Switch Mortgage | Mortgage Renewal | Ulster Bank

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Switch to a new mortgage deal

If your rate is up for renewal have a look at how we can help

Request a callback from a mortgage adviser

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

My mortgage deal is ending soon

 

Will I be notified my deal is ending?

2 months before your mortgage deal is due to end we will send you a reminder letter advising you of your current home value, outstanding mortgage balance, remaining term and repayment type. This letter will also explain how you can view the range of mortgage deals available for you to choose from.  

If your deal is due to end soon and you've not yet received this letter, please request a phone appointment to discuss your options.

What could we offer you?

We can offer a clear and simple range of mortgage rates, many with no upfront fees.

To help you understand what deals might be available to you, it’s handy to know your loan to value (LTV). Your current LTV will be shown in the letter you will have received and is worked out as a percentage of the current balance of your mortgage in relation to the value of your home.

It’s important to consider what’s best for you. If you choose to stay with us and keep the same mortgage amount, term and repayment type, because we know you, we won’t need to carry out new credit checks or ask for proof of salary. Plus, you won’t need to pay for a new valuation either (unless you’d like to request one).

We're here to help

We have a team of qualified advisers who can take you through all of the options, and recommend a new deal for you.

However, if you’re confident that you already know what you want and don’t need advice, you can view new deals and switch online using our self-service tool.

View new mortgage deals Request a phone appointment

Things to consider when choosing your new deal

Whether you're rolling off your current deal or are already on our Standard Variable Rate (SVR), we could have an option to suit your circumstances. You may also want to think about:

  • How important is it that your monthly payment remains the same for an agreed period of time?
  • How you feel about changes in interest rates, and the impact that this could have on your monthly mortgage payment?
  • How you feel about lower monthly payments in the early years, even if they fluctuate?
  • Do you see any changes in your circumstances within the next 2 to 5 years that could impact your finances?

Fixed rate

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Your interest rate is set for a fixed period. After the term of the product comes to an end the rate will revert to our Standard Variable Rate (SVR). 

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  • If interest rates decrease then you would not benefit from a reduction in your monthly payment.
  • You're tied into the deal, which means if you no longer want the product or the mortgage during the term of the deal, you could incur an early repayment charge.
  • Only limited overpayments are permitted. You can make overpayments of up to £1,000 in any 12 month period (commencing from the date the mortgage was drawn down) without incurring an early repayment charge.
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  • You're protected from interest rate rises for the period of the fixed rate, as your payments will not go up regardless of any interest rate rises. 
  • The fixed rate gives stability for a set period of time, allowing you to budget.
  • You could take your fixed rate deal with you if you move home. This is subject to conditions and we’ll tell you more about this in your mortgage illustration.
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2 year deal

Risks

  • You’ll only have certainty over your monthly payments for a 2 year period.
  • If you typically choose a mortgage with a fee you may pay 3 fees over a 5 year period (1 fee for each 2 year deal period).

Benefits

  • Your monthly payments on a 2 year deal will typically be lower than your monthly payments if you choose a 5 year deal.

 

5 year deal

Risks

  • Your monthly payments will typically be higher if you choose a 5 year deal rather than a 2 year deal.

Benefits

  • Your monthly payments won’t increase for 5 years, so you can budget for the long term.
  • If you choose a mortgage with a fee you’ll only pay 1 fee over the length of your mortgage deal.

 

Flexible variable rate

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Our flexible variable rate mortgage tracks the Ulster Bank Standard Variable Rate for the entire life of the loan.

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  • Rates can increase at any time, which means that your monthly mortgage payment would increase. 
  • Payment holidays are subject to approval and conditions and are not available during the first six months of your mortgage.
  • Interest will continue to accrue during a payment holiday, and when a payment holiday has ended the underpaid amount will be included in the mortgage balance and the repayment will be calculated over the remaining term.
  • The mortgage term will not be increased beyond that which was originally sanctioned.
  • As Standard Variable Rate (SVR) is not linked to the Bank of England base rate, the rate can increase at any time even if there is no change in the Bank of England base rate.
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  • Rates can decrease in line with Ulster Bank Standard Variable Rate, meaning that your monthly mortgage payment would be lower. 
  • Regular overpayments – are allowed, to clear your mortgage faster and reduce interest paid over the mortgage term.
  • Lump sum payments – are allowed, to pay a large amount off in one go and reduce the amount of total interest.
  • Skipping months – you may be able to make 10 repayments per year instead of 12, subject to approval, interest will still be accrued during payment-free months.
  • Payment holidays – you may be able to take a break from making repayments, which is particularly useful if you are thinking of taking a career break or are having a baby, interest will be added to the mortgage capital during the payment holiday.
Add your signposting title here… Looking to do something else?

If you're considering making some other change to your current mortgage or maybe you're thinking of moving home, then find further help and support on our Manage your mortgage page.

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