Ulster Bank is to cut nearly all of its fixed mortgage rates from 26 November, making a number of its rates the lowest in the market as the price war among Irish lenders picks up.
The rate cuts will operate across every term length, reducing the minimum loan amount for five-year fixed rate of 2.2% from €300,000 to €250,000.
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The Belfast-based bank said it was now offering lower two-, four- and ten-year fixed rate mortgages, starting from 2.2%, for first time buyers, home movers and mortgage switchers with a loan-to-value (LTV) of up to 80%
It said that customers with an LTV of up to 90% can also avail of the lowest four and ten-year rates on the market, as well as a reduced rate for the bank’s five-year fixed product.
Customers to benefit from the battle among lenders
Meanwhile, more Irish banks are coming under pressure to reduce their mortgage rates after market leader AIB announced a number of reductions.
Karl Deeter, Founder at OnlineApplication.ie, said Ulster’s rate cuts represent the latest shot to be fired in the mortgage rate war.
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By GlobalData“In response to Avant Money’s European-style rates, Ulster Bank has had to respond and now it means that other lenders are under even greater pressure to follow or beat these rates.”
He said this means customers will win. But they have to switch lender is they are paying high rates.
Ulster to launch new paperless mortgage application
The bank said that a customer with a 25-year, €250,000 mortgage (80% LTV) on a variable rate of 4.5% could save over €300 on their monthly repayments over five years by switching to its five-year fixed rate of 2.2%.
Ulster Bank also said it was introducing a convenient digital paperless mortgage application with help from bank colleagues to further support customers remotely and digitally.
It said that customers must first request a call back from the bank in order to gain access to this document upload capability, which allows customers to upload documents and digitally identify and verify themselves from their home.
