Ulster Bank cuts mortgage rates for some

New variable rate cut depends on the loan-to-value ratio home owners have

Ulster Bank has announced plans to cut its mortgage rates for both new and existing customers

Ulster Bank has announced plans to cut its mortgage rates for both new and existing customers

 

Ulster Bank has announced plans to cut its mortgage rates for both new and existing customers although the size of the cuts will depend on the loan-to-value ratio home owners have.

The bank - which over recent times has had one of the highest Standard Variable Rate (SVR) mortgages on the market - is introducing a new variable rate of 3.5 per cent for customers with a 60 per cent loan-to-value and 3.7 per cent for those with an 80 per cent loan-to-value.

The Bank is also introducing a new three-year fixed rate of 3.2 per cent for customers looking to borrow over €250,000 with 80 per cent loan-to-value.

At the end of the fixed rate term, rates will automatically revert to the Ulster Bank Standard Variable Rate which currently stands at 4.3 per cent.

“We’ve seen a significant uplift across our mortgage offering, with 56 per cent growth this year both from customers buying a new home and those looking to get the best value rates available,” said Maeve McMahon, Ulster Bank’s Customer experience director.

She pointed to a “significant number of measures” introduced this year including a €1,500 contribution to legal fees .

Meanwhile permanent tsb has announced the introduction of a new home improvement loan for amounts of €10,000 and above. The rates will fall by 3.3 per cent APR from what was currently offered for loans between €10,000 and €19,999 and by 2.3 per cent APR on loan amounts of €20,000 and above.