Important information about our mortgages and current mortgage rates

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Variable Rate Mortgages Open in new window

If you feel that you may have difficulty repaying your mortgage, we’re here to help. You can call our Arrears Unit on 1800 435 763 or access our Strugging Financially page here, where you can leave your details with us and we’ll call you back at a time that’s convenient to you.

WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT

WARNING: IF YOU DO NOT MEET THE REPAYMENTS ON YOUR LOAN, YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE

WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE MORTGAGE EARLY

WARNING: IF YOU SWITCH TO AN ALTERNATIVE INTEREST RATE, YOU WILL NOT BE CONTRACTUALLY ENTITLED TO GO BACK ONTO A TRACKER INTEREST RATE IN THE FUTURE.

VARIABLE RATE LOANS: THE PAYMENT RATES IN THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME

Information Message

Variable Rate Representative Example Assuming a total amount of credit of €100,000 repayable over 20 years at a borrowing rate of 4.3% (variable), the cost per month is €621.90 excluding insurance. The total amount to be repaid is €149,294 which includes a release of security fee of €38. The Annual Percentage Rate of Charge is 4.4% (variable). The additional cost per month of a 1% rise in the rate of interest of such a mortgage is €54.74 and would be payable monthly. The above quotation is for illustrative purposes only.

Fixed Rate Representative Example Assuming a total amount of credit of €100,000 repayable over 20 years, initially on a fixed rate for 5 years at 2.2% and then a variable rate of 3.7% for the remaining 15 years would require 60 monthly payments of €515.41 and 180 monthly payments of €572.25. The total amount payable would be €133,967.12 made up of the loan amount of €100,000 plus interest of €33,929.12 and a security release fee of €38. The Annual Percentage Rate of Charge is 3.0%. After the initial fixed rate period ends, an additional 1% rise in the variable rate would give rise to an additional cost at that time of €39.88 monthly. The above quotation is for illustrative purposes only.

Important Information on the Central Credit Register

The Central Credit Register (CCR) is a new national database of personal and credit information on loans of €500 or more set up and operated by the Central Bank of Ireland under the Credit Reporting Act 2013.

By December 2017 Ulydien DAC along with other lenders are legally obliged to transfer personal and credit information to the CCR on a monthly basis; for existing lending, information as and from June 2017 onwards will be provided to the CCR. All types of borrowing are included on the CCR. These may be mortgages, credit cards, personal loans and overdrafts.

The collection of credit and personal data from lenders will be implemented on a phased basis, with Phase 1 starting 30th June 2017 focusing on data collection for consumer lending and Phase 2 starting in 2018 focusing on lending to businesses, including clubs and associations.

You will have a right to:

one free credit report each year;
insert a explanatory statement on your credit report;
apply to have your information amended, if you believe it is inaccurate, incomplete or not up to date;
report and be informed of suspected impersonation

How do I find out more?

More information in relation to the Central Credit Register is available from the Central Bank of Ireland. Contact details are:

Website: www.centralcreditregister.ie

E-mail: consumerinfo@centralcreditregister.ie

CCR phone: 01 2245500

Details of our mortgage fees

The fees we may charge for our mortgages are listed below, you may not be charged these fees in all circumstances.

Please refer to our Tarriff of mortgage charges at the link below

Valuation Fee

Ulydien DAC requires that a valuation of the property offered as security is carried out by a valuer acceptable to the Bank. This valuer will be instructed by Ulydien DAC.

Please refer to our Tarriff of mortgage charges at the link below.

Release or Vacate of Mortgage Fee

If the security includes a new mortgage over property that is not your private dwelling place, you will have to pay our solicitors’ fees in connection with the mortgage loan. This charge is payable directly to Ulydien DAC’s Panel Solicitor. The fee is €38.

