I have sent this email to a few of the TDs
Deputies
I think that most of the questions I would have on the Ulster Bank issue would relate to the government funding ptsb to take over the mortgages.
But three questions which you might ask Ulster Bank.
Mortgage Holders are concerned that their mortgage will be sold. While the legal protections remain the same, for non-tracker mortgage holders, Ulster Bank has the legal right to charge whatever interest rate they like. So if the loans are sold to a fund, they can charge whatever they like. If it's a fixed rate mortgage, they have to honour the fixed rate until the end of the fixed rate term, but after that the borrower is vulnerable.
1) If a borrower is on a fixed rate now and wants to switch to an active lender , will you waive any early repayment fee for breaking out of the fixed rate?
2) It's likely that the tracker mortgages will be sold at a discount. It would be more customer friendly to offer the tracker customers the discount instead of giving it to the acquirer. Someone on a tracker mortgage now could easily switch to another lender if you made it worth their while.
3) Switching lender costs about €1,500. For those customers who do not want to have their mortgage sold to the purchaser you choose, will you pay their costs of switching to a lender of their choice.