Ulster Bank has a range of online tools to help you calculate the cost of its mortgages. Read on to discover how they work.
Ulster Bank is one of the traditional Big Four Irish commercial banks. It offers mortgages for first-time buyers, home movers and those remortgaging in the Republic of Ireland. It became part of the Royal Bank of Scotland group in 2000.
Its website is packed with various calculators to help you work out how much an Ulster Bank mortgage will cost you.
Below, we explore how these calculators work, how to use them and what they can teach you.
More mortgage calculators
How much can I borrow?
Estimate the size of mortgage that will be available to you based on factors like your income and deposit.
How much will it cost?
Estimate your monthly repayments in seconds from your mortgage amount, interest rate and duration.
How much stamp duty will I pay?
Buying a property over £125,000? Calculate how much you will pay in stamp duty with our handy calculator.
This easy-to-use calculator will help you review Ulster Bank mortgages, compare rates and reveal how much your repayments are likely to be.
You’ll begin by stating whether you’re a new or existing Ulster Bank customer, then whether you’re a first time buyer, home mover or remortgaging. Next, enter the value of the property you wish to buy and the amount you can put down as a deposit. This will reveal how much you need to borrow for a mortgage.
Finally, enter your preferred mortgage type. You’ll need to choose between repayment or interest-only, fixed or variable, as well as your preferred term length.
A list of the most suitable Ulster Bank mortgages will then appear, including details of the rates, fees and monthly repayments.
“How much can I borrow?” calculator
This calculator will help you estimate how much you’ll be able to borrow for an Ulster Bank mortgage.
First, enter details of your net monthly income, as well as other income from child maintenance, savings, dividends etc.
Then, enter your all your regular outgoings, including repayments of debts.
You’ll then receive an estimate of how much Ulster Bank may lend you. However, this amount may differ to what you’re offered after a full application, because a lender’s final decision on this is based on more-detailed information.
Overpayment mortgage calculator
This tool indicates how much interest you could save by making mortgage overpayments. You’ll also learn how much faster you could pay off your mortgage by making these extra payments.
Simply enter your mortgage balance, remaining term and current interest rate. Then, enter the amount you’d overpay by, either as a lump sum or monthly payment.
You’ll then see details of the total interest saved and how quickly you become mortgage-free. The information is accompanied by a line graph demonstrating this. The first line is based on your current repayments, while the second line shows how your overpayments could affect this.