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Everything you need to know about switching your mortgage

Switching your mortgage could be one of the most financially savvy things you ever do.

The Association of Irish Mortgage Advisors says an estimated eight in 10 Irish homeowners on a standard variable rate could be paying more than they need, so switching to a fixed rate could save you money each month.

Switching to Ulster Bank could reduce your interest rate, and you could have more cash in your pocket each month.

Think switching is daunting?

Lorraine Costelloe, head of home buying and ownership at Ulster Bank, says there has never been a better time to switch to an Ulster Bank fixed rate.

“Switching your mortgage may seem like a daunting experience, but in reality people could begin to make the move to Ulster Bank from the safety and comfort of their own home,” she says.

“We encourage anyone who may be thinking of switching their mortgage to consider Ulster Bank by logging on to our website, requesting a call back to see if they could save by switching to one of our low fixed rates and talking to us about how they can make the change.”

Our new Switch it Up series with Ulster Bank, to run bi-weekly, is designed to deliver helpful information and inspiration to help you get the most from your home.

To begin, Sean Kellaghan, mobile mortgage manager at Ulster Bank and Lorraine Costelloe, talk us through the need-to-knows to consider.

What are the incentives for switching?
“There could be savings on the monthly mortgage payment if you switch to an Ulster Bank fixed rate, and we offer you a €1,500 cash contribution to help with your legal fees. We also have free valuations on all new mortgages,” Kellaghan says.

Costelloe adds, “From an application perspective, Ulster Bank has made it more convenient to move, with an online Home Buying Platform which enables customers to upload and receive all required application forms with the help and guidance of one of our qualified mortgage managers over the telephone.”

Can I switch to Ulster Bank from any mortgage provider?
“You can switch from any financial institution as long as your original mortgage has existed for a minimum of six months with the other provider,” confirms Kellaghan.

What do I need to have to switch?
“Bank statements, identification, wage slips – it’s pretty much the same across all mortgage applications,” says Costelloe.

“If you have already applied for a mortgage elsewhere, you may have a lot of this documentation to hand already.”

What costs are involved?
Switching may incur a charge if you pay off your mortgage before the end of the term. This is called an early redemption fee or breakage cost and it may happen if you repay a fixed rate mortgage early, so speak to your current mortgage lender to understand the costs that could apply.

“Your home and life insurance will remain as is but your house will need to be valued. Ulster Bank offers free valuations on all new mortgages and we also provide €1,500 cash towards your legal fees to help offset or even cover any costs you may have,” says Costelloe.

How long does it take to switch?
“The process is a lot shorter and a lot more straightforward than you might think,” says Kellaghan. “It only takes 45 minutes to actually apply for a mortgage with Ulster Bank.

“Then we usually advise to allow a further two to four weeks.”

Anything else I should be mindful of?
“There is no such thing as a silly question – it might seem daunting, but let us do the work, help you through it and make it as easy as possible,” reassures Costelloe.

Are you ready to switch it up? To find out about switching your mortgage and to see if you could save, contact Ulster Bank to learn more.


Maximum loan to value is 90%. Lending criteria, terms and conditions apply. Over 18s, residential mortgages only and mortgaged property must be in the Republic of Ireland. Product fees may apply. Security, buildings insurance and life cover are required.

Minimum mortgage amount is €40,000 and applications need to be submitted by 31 December 2020 to be eligible for €1,500 offer. Following mortgage drawdown, €1,500 cash will be transferred into the account from which the mortgage payment is made within two months. Ulster Bank reserves the right to withdraw this offer or vary the terms at any time prior to drawdown. Exclusions apply. Information correct at 26 May 2020.

Ulster Bank requires that a valuation of the property offered as security is carried out by a valuer acceptable to the Bank. This valuer will be instructed by Ulster Bank. Ulster Bank currently offer a free standard valuation on our new mortgages. Only one free valuation per customer applies. When payable, this fee applies when Ulster Bank instruct a valuer to prepare a Valuation Report over the mortgage property. The fee is €155.

Warning: your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.

Warning: if you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.

Warning: you may have to pay charges if you pay off a fixed-rate loan early.

Ulster Bank Ireland DAC is regulated by the Central Bank of Ireland

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