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Mortgages

Ulster Bank launches new green mortgage rate

Ulster Bank launches new green mortgage rate
Daragh Cassidy

Daragh Cassidy

Head Writer

New four-year fixed rate of 2.40% available to customers whose home has a BER of B2 or higher.

Given all the focus on Covid in recent months one could be forgiven for forgetting that the real threat to human life is arguably something much worse; climate change.

The impact of climate change is real and ever present. And nowadays every company is proudly trying to show off its green credentials. 

The banks are no different and over the past year or so several of them have launched so-called ‘green’ mortgage rates, which offer a reduced interest rate to customers who buy an energy-efficient home.

Ulster Bank is the latest lender to get in on the action with the launch today of its new ‘green’ mortgage rate for both new and existing customers.

New green mortgage rate

Ulster Bank is further expanding its range of fixed-rate mortgages with the introduction of a new, four-year 'green' rate of just 2.40% - among the lowest in the market. 

The rate is available to both first-time buyers who are purchasing a new or second hand home, or switchers who either already own a home, with a building energy rating (BER) of B2 or higher. 

This new 2.40% rate is available alongside Ulster Bank’s existing four-year fixed rate of 2.60% - already the lowest rate on the market in this category.

Here’s a look at some of Ulster Bank’s other competitive rates. 

Product

Rate*

2-year fixed rate

2.30%

4-year fixed rate

2.60%

4-year green mortgage rate

2.40% (for homes with a B2 BER or higher) - NEW

5-year fixed rate

2.60%

High-value 5-year fixed (min €300k)

2.20% (max 80% LTV)

7-year fixed rate

2.99%

10-year fixed rate

2.95% (<80% LTV)

3.15% (80-90% LTV)

*These rates only apply to customers who aren’t availing of a mortgage exemption 

As well as offering some of the most competitive rates on the market, Ulster Bank is also offering €1,500 cashback to first-time buyers, movers and switchers, up to 50% off home insurance as well as a free home valuation, which would usually set you back around €150. Not bad!

Unlike some lenders, Ulster Bank also allows fixed-rate customers to make an overpayment of up to 10% on their mortgage, giving you both certainty of repayment and the flexibility to pay more off your mortgage to help save you interest.

Commenting on the news, Ulster Bank’s Head of Products, Stephen McCormick said:

“Climate change is the defining challenge of our lifetime and we at Ulster Bank want to ensure we are doing everything we can to help incentivise customers who are looking to buy a more energy-efficient home. That is why we are launching this green mortgage today, an important step in that process."

Ulster Bank and climate action

While offering a green mortgage rate sounds good on paper, customers simply paying a lower mortgage rate isn't going to do much to reduce carbon dioxide emissions. However, the good news is that Ulster Bank has taken more tangible measures to lower carbon dioxide emissions too:  

  • Through its parent group, NatWest Group, Ulster Bank was a founding signatory of the UNEP Principles for Responsible Banking. It is also signed up to BITC’s Low Carbon Pledge, which sets the bank a target of reducing its greenhouse gas emission intensity by 50% by 2030.
  • As well as BITIC’s Low Carbon Pledge, Ulster Bank is certified with the Business in the Community Ireland’s Business Working Responsibly mark, which provides an independent assessment of the bank’s corporate social responsibility (CSR) and sustainability across different areas, including environmental practices.
  • in 2019 Ulster Bank was the first bank in the Republic of Ireland to achieve zero waste to landfill.
  • The bank buys 100% of its electricity from renewable sources.

Remember to always compare

Although the new rates from Ulster Bank are competitive, make sure you're getting the best deal to suit your needs.

Always compare all rates across all lenders on bonkers.ie before you commit with our free and easy-to-use mortgage calculator.

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