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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Tue Nov 07, 2017 11:18 am 
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Too Big to Fail
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newirishman wrote:
TheJackal wrote:
TheJackal wrote:
Ulster Bank are due to change their rates this week. No announcement yet


NEW UB rates effective from tomorrow are here

Variables (says valid from Nov 7)

https://www.ulsterbankintermediaries.ie ... -mortgages

Fixed (still says July rates)

https://www.ulsterbankintermediaries.ie ... -mortgages

BTL (says valid from Nov 7)

https://www.ulsterbankintermediaries.ie ... -mortgages


Can’t see any (significant) difference to current rates though? Not sure what has changed.


I was thinking the same thing


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Nov 09, 2017 6:14 am 
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Ulster are now offering a fixed 7-year rate at 3.3% for low LTVs. BoI a ten-year rate for 3.3%.

This is the first time I've seen Irish banks offer genuinely long-term products at a reasonable price.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Nov 09, 2017 9:44 am 
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10 year money at 3.3 % may prove to be the tracker rate mortgage of tommorow, with the wall of inflation coming at us.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Nov 09, 2017 10:54 am 
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Presumably they will be hedged by reference to Euribor so won't be quite as bad as trackers which were adversely affected by the gap between ECB and Euribor.
Of course, I doubt they will be able to hedge against Irish Banker's destroying their own credit-worthiness relevant to other EU banks, which is probably the greater risk.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Nov 09, 2017 11:16 am 
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Skippy 3 wrote:
Ulster are now offering a fixed 7-year rate at 3.3% for low LTVs. BoI a ten-year rate for 3.3%.

This is the first time I've seen Irish banks offer genuinely long-term products at a reasonable price.

KBC Ireland have 3.05% and 2.95% I think for reasonable and low LTVs respectively. 5 year money. It is probably best in market for the last year or so - others might dip below it until mid-2018, but I think it's hard not to see Euro rates not rising in 2019 and beyond. Which to me makes 5 or 10 year lock-ins now look good value.... but maybe I'm a fool and we're destined for another 5-10 years of historically low rates!


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 1:34 pm 
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I'm seeing 4 year fixed at 2.6%. Did that get any headlines?

http://digital.ulsterbank.ie/personal/m ... rates.html

4.3 % exit rate. Bleugh!

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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 2:06 pm 
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Negative Covenant wrote:
Presumably they will be hedged by reference to Euribor so won't be quite as bad as trackers which were adversely affected by the gap between ECB and Euribor.
Of course, I doubt they will be able to hedge against Irish Banker's destroying their own credit-worthiness relevant to other EU banks, which is probably the greater risk.

still a reasonable margin - though I guess people who lock in for 10 years are less risky than those who look less far ahead (not to mention the cannys who think you're a mug to do so as the bank knows more than you...)

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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 2:48 pm 
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Dubhgeannain wrote:
I'm seeing 4 year fixed at 2.6%. Did that get any headlines?

http://digital.ulsterbank.ie/personal/m ... rates.html

4.3 % exit rate. Bleugh!


Am i right in thinking UB launched this in the summer for 3 months(switchers only) only but now seem to be offering as a permanent offering. I would be very tempted to move next summer when i can leave my current fixed term.

Fixing in the next few years could be indeed a canny move.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 3:35 pm 
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corkfella wrote:
Dubhgeannain wrote:
I'm seeing 4 year fixed at 2.6%. Did that get any headlines?

http://digital.ulsterbank.ie/personal/m ... rates.html

4.3 % exit rate. Bleugh!


Am i right in thinking UB launched this in the summer for 3 months(switchers only) only but now seem to be offering as a permanent offering. I would be very tempted to move next summer when i can leave my current fixed term.

Fixing in the next few years could be indeed a canny move.


check the breakage fee on your current fixed might not be that large


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 4:20 pm 
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It doesn't look like the cash back offers have proliferated to more than 2 or 3 of the banks.

BOIs current cashback offer expires at the end of this month. I wonder if they'll extend it or the banks going to start cooling it with these offers because of the issues with actually enforcing the clawback?

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The real damage is done by those millions who want to 'get by'. The ordinary men who just want to be left in peace. Those who don’t want their lives disturbed by anything bigger than themselves. Those with no sides and no causes. Those who won’t take measure of their own strength, for fear of antagonizing their own weakness. Those people who roll up their spirits into tiny little balls so as to be safe. Safe?! From what?
Sophie Scholl


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 4:30 pm 
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check the breakage fee on your current fixed might not be that large[/quote]

cheers cyrusir its a brand new PTSB with a cashback offer included so im locked in for 12 months.

I got this through a broker and he felt that all the cashback offers would stop soon as they don't tie to you the bank for more than 12 months and you can just switch off afterwards so the banks are not keeping as much of the this business as much as they would like.


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 5:32 pm 
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corkfella wrote:
check the breakage fee on your current fixed might not be that large


cheers cyrusir its a brand new PTSB with a cashback offer included so im locked in for 12 months.

I got this through a broker and he felt that all the cashback offers would stop soon as they don't tie to you the bank for more than 12 months and you can just switch off afterwards so the banks are not keeping as much of the this business as much as they would like.[/quote]

how are you tied for 12 months ? in actual terms or you just feel you wont be able to change practically?


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 7:21 pm 
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I've had a 3.25% Ulster bank variable for the last 4 years so their new rates don't seem anything but marginally better than before.

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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Mon Nov 13, 2017 9:21 pm 
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Terra Incognita wrote:
I've had a 3.25% Ulster bank variable for the last 4 years so their new rates don't seem anything but marginally better than before.



What's truly scary is that you bought your house 4 years ago !


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 Post subject: Re: Are we looking at a Mortgage Rates Price War?
PostPosted: Thu Nov 16, 2017 10:18 am 
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Just notice the posts on the clawback and I can confirm I got one and I switched. I got a mortgage with PTSB in July 2016, 2% cash back tied in for 5 years. I saw the thing in the paper about BOI clawback deals not being enforceable so I decided to try it - I'm a Solicitor so it was easy enough for me to do it from my office! Anyway, I got mortgage approval with UB, paid off a bit to get to 80%, and remortgaged by April 2017 (within the year). During the process PTSB sent a letter saying my conditions of my mortgage were changed, and basically the bit that says they'll claw back the money if you move in 5 years has been removed. We knocked 5 years AND €200 a month off the mortgage and all I paid were the land registry fees.


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