i'm very comfortable with our decision to fix for 3 years on 2.9%.

sc86

whats the cheapst rate on offer now from banks without minimum borrow?

sc86

just rang ulsterbank to get cost of breakage from mortgage
takes 10 days and calculated on value of the house im told!

charlie_says

Berberis wrote: »

Cheers op
just ordered 5 houses. Hopefully they'll honour the deal:D

Classic BA humor. Nice one

deathtocaptcha

Bargain mortgages designed to help people fund property they can't afford... fast forward a few years and you'll all be back complaining about how the banks gave you cheap mortgages and shouldn't have been so generous and it was all their fault you bought an overpriced asset that's worth less than you paid...

sc86

yes people have short memories
its like going back to 04 or 05 at the minute
i wouldnt be able to sleep at night if i had a 300k mortgage

Dave147

I'm only 8k short of this, we've drawn down 2 stages as our house is a new build, wonder what our chances are of getting that rate? We've already signed so maybe they'll just say tough.

bunderoon

sc86 wrote: »

yes people have short memories
its like going back to 04 or 05 at the minute
i wouldnt be able to sleep at night if i had a 300k mortgage

Christ, thats a min of 400K after interest (at these 'lower levels')


Move to the west and get a 4 bed on two acres for 100k.

myshirt

bunderoon wrote: »

Christ, thats a min of 400K after interest (at these 'lower levels')


Move to the west and get a 4 bed on two acres for 100k.

Post a link to one topic of those properties, please. That's smashing value.

The Bishop Basher

deathtocaptcha wrote: »

Bargain mortgages designed to help people fund property they can't afford... fast forward a few years and you'll all be back complaining about how the banks gave you cheap mortgages and shouldn't have been so generous and it was all their fault you bought an overpriced asset that's worth less than you paid...

Did you read the OP ? I think you might be confusing a couple of separate issues.

Not everyone over borrowed at the time and I would imagine, very very few are over borrowing now..

sc86

theres plenty in the dublin area

bk

Some incredibly silly remarks here over the last few posts!

- These mortgages are aimed at switchers, people who already have a mortgage and who want to save money.
- 2.6% is nowhere near as generous as the ECB + 0.75% trackers of the celtic tiger years.
- The main problem of the celtic tiger years was not necessarily low interest rates, it was very lacking lending rules which have since been formed up.
- The average variable mortgage in Ireland is over 3% and near 4%. In the UK, the same type of mortgages are around just 1%, same across mainland Europe, we are getting ripped off here.
- Homes are so cheap in the West of Ireland as there are relatively few well paying jobs there.
- What is the point in having a big house in the West of Ireland with no or bad paying jobs and the only thing to do around is visit the local pub?! It is a lovely place, but not so much to do there IME.
- Property buying is back up in Dublin because there are lots of well and even high paying jobs here. Basically supply and demand and all that!

mickoneill31

+ having a rate of 2.6% doesn't suddenly mean the bank can suddenly loan me more than I can afford. The central bank rules obviously still apply.

cojomo2

Rang up to enquire about this..ulster bank do not accept switchers that are with their current provider for less than 12months..

bunderoon

bk wrote: »

Some incredibly silly remarks here over the last few posts!

- These mortgages are aimed at switchers, people who already have a mortgage and who want to save money.
- 2.6% is nowhere near as generous as the ECB + 0.75% trackers of the celtic tiger years.
- The main problem of the celtic tiger years was not necessarily low interest rates, it was very lacking lending rules which have since been formed up.
- The average variable mortgage in Ireland is over 3% and near 4%. In the UK, the same type of mortgages are around just 1%, same across mainland Europe, we are getting ripped off here.
- Homes are so cheap in the West of Ireland as there are relatively few well paying jobs there.
- What is the point in having a big house in the West of Ireland with no or bad paying jobs and the only thing to do around is visit the local pub?! It is a lovely place, but not so much to do there IME.
- Property buying is back up in Dublin because there are lots of well and even high paying jobs here. Basically supply and demand and all that!

Position yourself within 45mins from Galway and you have access to well paid jobs. Couple that with a mortgage of 50% or less than you would need/have to be able to live in Dublin- it's a no brainer. The same things that you can do in Dublin, you can do in/near Galway.
No point being a slave to to that level of debt.

Cyrus

bunderoon wrote: »

Position yourself within 45mins from Galway and you have access to well paid jobs. Couple that with a mortgage of 50% or less than you would need/have to be able to live in Dublin- it's a no brainer. The same things that you can do in Dublin, you can do in/near Galway.
No point being a slave to to that level of debt.

I know loads of people who tried to move back to Galway and gave up on it , the jobs aren't there

Cyrus

cojomo2 wrote: »

Rang up to enquire about this..ulster bank do not accept switchers that are with their current provider for less than 12months..

They all say that

Get onto someone in private banking you'll find that there's a way around it

Thegalwayman

Currently paying 4.2% with UB had switched banks to kbc due to UB poor service but this was just before they started offering loyalty rates.still owe about 220 out of 290 after 11years and would've though value is about 250

Wesser

Just put in my application.Wohoo!!!

cojomo2

Wesser wrote: »

Just put in my application.Wohoo!!!

Didnt think it was available until Tuesday.

bk

bunderoon wrote: »

Position yourself within 45mins from Galway and you have access to well paid jobs. Couple that with a mortgage of 50% or less than you would need/have to be able to live in Dublin- it's a no brainer. The same things that you can do in Dublin, you can do in/near Galway.
No point being a slave to to that level of debt.

