Important Information About Our Mortgages - Mortgages | Ulster Bank

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Important information about our mortgages

Your home may be repossessed if you do not keep up repayments on your mortgage.


Ulster Bank mortgages are available for over 18s.

Important information about us

Please read this import information about our mortgage service and costs, including whose mortgages we offer, which services will we provide you with and who regulates us.

Mortgages: Important information about us (PDF, 73KB) Transfer Scheme (PDF, 284KB)

Icon expand Am I eligible to apply for a mortgage?

You must be over 18 years old

Maximum age for application is 65 years old, maximum age for repayment is 70 years old. Where a mortgage extends beyond normal retirement age, you should be able to demonstrate continued ability to service the loan by way of pension or alternative means

 The property you want to mortgage must be in Northern Ireland

 You must be resident in Northern Ireland

 Security and insurance are required when you take out a mortgage

 Lending criteria apply for a mortgage and there are terms and conditions

 It is unlikely that we will be able to lend to you if you have ever been declared bankrupt, have had county court judgements against you, your property seized, defaulted on your mortgage, or had to organise a repayment plan with your creditors

 We'll make sure all of this is clear to you upfront


Icon expand How many years could I take a mortgage out for?

 Our minimum term is 5 years

 For residential mortgages our maximum term is 35 years

 For investment mortgages our maximum term is 25 years

 If your mortgage terms extends past normal retirement age, you must be able to prove you can afford the repayments


Icon expand How much could I borrow for a residential mortgage?

Minimum mortgage amount is £10,000

If you are switching your mortgage to Ulster Bank the minimum mortgage amount is £30,000

The maximum sum advanced is the lower of the purchase price or value of the property

Minimum value of property to be mortgaged is £40,000

The maximum LTV (Loan to Value) which will normally be advanced is 90%


Icon expand How much could I borrow as a mortgage top up?

 Minimum mortgage amount is £5,000, no maximum amount but subject to lending criteria being met

 In general applications will be accepted for top-ups where the Loan to Value (LT)V is less than 90%

 Examples of acceptable loan purposes are extension and renovation of family home, second property (family residence, holiday home, investment property), educational expenses, once in a lifetime holiday and private medical expenses

 The following will be assessed on own merit: investment in own business, refinancing other lender's mortgages, boat, caravan or other asset with life span of at least 10 years or commensurate with the mortgage term remaining, a one off tax bill

 Unacceptable loan purposes include an annual holiday, a car and investing in the stock market

 Where the loan is for a second property, the total LTV against both properties should be less than 80% and the bank may require security against both

 Where the loan is for a foreign property against which the bank cannot take security, the LTV should be less than 80% of the property valuation

 Invoices/Architect's certificates are not required where the work is for less than £35,000 and the overall LTV is less than 60%


Icon expand How much could I borrow when switching to Ulster Bank?

If you are switching your mortgage to Ulster Bank the minimum mortgage amount is £30,000

 The ratio of loan required to property value or purchase price, whichever is lower is known as Loan to Value (LTV). Maximum mortgage available is up to 90% of LTV


When you switch your existing residential mortgage to Ulster Bank you'll benefit from:

 Valuation fee paid (up to £190) - valuation fee negotiable for properties valued in excess of £1 million

 We won't charge you legal fees for a standard remortgage provided our nominated solicitor is used


An early repayment charge may be due if you repay all or part of your mortgage before the end of the set fixed period. This charge will be determined by your current lender

You may have to pay a fee to your existing lender to release their mortgage and will have to pay any legal fees for any additional work done for you


Icon expand How much could I borrow for an investment mortgage?

The maximum number of properties available for investment mortgages with us is 3 with the maximum portfolio not exceeding £500,000

The minimum value of the property to be mortgaged is £50,000

The minimum loan amount is £20,000

The maximum mortgage available is up to 75% of purchase price or the value of the property, whichever is lower

Properties for which funds will not normally be advanced- one-bedroom properties, agricultural properties, business premises, flats (on any level) in multi-storey type property i.e. in excess of five stories, unless the property is predominately in private ownership, multiple tenancies e.g. a house or flat with several bedrooms, occupied by a number of individuals sharing common facilities such as kitchen and bathroom etc

 We are only able to offer this mortgage where it is for investment purposes (i.e. with an intention to make a profit). 


Details of our mortgage fees


The fees we may charge for our mortgages are listed below, you may not be charged these fees in all circumstances.

Valuation Fees

The cost of a valuation of a property is approximately £190. The valuation fee will be paid by Ulster Bank on all residential mortgages and investment remortgages where the property value is up to £1 million. Valuation fee is negotiable for properties valued in excess of £1 million.

For Investment purchase cases the valuation fee is payable by the customer.

Early Repayment Charge

An early repayment charge is due if you repay all or part of your mortgage before the end of the set fixed period. The charge is 3% of the amount repaid, however you can make an overpayment of up to £1,000 each year without any penalty.

Product Fees

These may apply when we arrange your mortgage.

Deeds/Redemption Fee

This ranges from £75 to £125, for the legal discharge of your mortgage (not including the solicitor's fees). Refer to your individual Letter of Offer for the actual amount.

For full details, please read our Mortgage Tariff of Charges brochure.

Mortgage Tariff of Charges brochure (PDF, 113KB)
About our mortgages

Fixed rate mortgages

Our fixed rate mortgages may make budgeting a little easier as the repayment amount is fixed for an initial term

Important information
about our fixed rates

Flexible variable mortgages

These mortgages track the Ulster Bank Standard Variable Rate plus or minus a set margin for the entire life of the loan

Important information
about our flexible variable rates

General Information

Please see the General Information document below for full information about Ulster Bank mortgages. From the types of mortgages we offer to the levels of service we provide. It's all here in one place.

General Information Document (PDF, 522KB)

Different mortgages offer different features and you should speak to a Mortgage Adviser at any branch of Ulster Bank for full details and a Personalised Mortgage Illustration (written quotation) on any variable or fixed rate Ulster Bank mortgage.

Existing Ulster Bank mortgage customers looking to switch between Ulster Bank mortgage products should speak to their branch.

The bank observes a strict duty of confidentiality about your financial affairs. We will not disclose details of your accounts or your name and address to anyone else, other than to any confidentially appointed agents acting on our behalf, except in the four cases permitted by law. These are - where we are legally compelled to do so, where there is a duty to the public to disclose, where our legitimate interests require disclosure, where disclosure is made at your request or with your consent.

Formalities include the use of credit reference agencies who will note that an enquiry has been made about you. If you borrow and do not repay in full, within the agreed credit terms, credit reference agencies may be advised and will note the outstanding debt. This may affect any future applications for credit facilities through the Ulster Bank Limited group of companies (Ulster Bank) or other lenders.

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