NI Consumers Could Save Thousands By Switching Their Mortgage to Ulster Bank

16th Mar 2007

Northern Ireland consumers are wasting huge sums of money by not switching their mortgages to get the best deal for them, a leading bank says. Ulster Bank says that thousands of consumers could save up to 1,000* this year by switching from their current lender to one of its leading products.

Ulster Bank customer, Sean Hogan, who lives in Newry, switched his mortgage from Alliance and Leicester to Ulster Bank in June 2005 and was able to make a saving of 600 approx per year. He says that the extra cash is being used to carry out home improvements.

"I went to Ulster Bank for a mortgage review and was stunned and delighted to discover that I could save 600 in one year by switching," he says.

"I am now on Ulster Bank's U First Gold Flexible rate mortgage with a 5.64** per cent interest rate, having been on a standard variable rate with my previous lender. I would encourage other consumers to get their mortgage reviewed and to look at how they could save by switching their deal. It was a simple and straightforward process. With such an overheated local housing market, it has never been more important to make sure you are getting the best mortgage deal," Mr Hogan continues.

**The overall cost for comparison is 5.9% APR variable.

"We are delighted that we have been able to use the extra money saved per month to put towards home improvements and have recently installed a brand new kitchen," he adds.

Ulster Bank Head of Mortgages, Derek Wilson, says: "A mortgage can make a pretty significant dent in your monthly domestic budget, so why remain on a higher rate, when you could free up cash each month to put to better use".

"As it's the start of spring, it's the perfect time of year for customers to visit their local branch to review their mortgage options. We have helped facilitate a significant number of customers to make significant savings by switching from their current lender to a more competitive mortgage product and are committed to making the switching process as simple and straightforward as possible".