The limit on the applicability of Young's modulus is called the 'elastic limit' or the 'yield stress', sometimes the 'tensile yield stress'.
Generally, the ultimate strength is only used when trying to figure the load which produces complete failure of the material.
For most design purposes, it is desirable to keep stresses below the yield stress, divided by the factor of safety. There are some designs where the stresses are greater than yield, but these are evaluated using plastic analysis methods.