You are here: Media > Press Releases > Republic of Ireland

Another First for Ulster Bank... Ulster Bank to give €1,000 Cash Reward to Mortgage Switchers

02 April 2007

  • €1,000 Cash Incentive for Switchers to all Ulster Bank mortgages
  • Save €1,000 annually by switching to an Ulster Bank ufirst mortgage
  • Free Mortgage Switcher Service*

And now here's another one...!

Ulster Bank has once again confirmed its status as THE real innovator in the Irish banking sector with yet another first. From today, for a three month period, Ulster Bank will give mortgage switchers an additional €1,000 cash reward for making the switch to an Ulster Bank mortgage. Already, customers who switch to an Ulster Bank ufirst mortgage can save up to €1,000 annually on their mortgage repayments due to the great value interest rates**. Customers can also save on their legal fees with Ulster Bank's Free Mortgage Switcher Service. This new mortgage switcher initiative follows the success of Ulster Bank's €150 cash incentive to current account switchers.

This offer, which is set to shake up the mortgage market complements the groundbreaking Ulster Bank Free Mortgage Switcher Service, which since its introduction in 2004, has seen over 6,000 customers switch their mortgages to Ulster Bank without paying a penny in legal fees.

The move, which is yet another major first for Irish retail banking, delivers value for consumers, and further demonstrates Ulster Bank's commitment to shake up the Irish banking sector. Ulster Bank was the first to introduce automatic no-strings transaction free banking, €40 credit card loyalty payment, 100% mortgages for first-time buyers, €150 cash incentive for current account switchers and now the €1,000 cash reward for mortgage switchers.

This new initiative is specifically designed to encourage customers to examine both the service and value proposition that they are receiving from their existing mortgage provider. And if you switch your current account to Ulster Bank before April 30, you can avail of the additional €150 bonus too!

Mr. Mike Bamber, Chief Executive, Ulster Bank Retail Markets said: "When we introduced the first ever free mortgage switcher service in 2004, we challenged the inertia that had gripped the Irish mortgage sector for years. Now over 6,000 customers have switched their mortgage to Ulster Bank. With this latest offer, we believe that there is now no excuse for customers of other mortgage providers not to switch - we've got great rates, we'll switch you over for free, and we'll give you a grand in the hand."

Anyone interested in taking up this great offer should call into any one of Ulster Bank's 124 branches in the Republic of Ireland, call 1850 812 245 or log on to www.ulsterbank.ie for further information.

Notes to Editors:

Terms & Conditions:

  • Offer available to all new Ulster Bank mortgage customers, switching an existing mortgage from another financial institution through the Ulster Bank Mortgage Switcher Service
  • Offer is not available to existing Ulster Bank mortgage business
  • Offer is only available for residential mortgages located in the Republic of Ireland. You must keep your mortgage with the bank for a period of at least 5 years or if you are moving house before the 5-year period is up, take out your new mortgage with Ulster Bank giving you a combined period of at least 5 years. If you should move your mortgage to another institution before the period of five years is up you will have to pay the costs of the remortgage ( €899.00). The minimum amount of a mortgage required to avail of the switcher offer is €75,000. The switcher service* is not available where: (a) It is a residential investment or commercial mortgage. (b) It is shared ownership property. (c) Title is being transferred from two names to one name (e.g. in a separation or divorce case). (d) Security from another mortgage is to be used to secure the borrowing. (e) An equitable deposit needs to be taken over a site or other property. (f) An assignment over a bond needs to be pledged as security. (g) The mortgage is already with Ulster Bank. (h) The loan amount is less than €75,000. In the above cases the applicant must do this through their own solicitor
  • Only one cash incentive per mortgage
  • Offer available to all customers meeting the above criteria who receive their letter of offer on or after April 2nd 2007 and drawdown their mortgage by 29th June 2007
  • Eligible customers will have €1,000 credited to their current account (can be Ulster Bank or non-Ulster Bank) on or before August 31st 2007
  • All mortgage switcher applications are subject to acceptance by Ulster Bank; the relevant Ulster Bank mortgage switcher terms and conditions will apply
  • Customers will not be entitled to avail of this offer if Ulster Bank deems, in its discretion, that the relevant account(s) has not been opened or used in accordance with these terms and conditions
  • This offer is subject to change; it may be withdrawn at any time
  • This offer is not available to employees of Ulster Bank Group

*Charges for additional services may still apply. Please see our booklet 'A Guide to Personal Current Account Fees and Interest' available in branch for further details.

**Comparison table - ufirst tracker rate vs. average market standard variable rate The ufirst tracker rate is available to ufirst current account customers with a loan to the value of less than 80%