All of life’s important questions answered.
From ‘who is Westmeath’s greatest ever footballer?’, to ‘what is a fixed rate mortgage?’.
You ask and we’ll answer and if we don’t know the answer, we’ll find the experts that do.
So without further ado, Westmeath’s greatest ever footballer is Dessie Dolan and here are the good folks at @UlsterBank_Help, who are only delighted to answer any mortgage questions you may have.
Question
What is a fixed rate mortgage?
Answer
A Fixed Rate Mortgage guarantees the rate on your mortgage will remain unchanged for the fixed rate period.
Question
What does APR mean?
Answer
The Annual Percentage Rate (APR), now termed Annual Percentage Rate of Charge (APRC) includes both your interest and any additional costs or prepaid finance charges you might pay, such as prepaid interest, closing fees, insurances etc.
Question
Will I get better rate direct, than I would using an intermediary?
Answer
The bank will generally offer the same rates to all customers whether they go direct or with an intermediary however please keep in mind the intermediary will charge a fee in most cases.
It really depends on each individual as they may not have time to visit all banks for the best deal and the intermediary will generally do this for you.
Question
LTV to 90%, what is the maximum limit on type of residence? If I have a guarantor, will the rate drop?
Answer
The maximum Loan to Value (LTV) for a first time buyer is 90% up to €220,000 and 80% for any sum borrowed thereafter.
The max LTV for home movers is 80% – please speak to your mortgage specialist as this can vary on a case by case basis. The max Loan to Value on a Buy To Let is 70% (depending on area) Ulster Bank do not currently accept guarantors.
Our friends over at Her.ie also received a few questions which Ulster Bank were very happy to answer.
Question
If I wanted a mortgage for a house worth 300k, how much of a deposit would I need?
Answer
If you are a first time buyer you will need €38,000 and home mover €60,000. Come in and talk to us to find out more how much you can borrow and what your repayments might be.
Question
Any tips for saving for the deposit while renting?
Answer
- Before your start know how much you need to save for your deposit.
- Review your finances and monthly budget and understand where you are spending your money.
- Open an interest bearing account that you do not have easy access to.
- Set-up a standing order to be debited from your account on pay day.
- Slow but steady – don’t put too much into your savings monthly and then have to withdraw. Start low and build on it.
Question
How long does mortgage approval take?
Answer
Ulster Bank (UB) can generally offer Approval in principal at the initial discussion. We can then progress a full application for full credit approval which is valid for 6 months. We would usually have full approval within 5 working days of receipt of all required paperwork.
So there you have it, your mortgage questions answered.
You can ask your own questions via @UlsterBank_Help or visit your local branch and talk to a mortgage specialist. More detailed information is available here.
If you need to contact Ulster Bank’s Mobile Mortgage Managers, click here. They have the flexibility to call out to customer homes, outside office hours, at times and places that suit you.
Ulster Bank understands that you want a mortgage you can live with. So in order to give you a mortgage that suits you, they have developed a range of mortgages. Take a look at their mortgage options or have one of their mortgage specialists call you to arrange an appointment.
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