Hmm.. 45 mins drive from the city!

How about I live in an apartment right in Dublin. Surrounded by fantastic variety of interesting bars and restaurants within walking/stumbling distance.

Galway is a great and fun town, I love to visit. But it simply has nowhere near the variety of bars, restaurants, clubs, societies, museums and other things to do that Dublin does.

I grew up in Cork city, which is much larger then Galway, but I got bored of it, just not enough variety. I've no doubt Galway would have even less variety. Dublin is much bigger and more interesting.

Not everyone wants to live their life bored out of their minds in a one off house in the middle of nowhere.

Also I think your idea of the well paid job and mine are very different. 300k debt for many people with the types of jobs available in Dublin is not crippling debt at all.

There is a reason why so many people are moving to the Dublin region, despite the high property prices.

listermint

bk wrote: »

Hmm.. 45 mins drive from the city!

How about I live in an apartment right in Dublin. Surrounded by fantastic variety of interesting bars and restaurants within walking/stumbling distance.

Galway is a great and fun town, I love to visit. But it simply has nowhere near the variety of bars, restaurants, clubs, societies, museums and other things to do that Dublin does.

I grew up in Cork city, which is much larger then Galway, but I got bored of it, just not enough variety. I've no doubt Galway would have even less variety. Dublin is much bigger and more interesting.

Not everyone wants to live their life bored out of their minds in a one off house in the middle of nowhere.

Also I think your idea of the well paid job and mine are very different. 300k debt for many people with the types of jobs available in Dublin is not crippling debt at all.

There is a reason why so many people are moving to the Dublin region, despite the high property prices.

And not everyone wants to live in the centre of Dublin either, the sole reason people are moving to dublin is Work lets not kid ourselves about how awesome it is with variety. You tend to describe Dublin like it was New York when you talk about how close you are to everything and how varied your day to day is with walks to parks etc.

Having moved out of Dublin where i spent my entire life, You sometimes fail to see why people exit it.

And Cork is Tiny btw.

bk

listermint wrote: »

And not everyone wants to live in the centre of Dublin either, the sole reason people are moving to dublin is Work lets not kid ourselves about how awesome it is with variety. You tend to describe Dublin like it was New York when you talk about how close you are to everything and how varied your day to day is with walks to parks etc.

Of course not, but bunderoon came into this thread with a silly comment about people moving to rural Galway in order to save money! I'm just pointing out that there are many reasons why some one might have no interest in living in rural Ireland. Both work and life reasons.

And yes, my life is that varied! Walk to and from work every day, spend most weekends out hiking or going to cool events (Air show in Bray this weekend ).

Oh and BTW I've spent quiet a bit of time in Manhattan too. I really like it there too. While obviously much smaller, I actually find Dublin has more variety then Manhattan in some ways!

listermint wrote: »

And Cork is Tiny btw.

It is a damn sight larger then Galway! Like almost 4 times the population, which was the point I was making.

listermint

bk wrote: »

Of course not, but bunderoon came into this thread with a silly comment about people moving to rural Galway in order to save money! I'm just pointing out that there are many reasons why some one might have no interest in living in rural Ireland. Both work and life reasons.

And yes, my life is that varied! Walk to and from work every day, spend most weekends out hiking or going to cool events (Air show in Bray this weekend ).

Oh and BTW I've spent quiet a bit of time in Manhattan too. I really like it there too. While obviously much smaller, I actually find Dublin has more variety then Manhattan in some ways!



It is a damn sight larger then Galway! Like almost 4 times the population, which was the point I was making.

Air Show in Bray? Sure anyone can get to that from anywhere. Actually probably be quicker getting to it from wicklow direction than any form of dublin transport tbh.

Place does be manic, Anyway way off topic.

TL;DR People go to dublin for Work, why because there is work.

thebackbar

are we going a small bit off topic here ?

bk

listermint wrote: »

Air Show in Bray? Sure anyone can get to that from anywhere. Actually probably be quicker getting to it from wicklow direction than any form of dublin transport tbh.

Place does be manic, Anyway way off topic.

TL;DR People go to dublin for Work, why because there is work.

Just one example as I'm excited about it But if I listed off everything I did over the last few weeks I'd bore you to tears, but it would show the great variety of events in Dublin.

BTW by far the easiest way to get too and from Bray is the DART.

I agree many people come to Dublin for work. But many also come for the social life, I did (could have gotten a job in my area in Cork). Just like many people move to Manhattan for the social life.

More work, means more people in a smaller area, which means more social events to serve them which means more variety of events, which in itself attracts people. It is how cities are formed and why people are drawn to them.

Urbanisation has happened all over Europe and it is currently accelerating in Ireland too.

deathtocaptcha

Anyway, back on topic... I still fail to see how this is a bargain...

At best, it's a financial strategy for bailing yourself out of debt faster than you may otherwise do. But it's not guaranteed, it comes with terms attached and ultimately it only saves most people money if they've spent money on overpriced things in the first place.

Blacktie.

deathtocaptcha wrote: »

Anyway, back on topic... I still fail to see how this is a bargain...

At best, it's a financial strategy for bailing yourself out of debt faster than you may otherwise do. But it's not guaranteed, it comes with terms attached and ultimately it only saves most people money if they've spent money on overpriced things in the first place.

25% cheaper than other rates over the lifetime of a mortgage on what most peoples biggest expense of their life is gonna save a lot of money.

How is it not a bargain?