Intermediary

Residential Mortgage

Find criteria below

Customer Eligibility

  • Age of borrowers – minimum is 18 years
  • Maximum age for application is 65 (as the minimum mortgage term 5 years). Maximum age for repayment is 70. Where a mortgage extends beyond normal retirement age, a customer should be able to demonstrate continued ability to service the loan by way of pension or alternative means.
  • Applications will be accepted from applicants who are in continuous employment for a minimum period of six months and not on a probationary contract.
  • In the case of contract workers, a minimum of 12 months history of employment is required. A history of employment can be a contract in place for a year, or short term contracts for periods of 3 or 6 months but over a 12 month period.
  • In the case of agency workers, a minimum of 12 months previous employment is required.
  • Self employed applicants must have a minimum of 2 years accounts.
  • Where a second income is offered, the customer must prove that they have worked in this employment for six months prior to application. Normal verification requirements apply.
  • A maximum of 2 parties on a mortgage application.

Finance Amounts

  • Minimum new Mortgage €40,000
  • No maximum
  • Minimum Purchase Price €50,000

Loan to Value

  • Up to 90% of the lower of cost or valuation
  • Up to 80% where the value of the property is between €50,000 and €60,000.

Term

  • Minimum of 5 years
  • Maximum of 35 years for loans ≤€500k
  • Maximum of 30 years for loans >€500k

Borrower's equity input

  • Confirmation of the source of any equity contributions. e.g. defined savings record or documentation regarding the sale of assets such as property stocks and shares or Life Policy.
  • Where a borrower’s contribution is coming from a third party, a Deed of Waiver completed by that party will be required. Deed of waiver is required at completion stage and that only the name of the donor is required for loan offer.

Evidence of Income

  • Three recent pay slips to confirm basic income for all customers. If paid weekly, 4 payslips required

Self Employed

  • 2 years certified accounts.
  • If latest set of accounts are more than 18 months old, confirmation of performance in the intervening period is required. Can be in the form of an Accountants Certificate or 2 years tax returns.
  • If new to bank we will also require last 3 months consecutive bank statements on both the business and personal accounts.

Bank Statements (required for non Ulster Bank current account holders)

  • Original or internet bank statements are acceptable.
  • The last transaction date on bank statements submitted for validation purposes must be no more than 8 weeks prior to the date of loan application
  • Other Financial Institution branch print outs are also an acceptable replacement for originals, if branded and signed as authentic, by that bank. No originals are required. Ulster Bank reserves the right to request a full set of original bank statements when they deem necessary.

Payslips

1. Calculating Gross Annual Basic Pay

Frequency of salary No. of payslips required Calculation
Weekly 4 * Add all basic pay from payslips, divide by 4 & multiply by 52
Fortnightly 3 Add all basic pay from payslips, divide by 3 & multiply by 26
Four weekly 3 Add all basic pay from payslips, divide by 3 & multiply by 13
Monthly 3 Add all basic pay from payslips, divide by 3 & multiply by 12

* We may require a 5th payslip depending on the number of weeks in the month. In such cases divide by 5 and multiply by 52.

  • Cross check the gross annual basic pay figure, calculated as above. This is done by dividing the year to date (often annotated YTD) cumulative pay figure on the most recent payslip, by the pay cycle e.g. week 35/ month 10. Multiply this figure by 52 (if paid weekly), 26 (if paid fortnightly) etc. If there is a material discrepancy between the figures this should be discussed with the applicant and explained in an Executive Summary. In some cases it may be prudent to use the lower of the two figures when assessing affordability.

2. Calculating Gross Annual Overtime/ Shift Allowance/ Commission (non-basic)

Frequency of salary No. of payslips required Calculation
Weekly 13 Add all basic pay from payslips, divide by 13 & multiply by 52
Fortnightly 6 Add all basic pay from payslips, divide by 6 & multiply by 26
Four weekly 3 Add all basic pay from payslips, divide by 3 & multiply by 13
Monthly 3 Add all basic pay from payslips, divide by 3 & multiply by 12
  • Non-basic payments should be evident in each of the payslips over the three month period;
  • Where there is significant variation in the figures over the three month period the lowest figure should be used to calculate the annual non-basic payment;
  • Where non-basic payments are not consistently evident throughout all of the last 3 months they must not be included in the affordability assessment.

Other Information that may be required

  • If commitments cannot be verified through the customer’s main working account e.g. House Mortgage repayment, Credit Union loan, any external borrowing etc, you must ask the customer to confirm how these payments are made. If another account is held elsewhere, 3 months statements should be requested to ensure we have a full picture of the customer’s financial circumstances. If paid from another person’s account or paid directly, the most recent loan/mortgage statement must be obtained.

Security

  • Ulster Bank's interest in the property will be secured by way of a first legal charge.
  • A professional Valuer from the Ulster Bank panel will undertake a Valuation.
  • Minimum value of property to be mortgaged set at €50,000.