2.6% Mortgages with Ulster Bank

LeChienMefiant · 24-07-2017 4:35pm

cojomo2 wrote: »

When is this oficially available, tomorrow? Anyone know how long it takes for other banks to react to situations like this? With KBC and hoping they will drop their rates rather then going through the hassle of moving..

Do KBC offer existing customers the new customer rates? I believe Brendan Burgess on AskAboutMoney recommends against them for that reason.

bk · 24-07-2017 4:59pm

Deleted User wrote: »

A teacher in Dublin earns the same as a teacher outside of Dublin so as that's line of work I'm in none of any of the above makes any difference.

Yes and that is a major issue that needs to be tackled. We probably need to have have system for public/civil servants where their salary isn't the same across the country and instead reflects the cost structure of where they live and work.

So a teacher in Dublin gets paid more then a teacher in rural Ireland, etc.

The private sector doesn't have this issue, it works by supply and demand. If big firms want to attract people to big cities, then they have to pay more, which in turn means those people can afford bigger mortgages.

In my line of work, IT, I'd get paid half or less then what I'd earn in Dublin in other parts of the country. And in fact, I'd probably make double again if I was willing to move to New York/San Fran.

In some ways you are lucky to be a teacher, in Ireland it is a pretty well paid job and you earn the same anywhere in the country. That isn't so great for teachers in Dublin (but not too bad either), but great for teachers living in more rural areas as it often means they are some of the best paid folk in the town.

Deleted User wrote: »

I find your final comment very condescending which isn't a good trait in anyone.

Haha like any good teacher, you ignore all the factual information supplied and just make a dig at the one comment in two long posts that you didn't like

Just kidding in case it isn't obvious.

BTW I wasn't really making that comment at you, more my surprise at multiple posters who don't understand the general concept of mortgages and just because one mortgage is more expensive then another, doesn't mean that the person with the more expensive mortgage is poverty stricken, when the truth is quiet the opposite!

Deleted User wrote: »

Some people don't want to live abroad they want to live beside their family and friends.

Yes and some people don't want to live in rural Ireland or move away from their family and friends in Cork or Dublin City. And actually I've no problem with that. Again, that comment was more aimed at an earlier poster who wondered why people didn't just move from Dublin to rural Galway where you could get a 4 bedroom house for 100k.

The point is we all make choices about where to live based on a variety of reasons, including availability of jobs, how much they pay, career growth opportunities, social life, amenities, distance from family and friends, etc.

And we each put different weighting of importance on each of these.

I hope you (and others) now have a better understanding of why someone with a more expensive mortgage, isn't poverty stricken and can easily afford it. And why some people might even be attracted to living in a big city and the resulting bigger mortgage.

Etnies · 24-07-2017 5:51pm

Cyrus wrote: »

most new mortgages of over 300k should be 80% or better should they not

What makes you say that?

Mine isn't.

cojomo2 · 24-07-2017 6:34pm

LeChienMefiant wrote: »

Do KBC offer existing customers the new customer rates? I believe Brendan Burgess on AskAboutMoney recommends against them for that reason.

Yes they do..they didn't in the past though.

Cyrus · 24-07-2017 9:39pm

Etnies wrote: »

What makes you say that?

Mine isn't.

I thought there was some cap on the first time buyer thing and the 10%? So I'm assuming everyone else that has bought recently had a 20% deposit or more. Maybe I'm wrong but anyone I know that got largish mortgages recently had at least 20%

Shefwedfan · 24-07-2017 10:02pm

Deleted User wrote: »

A teacher in Dublin earns the same as a teacher outside of Dublin so as that's line of work I'm in none of any of the above makes any difference.

And in one sentence we actually see the biggest issue in this country.....the public sector

Etnies · 24-07-2017 10:20pm

Cyrus wrote: »

I thought there was some cap on the first time buyer thing and the 10%? So I'm assuming everyone else that has bought recently had a 20% deposit or more. Maybe I'm wrong but anyone I know that got largish mortgages recently had at least 20%

No cap on a first time buyer as far as I'm aware.. with the Help to buy scheme revenue paying up to 20k too.

