First time poster and long timer lurker.
Anyway we are lucky to have finally have found a house and are trying to decide between Ulster Bank and AIB. So far with our calculations, there is very little between them. As you know, they both did not do well in the recent stress tests…
Anybody have any opinions? Thanks
Are you also factoring in charges if you have to switch current accounts?
If you set up a U first gold account, you pay a quarterly fee that should be cheaper in long run. If you have 20% deposit, you can get UB loyalty saver rates at 3.2% var or fixed.
Is UB more likely to stump up the money ?
Yes, approved by both. AIB, free fees and 3.30%, while Ulster Bank give €1,500 cash back for Solicitors and 3.20%
Out of those options, I would go with UB.
The initial rate on an SVR is almost irrelevant since it may change at any moment and will change several times over the course of the mortgage. You want to look at the history of each bank in terms of passing on rate increases/decreases to SVR customers in the past. You also want to consider the present and future ownership of the banks: AIB is certainly going to be sold, and UB might be. However, at present AIB is in State ownership and therefore unlikely to hike rates in the short term due to political interference. With AIB being so bad from a capital reserves perspective it may take a while to sell it, which would be good news for the mortgagees.
It is impossible to know.
Banks (both processes and staff) are pretty useless at mortgage approval in my experience.
Try applying to both as insurance. There is likely to be a stochastic element and at least one will lose paperwork, go missing in action, discover a last minute hitch, etc. They may give you different assessments for maximum approval too.
This may actually prove more useful for getting a purchase over the line than the eventual rate. Over time you can always switch.
Well - for know we have gone with Ulster Bank. Time will tell if we were correct…
I think you’ve made the right decision.