Start by checking what type of mortgage you have, as this will determine whether a change to interest rates may impact you.
Fixed rate mortgage
This is a mortgage where your interest rate remains the same (fixed) for a set period of time. During the fixed period, no matter what happens to rates generally, the interest rate on your mortgage will stay the same and your payments will not change. However, after the term of the product comes to an end, the rate will revert to our Standard Variable Rate.
Standard Variable Rate (SVR) mortgage and Flexible Variable Rate mortgage
Our Standard Variable Rate is the interest rate we charge once your fixed or tracker deal comes to an end. It's a variable rate so it can go up or down at any time. When varying the rate, we consider a variety of factors. If you are on our SVR, you are always free to choose a new fixed or tracker deal if you wish, however certain eligibility criteria will apply.
Our Flexible Variable Rate mortgage tracks the Ulster Bank Standard Variable Rate for the entire life of the loan and therefore if we vary our SVR your interest rate will also change.
Your interest rate goes up or down in line with the Ulster Bank base rate. This rate is a variable rate so it can go up or down at any time. When varying the rate, we consider a variety of factors. After the term of the product comes to an end, the rate will revert to our Standard Variable Rate (SVR).
After you have had a tracker rate for more than 3 months you have the track and switch option available to you if you wish. This means you have the option to move to a new fixed rate product without incurring an early repayment charge.