It's guaranteed to be no more than three quarters of a percent above the European Central Bank rate . . .the rate at which banks borrow in the wholesale money market.

That makes it the second cheapest no-stringsattached mortgage deal on the market, according to the website Providence. ie.

Critically, it is available for any loan-to-value (LTV) rate and it's not a gimmicky short term discount deal.

It gives a fair crack of the whip to hard pressed First Time Buyers (FTB) . . . and not just for the very start of the mortgage either.

Up to now, we have had all sorts of strings attached to really low tracker ratesf you had to own a huge chunk of equity in your home . . . or else you could only get the really juicy rate for a short period.

Ulster calculates that new mortgage customers can save over 25,000 over the life of their mortgage when compared to First Time Buyer discount tracker rates available from PTSB and AIB.

Ulster also has a crack at rivals for "hiding behind" "teaser rates" which last for a short period or imposing terms and conditions on the best deals.

Yet, it is the only lender quoted by Providence with a discount on its standard variable rate (SVR) . . . which it badly needs to offer as otherwise it is the dearest on the market the rest of the time.

Ulster have pointed out that the majority of new business is not on SVR, which is true, but many of its existing customers are which begs the question: are they paying the price for all these goodies for newbies?

Among the many discounters in the busy tracker market is AIB, whose 4.3% headline mortgage rate appears to be the second lowest on the market. But it only lasts for a year, which is a tiny fraction of a mortgage term. After that it shoots up to 4.85%.

That rate has now been shown up by Ulster's 4.5% deal.

However, given AIB's kneejerk competive reactions to everything Ulster's parent Halifax is doing in the Irish market, it probably won't be long before it matches its offer.

For years, the Big Two Irish banks ignored the cost-cutting efforts of smaller rivals, but Halifax is large enough to frighten them into getting their "nger out in some areas.

Also this week, Ulster Bank also announced that it is extending its 1,000 cash reward for residential investor mortgage customers who switch their mortgage to Ulster Bank.

Those who do and receive a letter of offer from 2 April 2007 and drawdown their mortgage before 29th June 2007 will be able to avail of Ulster Bank's free legal switching service and the 1,000 bonus.

Tracker mortgages are highly recommended as not only are they cheaper, but they also ensure that lenders pass on all interest rate cuts in full.