Cyrus · 24-07-2017 10:24pm

Etnies wrote: »

No cap on a first time buyer as far as I'm aware.. with the Help to buy scheme revenue paying up to 20k too.

Max 220k it says here

https://www.google.co.uk/amp/s/www.irishtimes.com/business/financial-services/first-time-buyer-deposits-cut-to-10-as-central-bank-eases-mortgage-rules-1.2879221%3fmode=amp

24-07-2017 10:29pm

Shefwedfan wrote: »

And in one sentence we actually see the biggest issue in this country.....the public sector

Ha good one. You should go into politics.

Tusky · 24-07-2017 10:46pm

Cyrus wrote: »

Max 220k it says here

https://www.google.co.uk/amp/s/www.irishtimes.com/business/financial-services/first-time-buyer-deposits-cut-to-10-as-central-bank-eases-mortgage-rules-1.2879221%3fmode=amp

There is no cap. It was previously €220k....as that link states.

TheDriver · 25-07-2017 11:05am

I think the bargain has become a full scale discussion on mortgages and caps. So I think its best to move this to the banking forum for more appropriate discussion and insight.

cgrvy · 21-03-2018 10:38pm

Thinking about going with this rate of 2.6% for 4 years. Currently with Haven on 3.25%.

Anyone think that rates will drop below this rate?

Earleybird · 21-03-2018 10:49pm

cgrvy wrote: »

Thinking about going with this rate of 2.6% for 4 years. Currently with Haven on 3.25%.

Anyone think that rates will drop below this rate?

Good chance there will be further reductions over the next few months but truthfully I can't see one that would rival Ulsters. The cashback offers of some of the other banks might make theirs a better prospect though, especially if you were open to further switches down the line.

PaddyCar · 22-03-2018 9:15pm

Does anyone know if your existing bank would offer a similar deal if you threaten to switch away to another provider. Currently with BOI but contemplating switching to Ulster.

JTMan · 22-03-2018 9:37pm

PaddyCar wrote: »

Does anyone know if your existing bank would offer a similar deal if you threaten to switch away to another provider. Currently with BOI but contemplating switching to Ulster.

A price match is highly unlikely.

Cyrus · 23-03-2018 12:31am

PaddyCar wrote: »

Does anyone know if your existing bank would offer a similar deal if you threaten to switch away to another provider. Currently with BOI but contemplating switching to Ulster.

Quickest way to find out is to call them and ask what the redemption cost of the mortgage is

They will ask why and then ask if you are moving and if there is anything they can do

See what they offer won’t take longer than 5min

Grumpypants · 23-04-2018 6:47pm

Anyone actually go with this 2.6% offer and know if the 1500 for legal fees applues to existing customers.

In place of the cash back others offer.

Coming to the end of my fixed term with Ulster and this seems to be the best rate out there. Was on a LTV OF 80 now it's 65%.

Tempted by the cash back offers the others have. But if the 1500 was part of the deal i'd stick.

mickoneill31 · 23-04-2018 7:43pm

Grumpypants wrote: »

Anyone actually go with this 2.6% offer and know if the 1500 for legal fees applues to existing customers.

In place of the cash back others offer.

Coming to the end of my fixed term with Ulster and this seems to be the best rate out there. Was on a LTV OF 80 now it's 65%.

Tempted by the cash back offers the others have. But if the 1500 was part of the deal i'd stick.

You're looking for €1500 to stay?
You don't have legal fees if you're just changing your rate with your existing bank.

Grumpypants · 23-04-2018 11:19pm

mickoneill31 wrote: »

You're looking for €1500 to stay?
You don't have legal fees if you're just changing your rate with your existing bank.

