One More Thing:Mortgage applicants and brokers are becoming increasingly irate with Ulster Bank.

A main cause of angst is that interest rates quoted on letters of loan approval for fixed-rate mortgages are not being honoured.

In some cases, the rate has jumped from 4.95 per cent in an offer letter to 5.67 per cent by the time of drawing down the loan.

Of course, under standard terms and conditions, the bank is well within its rights. It says it has increased the interest rate on the mortgages because the rates initially offered "have become fully subscribed".

However, it seems the problem may run deeper. According to industry sources, Ulster Bank has been inundated with complaints about the excessive length of time taken to process mortgage applications, in some cases as long as four months.

These delays are believed to be a result of "major staff shortages" combined with "massive administration problems" following the bank's shift to the technology platform of its parent company, Royal Bank of Scotland.

Ulster Bank is understood to have drafted in temporary staff to its mortgage section in an attempt to improve the situation. Sources believe that these delays, rather than oversubscription, are to blame for people missing out on more attractive rates.

The Irish Mortgage Advisers' Association is in discussions with the bank about its commitment to rates.