ULSTER Bank is to increase its fixed rates far more than other banks.
he new Ulster Bank rates apply only to its existing customers as the departing bank is no longer offering mortgages to new customers.
The two, four and seven-year fixed rates are going up by 0.75 percentage points.
And the bank is removing its five and 10-year fixed rate offerings for its existing customers who are not already fixed.
The bank is not offering new mortgages, with the exception of existing tracker and offset mortgage customers.
They will be able to continue to apply for a mortgage loan offer to move property or a top-up mortgage until further notice.
Ulster Bank said it will honour the original rates for these tracker and offset customers who have already applied for a fixed rate, even where they have not yet reached the stage of having a loan offer.
This is also the case for existing variable rate customers who have applied for a fixed rate with us but for whom that product switch has not yet been completed.
Customers with fixed rates expiring in November or December this year will also be able to access existing rates up to the date of expiry of their current rate.
Some of the non-tracker mortgages of Ulster Bank have already transferred to Permanent TSB, giving these customers the option of applying for that lender’s rates.
Otherwise, they can stay on their Ulster Bank rates.
Ulster Bank trackers are due to transfer to AIB.
From today the two-year fixed rate will go 3.15pc for those with a 90pc loan to value.
The seven-year rate goes as high as 3.9pc
AIB increased its fixed rates by 0.5 percentage points, with Bank of Ireland’s rates going up by 0.25 percentage points.
Permanent TSB raised its fixed rates by an average of 0.45 percentage points.
ICS Mortgages, Finance Ireland and Avant Money have each increased rates on certain products since the European Central Bank first moved in July.
Ulster Bank managing director Ciarán Coyle said: “Today we are announcing a 0.75% increase on our two, four and seven year fixed rate mortgages and we will no longer offer five and ten year fixed rate products to existing customers. Variable rates will remain unaffected by this mortgage rate increase.”
He said that if customers have any queries the bank’s mortgage team are available for further information on 0818 210 275. The phone line is open from Monday to Friday, 9am to 5pm (except bank holidays).
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