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Ulster Bank rate switch query

  • 11-03-2021 10:46pm
    #1
    jordanbag
    Registered Users Posts: 16 ✭


    thanks


Comments

  • #2
    Dream123
    Registered Users, Registered Users 2 Posts: 37 ✭Dream123


    Every little helps!

    Ulster bank would be required to issue a new document with the agreed repayment terms and rate, effectively a new contract guaranteeing you the rate for the agreed 2 years

    Little or no potential downside in taking the lower rate here - it’s saves you cash and as you say switching to another bank would be more hassle for small benefit, 2.25% would be a hard rate to better in today’s market


  • #3
    jordanbag
    Registered Users Posts: 16 ✭jordanbag


    Dream123 wrote: »
    Every little helps!

    Ulster bank would be required to issue a new document with the agreed repayment terms and rate, effectively a new contract guaranteeing you the rate for the agreed 2 years

    Little or no potential downside in taking the lower rate here - it’s saves you cash and as you say switching to another bank would be more hassle for small benefit, 2.25% would be a hard rate to better in today’s market

    Thank you so much. That's very helpful. I was just wondering in terms of switching to another bank (eg KBC) that incentivise switching with 3k etc to use towards legal fees- I am guessing that UB's charge would be much more than the €115 rate switch fee? I am presuming it's a totally different, and more substantial charge? I know only UB would be able to give me an accurate one but I was just wondering if this is generally more than 1k?


  • #4
    Dream123
    Registered Users, Registered Users 2 Posts: 37 ✭Dream123


    I think it is unlikely they have different breakage fees depending on the reason for the breakage (I.e. change product within ulster bank versus to clear the Ulster bank mortgage) - the consumer protection regulation I think would have an issue with this

    Although they could at their discretion choose not to charge a breakage fee (e.g. a goodwill gesture to hold on to your mortgage)

    In short - yes I expect it’s best to ask Ulster bank directly - but I don’t think they could have different approaches to calculating a breakage fee depending on the reason for the breakage


  • #5
    jordanbag
    Registered Users Posts: 16 ✭jordanbag


    Dream123 wrote: »
    I think it is unlikely they have different breakage fees depending on the reason for the breakage (I.e. change product within ulster bank versus to clear the Ulster bank mortgage) - the consumer protection regulation I think would have an issue with this

    Although they could at their discretion choose not to charge a breakage fee (e.g. a goodwill gesture to hold on to your mortgage)

    In short - yes I expect it’s best to ask Ulster bank directly - but I don’t think they could have different approaches to calculating a breakage fee depending on the reason for the breakage

    Thank you very much for this. I've been reading up on switching and I have changed job (on a temp contract) since getting mortgage and unsure if I can withstand the torture of going through all the paperwork so i'll probably stick with UB. Thanks for your help!


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