Ulster Bank's proposal to deal with offset mortgages

It's neither really. Ulster Bank don't want to call it so, but really it's compensation. You're been compensated for the loss off offsetting and the money that would of saved you.

I doubt Ulster bank will give you what you want in a letter but the press release might cover it. It's at the start of this thread I think or definitely on their website.
 
fluffy_stuff said:
Hi all, so I'm the 3rd person to STILL not have received my letter. I waited it out (not realising you guys were here and thought they were just taking some time as they were done in waves) do I rang them before Christmas to find I should have received it on 1st December. They said they don't know the amount and can't tell me on the phone and were reissuing my letter... but still nothing. At this rate I'll be finding out if and when it hits my account!!!
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I was one who got a digital letter just before Xmas on 19th. The resent letter dated 13 Dec I got the next day in the post on 20th dec.

The original letter dated 27th Nov I got on Tuesday 2nd January.

I'm guessing the originals never got posted on time at all in error.
 
Hi all,

with regard to this paragraph in the letter that was sent out :

“ If you have more questions in relation to your goodwill payment or believe you have personal circumstances (e.g.; a pending inheritance or investment maturity), that may impact the future benefit you may have had from offsetting, you can call us on ….”

Has anybody yet contacted them on this basis? I believe I fit into this category and wondering what to expect. My offer is the basic €5250 but intend challenging it based on the above.

Any thoughts or comments appreciated.
 
Target106 said:
Hi all,

with regard to this paragraph in the letter that was sent out :

“ If you have more questions in relation to your goodwill payment or believe you have personal circumstances (e.g.; a pending inheritance or investment maturity), that may impact the future benefit you may have had from offsetting, you can call us on ….”

Has anybody yet contacted them on this basis? I believe I fit into this category and wondering what to expect. My offer is the basic €5250 but intend challenging it based on the above.

Any thoughts or comments appreciated.
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Go back over the thread here and on boards target..... I know someone did relay having just that conversation with Ulster Bank.
 
Nothing here yet either. But the letter does say "on or shortly after 10 January", and further on it specifies no later than 16 February. So we may have a bit of a wait.
 
I rang Ulster and the agent advised the payments would be starting today and be completed over the next week.

so it sounds like they will be doing it in bits over the next few days and not in one go.
 
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Target106 said:
Hi all,

with regard to this paragraph in the letter that was sent out :

“ If you have more questions in relation to your goodwill payment or believe you have personal circumstances (e.g.; a pending inheritance or investment maturity), that may impact the future benefit you may have had from offsetting, you can call us on ….”

Has anybody yet contacted them on this basis? I believe I fit into this category and wondering what to expect. My offer is the basic €5250 but intend challenging it based on the above.

Any thoughts or comments appreciated.
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I called them about this today as my personal circumstances changed recently. They advised that they will call me back within 48 hours
 
PeterD37 said:
I called them about this today as my personal circumstances changed recently. They advised that they will call me back within 48 hours
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Im not sure if i should call them. I believe they did this calculation in august (?) , not sure where i read that. Before the letter came out we put 10000 in then my wife’s property sold elsewhere and we put 20000 more in ewrly december. Now we pay zero interest. The interest went from 163 to 103 to zero (november, december, january). We have 21 years left in original term, we got a very good offer but not sure if it should be more
 
mufc77 said:
Im not sure if i should call them. I believe they did this calculation in august (?) , not sure where i read that. Before the letter came out we put 10000 in then my wife’s property sold elsewhere and we put 20000 more in ewrly december. Now we pay zero interest. The interest went from 163 to 103 to zero (november, december, january). We have 21 years left in original term, we got a very good offer but not sure if it should be more
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I think it would depend on your current offer. If it's substantially less than the saving you would make over the remainder of the term by having the full 300k offset against it, then I would definitely have the conversation. The argument here is that they made the calculation based on past use but your circumstances have since changed, so you are being denied the opportunity to make any further saving
 
Target106 said:
I think it would depend on your current offer. If it's substantially less than the saving you would make over the remainder of the term by having the full 300k offset against it, then I would definitely have the conversation. The argument here is that they made the calculation based on past use but your circumstances have since changed, so you are being denied the opportunity to make any further saving
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Thanks for reply. My offer is probably at the higher end of what i heard overall. Im not sure how to make an estimate of how they calculated it though
 
mufc77 said:
Thanks for reply. My offer is probably at the higher end of what i heard overall. Im not sure how to make an estimate of how they calculated it though
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Target added an extra zero there I think. Just looking at your figures. 21 years left I suspect your mortgage is large enough n even without the extra 30k you already had a good chunk offset and will have maxed out with the doubling.

Remaining mortgage (on 31st August) x term remaining (at 31st August) at 4% interest is the max your pay out can be.
 
Keninf said:

Mortgage Repayment Calculator - Ireland Mortgages

Whether buying a home or refinancing, Ireland Mortgages can help you save money by using our calculator. To find out how much your mortgage repayments will be, enter your details in the mortgage repayment calculator below and your calculated mortgage repayments will then be displayed underneath...
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First one shows interest each year. This one will show total. Play around see what paying down or whatever could save you.
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Put you figures in above calculator( from 31st August last) If total interest matches your offer you have maxed out
 
Keninf said:
Target added an extra zero there I think. Just looking at your figures. 21 years left I suspect your mortgage is large enough n even without the extra 30k you already had a good chunk offset and will have maxed out with the doubling.

Remaining mortgage (on 31st August) x term remaining (at 31st August) at 4% interest is the max your pay out can be.
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I did! sorry
 
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