Ulster Bank Switcher Bonus 2K - Opinions

veryangryman

Hey guys, im surprised there aint no thread on this yet.

Im htinking of doing as the ad says and switching current ac and mortgage to them.

My question is this....What is the catch? And what do you believe could/will go wrong, diusadvantages etc

FYI I bank with AIB at present

Any advice is welcome. Plus you get the personal satisfaction of knowing you have made a difference today!

brettmirl

As far as I can make out, you have to stay with them for 5 years or else pay them back the money.

stepbar

Terms and Conditions of Mortgage €1,650 Offer

1. The offer is only available to new Ulster Bank mortgage customers who switch their existing mortgage to Ulster Bank from another mortgage lender.
   
2. The offer is not available to existing Ulster Bank mortgage customers.
   
3. The offer is only available for principal private residence and residential investment property (RIP) mortgages (up to a maximum of five RIPs per customer).
   
4. All customers switching their mortgage to Ulster Bank must use their own solicitor. Customers will incur legal costs for switching; the amount of these costs may vary depending on the solicitor employed by customers. WOW LOL In effect wiping out the net benefit :rolleyes:
   
5. Customers who switch their mortgage to Ulster Bank via the Ulster Bank Mortgage Switching Service will not be eligible for the payment associated with this offer.
   
6. The minimum loan amount is €150,000 per property for both residential and RIP mortgages.
   
7. Only one payment will be made per mortgage, up to a maximum of six mortgages per customer
   
8. The offer is available to all customers meeting the above criteria provided their application is received by Ulster Bank on or before 31st March 2008 and draw down of their mortgage occurs on or before 31st July 2008.
   
9. Qualifying customers who only switch their mortgage will have €1,650 credited to their chosen current account on or before 28th September 2008. Therefore the customer will have to pay the solicitor upfront before getting any money off Ulster. Madness. See point 4.
   
10. Customers will not be entitled to avail of this offer if Ulster Bank deems, in its discretion, that the relevant mortgage account has not been opened or operated in accordance with these terms and conditions.
    
11. Qualifying customers must keep their mortgage with Ulster Bank for a period of at least five years :eek: r, in the event of moving house before the five-year period has expired, must take out their new mortgage with Ulster Bank giving a combined period of at least five years. Customers who fail to maintain their mortgage and/or any replacement mortgage with Ulster Bank for a cumulative period of five years will be obliged to refund the full amount of the payment (€1,650) plus the bonus payment of €200 to Ulster Bank.

Not a spectacular deal all in all TBH.

Ogham

Sounds good for landlords - thay can move upto 6 mortgages and get 1650 for each one. The legal fees and valuation could cost in the region of 1k - so that takes a big chunk out of the lump sum. The Ulster rates are not too bad - but not the best. If you owe under 80% of the value of your house - NIB would be your best switch. They cover legal fees if you use their solicitors and the rates are the lowest. You should ask AIB first to lower your rate - if you are on anything higher than 4.75 get them to lower it to that.

broker2008

stepbar wrote: »

Qualifying customers must keep their mortgage with Ulster Bank for a period of at least five years, in the event of moving house before the five-year period has expired, must take out their new mortgage with Ulster Bank giving a combined period of at least five years. Customers who fail to maintain their mortgage and/or any replacement mortgage with Ulster Bank for a cumulative period of five years will be obliged to refund the full amount of the payment (€1,650) plus the bonus payment of €200 to Ulster Bank.

I am amazed they don't charge interest when you have to pay back the payment !

unclebill98

Not a great deal tbh, 2k cash or 150 and pay your own legal fees.

FA

Ulster are terrible to have a mortgage with, you every try and do anything (make a lump sum payment, amend the term ect- its nearly impossible.

if you call their sales line you with get a quick reply, anything else is a nightmare.

According to the banks the average irish person switches their mortgage every 5 years - why, to save money. A small decrease in interest rates means a huge saving over the term of your mortgage.

What rate you get depends on you loan amount, and the loan to value ratio on your house. You can get legal fees paid by a few of the banks, they change all the time.

if you want further info let me know.