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FTB - Mortgage Question ( Ulster Bank or Others? )

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  • 12-03-2015 5:33pm
    #1
    gogreen81
    Registered Users Posts: 176 ✭✭


    Planning to get a fixed rate from Ulster ( 5 yr or 7 yr ). Any feedback.
    I know Ulster bank doesn't have better reviews than BOI /AIB.. But they are offering good 5 to 7 yr rates.

    The only thing is I wanted to split my mortgage into Fixed and variable. 70-30 so I can keep paying any extra for the next 5 yrs into Variable.
    Only BOI does that. Does anyone knows which would be best bank to go for such a combination.


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    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,515 Mod ✭✭✭✭Gumbo


    I've just signed contracts with an UB 7 year fixed rate for a house.
    7 years is a long time but the other half wanted the security of knowing what the payment will be and to add to the fact we are renting out our current house, it gave the bank added confidence in our application too I suppose.

    UB were great to deal with though, probably the best along with KBC while applying to them all.


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    #3
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    kceire wrote: »
    I've just signed contracts with an UB 7 year fixed rate for a house.
    7 years is a long time but the other half wanted the security of knowing what the payment will be and to add to the fact we are renting out our current house, it gave the bank added confidence in our application too I suppose.

    UB were great to deal with though, probably the best along with KBC while applying to them all.

    Out of interest, what made you choose ulster over kbc?


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    #4
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,515 Mod ✭✭✭✭Gumbo


    unklerosco wrote: »
    Out of interest, what made you choose ulster over kbc?

    They came in with a loan offer quicker and the other half fancied the 7 year fixed over KBC's 5 year fixed.


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    #5
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    kceire wrote: »
    They came in with a loan offer quicker and the other half fancied the 7 year fixed over KBC's 5 year fixed.

    Thanks, we've applications in with both at the moment so good to get feedback..


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    #6
    Sam the Sham
    Registered Users Posts: 683 ✭✭✭Sam the Sham


    I think it's a mistake to fix in the current situation. See this thread: http://www.boards.ie/vbulletin/showthread.php?t=2057384539


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    #7
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    Sam the Sham wrote: »
    I think it's a mistake to fix in the current situation. See this thread: http://www.boards.ie/vbulletin/showthread.php?t=2057384539

    Thats assuming the banks frop the variable rates for current customers and not just new customers as KBC have done in the past.


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    #8
    Sam the Sham
    Registered Users Posts: 683 ✭✭✭Sam the Sham


    unklerosco wrote: »
    Thats assuming the banks frop the variable rates for current customers and not just new customers as KBC have done in the past.

    Even if that were the case (and I think banks would find it harder to justify such a practice in the current context) it is still highly unlikely that interest rates are going to move up in the medium term.


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    #9
    unklerosco
    Registered Users Posts: 7,828 ✭✭✭unklerosco


    Sam the Sham wrote: »
    Even if that were the case (and I think banks would find it harder to justify such a practice in the current context) it is still highly unlikely that interest rates are going to move up in the medium term.

    I'd agree they wont move up, how long they will take to drop is the questions.. It's a minefield, I thought it'd make sense to fix at 3.3 for the first year but then you get put onto the std variable rate which is 4.5. Make more sense to go with the discounted variable to start with at 4.1 as the long term savings are greater... Lot's to mull over. Must give paddy power a shout, he'd know best!


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    #10
    padjo5
    Registered Users Posts: 536 ✭✭✭padjo5


    Surely, due to the massive repayment amount on even 0.1% variation on rates, it makes sense to go with the best rate for your chosen rate type? Once the loan is drawn down I don't believe service comes into the equation really.....

    Fix or variable.....it's like Cheltenham or hedging on oil (even Ryanair got that badly wrong!).

    Good luck whatever you decide.


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    #11
    gogreen81
    Registered Users Posts: 176 ✭✭gogreen81


    gogreen81 wrote: »
    Planning to get a fixed rate from Ulster ( 5 yr or 7 yr ). Any feedback.
    I know Ulster bank doesn't have better reviews than BOI /AIB.. But they are offering good 5 to 7 yr rates.

    The only thing is I wanted to split my mortgage into Fixed and variable. 70-30 so I can keep paying any extra for the next 5 yrs into Variable.
    Only BOI does that. Does anyone knows which would be best bank to go for such a combination.

    can anyone also suggest if this a good strategy or not?
    as I said only BOi is giving a mix of fixed/variable as I understand.


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    #12
    crisco10
    Registered Users Posts: 6,177 ✭✭✭crisco10


    gogreen81 wrote: »
    can anyone also suggest if this a good strategy or not?
    as I said only BOi is giving a mix of fixed/variable as I understand.

    I know aib let you split also. You just have to ask.


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    #13
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,515 Mod ✭✭✭✭Gumbo


    Ulster Bank now offering €1500 towards your legal costs now on new and switcher mortgages.


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    #14
    gogreen81
    Registered Users Posts: 176 ✭✭gogreen81


    crisco10 wrote: »
    I know aib let you split also. You just have to ask.

    thanks planning to call AIB today. had totally forgotten about them as the process was slower in comparison with Ulster and BOI. Hope I dont have to start from scratch with them.


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    #15
    swimming in a sea
    Registered Users Posts: 937 ✭✭✭swimming in a sea


    doing the mortgage thing at the moment, have found KBC a complete disaster and BOI has been straight forward.

    BOI woman came to the house and said we were approved in a week while KBC are still asking for my P60 which they have and other obvious stuff.

    I don't know if I should now bother with any-others.


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    #16
    maynooth_rules
    Registered Users Posts: 1,502 ✭✭✭maynooth_rules


    Try a broker as a first time buyer. Been with PTSB all my life and almost as a sense of loyalty, I wanted to go to them for my mortgage. We wanted a very small mortgage in comparison to our wages but they made it so stressful. Broker was a pleasure to deal with


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    #17
    Dublingirl80
    Closed Accounts Posts: 244 ✭✭Dublingirl80


    Hi all. I'm in the same debate about fixed or variable rates. I'm probably going work ulsterbank. I was told that after the fixed term, if you've 60% LTV that you go into he discounted variable rate as opposed to the standard variable rate. Does anybody know any information on this? Is anyone with ulsterbank on fixed rate?


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    #18
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Personally with KBC and found them excellent. I got messed about with Ulster bank although my other mortgage is with them (as a take over) and they not been bad. That said like many other punters they've not taken my mortgage for the last two months (their fault - I never noticed) and there is a possibility they are going to have to backtrack with the ICB (credit rating). Added to that their various IT debacles doesn't let me give them anything more than a 7/10.

    KBC on the other hand aren't great on the paperwork side. I've had to have a few discussions with them but they gave a great variable rate and the account manager (Sinead) has been amazing! 8/10

    Avoid brokers, waste of money IMHO.

    BOI, EBS wouldn't touch us. AIB wouldn't lend enough - apparently but didnt pursue this very far.


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