Pretty much. The 1500 is "for legal fees" but in reality it is just cash back into your account.

If I switch to a different bank I can get 2-3% which is 4-6k cash back but on a slightly higher rate.

Just wondering if Ulster consider this 1500 as a cash back.

colm_c · 23-04-2018 11:29pm

Grumpypants wrote: »

Pretty much. The 1500 is "for legal fees" but in reality it is just cash back into your account.

If I switch to a different bank I can get 2-3% which is 4-6k cash back but on a slightly higher rate.

Just wondering if Ulster consider this 1500 as a cash back.

Recently switched my rate to 2.6% with UB.

No cashback unfortunately, though the monthly difference is great!

Grumpypants · 23-04-2018 11:32pm

colm_c wrote: »

Recently switched my rate to 2.6% with UB.

No cashback unfortunately, though the monthly difference is great!

Perfect. Thanks, the cash would have been nice.

Cyrus · 24-04-2018 6:52am

Grumpypants wrote: »

Perfect. Thanks, the cash would have been nice.

Out of the 4K you’ll have to pay the guts of 1500 in legal fees to switch though so you will only net 2500

Earleybird · 24-04-2018 7:49am

Cyrus wrote: »

Out of the 4K you’ll have to pay the guts of 1500 in legal fees to switch though so you will only net 2500

That would be quite high for switching legal fees. Under 1k would be the norm.

Cyrus · 24-04-2018 9:03am

Earleybird wrote: »

That would be quite high for switching legal fees. Under 1k would be the norm.

i havent seen switching fees at under 1k with outlay and vat etc personally

Shedite27 · 24-04-2018 9:26am

I had a look at this recently and ended up going with BOI instead.
UB: 2.6% for 4 years with €1.5k back plus a free valuation.
BOI: 3% for 5 years with 2% back now and 1% back in 5 years.

Going through the maths, if I use the cash back for legal fees, and reinvest the cash back from both into the mortgage, then I was better off with BOI.

Cyrus · 24-04-2018 9:44am

Shedite27 wrote: »

I had a look at this recently and ended up going with BOI instead.
UB: 2.6% for 4 years with €1.5k back plus a free valuation.
BOI: 3% for 5 years with 2% back now and 1% back in 5 years.

Going through the maths, if I use the cash back for legal fees, and reinvest the cash back from both into the mortgage, then I was better off with BOI.

i went with BOI too,

stayed 3 months and switched to UB

Earleybird · 24-04-2018 10:00am

Cyrus wrote: »

i went with BOI too,

stayed 3 months and switched to UB

That's the way to do it. People seem to price in the full length of the term with the cashback banks, but the switcher market means it's an easy out after a few months. I've been through PTSB and BOI, as soon as I've collected on EBS I'll find the best long term rate and go there.

Cyrus · 24-04-2018 11:09am

Earleybird wrote: »

That's the way to do it. People seem to price in the full length of the term with the cashback banks, but the switcher market means it's an easy out after a few months. I've been through PTSB and BOI, as soon as I've collected on EBS I'll find the best long term rate and go there.

yep i did EBS and BOI and then settled with 5 years UB at 2.5%

mathie · 24-04-2018 11:40am

We were quoted a best rate of 2.8% with them.
We're currently with them and getting 3.0%
LTV of less than 50%

For those that are getting 2.5% or 2.6% what LTV are you on?
Should we just press them harder? "Give us 2.6% or we're gone?"

Cheers
M

Cyrus · 24-04-2018 11:56am

mathie wrote: »

We were quoted a best rate of 2.8% with them.
We're currently with them and getting 3.0%
LTV of less than 50%

For those that are getting 2.5% or 2.6% what LTV are you on?
Should we just press them harder? "Give us 2.6% or we're gone?"

Cheers
M

my LTV is <60%, mortgage needs to be > 500k for the 2.5% rate i believe

2.6% Mortgages with Ulster Bank

Comments