For full details, please read our Mortgage Tariff of Charges brochure

Important information about your fixed rate mortgage

Early Redemption Charge

If you pay off a fixed rate mortgage before the end of the agreed fixed period or change to another interest rate before the end of the agreed fixed rate period, an early redemption charge will be applied. This charge will be either an amount calculated using this formula or six months interest, whichever is lower:

Redeemed amount x (R - R1) x Time remaining in days until the end of the fixed rate period) divided by 360.

In this formula:

Redeemed amount means the estimated average loan balance between the time of the proposed repayment or interest rate conversion and the end of the relevant fixed rate period, assuming that no such repayment or interest rate conversion takes place and that all scheduled repayments of the loan are made by the borrower under the terms specified in the loan offer. Where a lump sum repayment is made, redeemed amount shall mean the amount of the lump sum repayment.

R means the interest rate available to the lender for funds placed in the money market on the start date of the relevant fixed rate period for the duration of the relevant fixed rate period.

R1 means the interest rate available to the lender for funds placed in the money market on the date of the proposed early repayment, lump sum repayment or interest rate conversion for the remainder of the relevant fixed rate period. The rate applied is based on the remaining fixed rate term of the mortgage, rounded to the nearest month if less than one year or to the nearest year if greater than one year.

Time means the number of days from the date of early repayment, lump sum repayment or interest rate conversion to the end of the relevant fixed rate period.

Six months interest is the estimated interest that would be payable in the six months following the proposed repayment or interest rate conversion.

Typical Example

In the example below, a customer took out a 5 year fixed mortgage at a rate of 5.00% on 1st January 2014. On 4th January 2015, the mortgage outstanding was €100,000 and the customer opts to break out of the fixed rate. The breakage cost calculation is:

Redeemed Amount = €87,832.42

R (Market rate on 1st January 2014) = 2.849%

R1 (Market rate on 4th January 2015) = 1.713%

Time = 1,457 days

Breakage Calculation = (Redeemed Amount x (R-R1) x Time) divided by 360 = (€87,832.42 x (2.849% - 1.713%) x 1,457)/360 = €4,038.22

Six Months Interest = €2,500

Therefore, in this case the customer would be charged the lesser amount of the six months interest i.e. €2,500.

When your fixed rate mortgage expires you will revert to a follow on Variable Rate or any other mortgage product that you may be offered at this time. Follow on Variable Rates are not linked to the European Central Bank (ECB) base rate or SVR, this means the rate can increase at any time even if there is no change in either of these rates.

Important information about variable rate mortgages

Where a customer has a variable rate currently, they can continue on that rate subject to the terms and conditions of their mortgage and any documentation provided when they entered into the rate.

The only circumstance in which a customer will move on to a variable rate is where they are on a fixed term mortgage rate product and are set to move to Ulydien DAC’s Standard Variable Rate (SVR) or one of its Managed Variable Rates (MVRs) at the end of the fixed period. The MVRs are Loan to Value (LTV) variable interest rates and are set differently for separate LTV bands, based on the LTV for the mortgage at the time the mortgage was moved to a fixed rate. The specific rate which the customer will move to is set out in the loan or switching documentation provided when they entered the fixed rate product, and no alternative rates will be available.

Variable Rate Policy Statement

Residential or Buy to Let variable rates

If you selected a variable rate, it will track Ulydien DAC Standard Variable Rate (SVR*) for the entire life of the loan, or until you choose an alternative rate, if sooner. Standard Variable Rate is currently 4.30%.

* As Standard Variable Rate (SVR) is not linked to the European Central Bank base rate (ECB), the rate can increase or decrease at any time even if there is no change in the ECB base rate. Ulydien DAC does not offer alternative rates.

Existing Tracker Rate Customers

Existing Tracker rate customers where the rate has a fixed end date (typically 10 years) will move to the follow-on rate as per your Terms & Conditions. Ulydien DAC does not offer alternative rates.

For tracker rates that did not have a fixed end date in your loan or switching documentation, you will remain on the rate until you choose to move off it. Ulydien DAC does not offer alternative rates.