The €500 is on offer to customers who also switch their current account to the bank.
Lots has been happening in the Irish mortgage market over the past few days.
Firstly Avant Money, a new trading name of Avant Card, which already offers credit cards and personal loans here, announced that it would enter the mortgage market over the coming weeks with rates as low as 2% or less.
Then PTSB announced that it would be cutting its variable rate by 0.55% while also cutting its fixed rates for both new and existing customers.
Not to be outdone, Ulster Bank, which already offers some of the lowest rates at present in the Irish market, is increasing its cashback offer for mortgage switchers.
What’s the offer?
Currently anyone who switches their mortgage to Ulster Bank will get €1,500 in cash towards their legal fees,
Now the bank is also offering an extra €500 to mortgage holders who also switch their current account at the same time.
Customers must complete their mortgage switch application by 21st September 2020, however, and draw down on that mortgage by the date outlined in their mortgage offer letter.
Anything else?
After you have opened your new current account you must complete the following within three months of switching your mortgage in order to get the cash:
- Pay in at least €2,000 to the new current account
- Set up at least two monthly Direct Debits on the new account
- Register for and log into Anytime Internet Banking or Mobile Banking
In other words, Ulster Bank wants you to start acting and treating this account as your main bank account before you’ll get the cash.
As well as this, Ulster Bank recently entered into a partnership with Malwarebytes, the cybersecurity solutions company, to provide its customers with industry standard internet security software, for absolutely free! And as already mentioned, Ulster Bank offers some of the lowest rates on offer for mortgage switchers with rates as low as 2.20% available.
What's more, Ulster Bank also won best mortgage for switchers at the 2020 bonkers.ie National Consumer Awards back in February so you'll be in fairly safe hands.
Can I switch my mortgage?
Each bank has its own set of criteria for mortgage switchers and if your financial circumstances have changed for the worse since you qualified for your initial mortgage, you may have problems switching.
In general you also need to have around at least €30,000 or €40,000 remaining on your mortgage before a lender will consider your application. You also can’t switch if you're in negative equity. And ideally you should have at least 20%.
Whether you have a fixed-rate contract with your current lender is also important as you may be charged penalty fees for switching out of a fixed-rate contract early.
However if you look to switch mortgage and don't get accepted, your current lender won't treat you any differently. So there's no need to worry if you get rejected. Nothing ventured, nothing gained as they say!
See our guide on how to switch your mortgage for more info on the process.
Thinking of switching?
The easiest money you'll ever earn is the money that you've saved as they say. And with potentially hundreds of euro a month to be saved by switching, who wouldn't like this extra cash in their pocket?
Head over to our mortgage calculator today and see what you could save. Our calculator lets you easily compare interest rates, offers and cashback incentives for switchers from all of Ireland’s mortgage lenders and will quickly show you what your new monthly repayments would be and how much you could save by switching.
