# Update from Ulster Bank just issued



## Brendan Burgess (14 Dec 2016)

I have spoken to Ulster Bank's press office and they will be starting to write to customers tomorrow. At this stage, all they will be saying is "We have been applying the wrong rate so from now on, we will charge you the right rate which is x%. We will be back in touch as soon as possible with details of how much we have overcharged you and how much compensation you will get". 


http://digital.ulsterbank.ie/person...lster_banks_tracker_mortgage_examination.html

*Tracker Mortgage Examination update*

The Central Bank of Ireland (‘Central Bank’) has required all relevant lenders to conduct a comprehensive review of their mortgage portfolios (‘The Tracker Mortgage Examination’). In line with this, Ulster Bank is reviewing its contractual and regulatory obligations to our tracker mortgage customers.

While our review is ongoing, we have identified a group of tracker mortgage customers who have been affected by the use of ambiguous and confusing terminology in our mortgage documentation.

We would like to apologise to those customers who have been adversely impacted as a result of this failure. The first step we are taking to remedy this is correcting the interest rates on these accounts, in order to prevent any further harm to impacted customers. We will write directly to those impacted customers in the coming weeks, confirming their new interest rate and payment amount.

In addition, we will implement a redress and compensation programme in respect of those customers impacted by this issue, in line with the principles prescribed by the Central Bank. We will be writing to those customers to outline what impact we have found, together with our proposals to put things right, including any redress and compensation due. We will also outline details of payments that will be made available towards the cost of independent professional advice for impacted customers and provide details of the appeals process for any impacted customer not satisfied with the level of redress and compensation provided.



Ulster Bank Chief Executive, Gerry Mallon said:

_“On behalf of Ulster Bank, I would like to apologise for the lack of clarity that has led to this impact. Please be assured that we are doing everything possible to resolve this and we are focused on putting this right for our customers._

_"We will begin contacting our customers shortly, to advise of the rate changes that will be made for those found to be impacted. I also want to thank our customers for their continued patience in this matter.”_



Separately, in line with the Tracker Mortgage Examination, we will continue to review our contractual and regulatory obligations to our remaining tracker mortgage customers.The review will take some time to complete and other customers may be identified as impacted as we progress through this work. Our activity is in line with the principles outlined by the Central Bank and is also being assured by an independent third party. We are not in a position to confirm exact timeframes or the final number of impacted customers at this stage


----------



## Brendan Burgess (14 Dec 2016)

* How do I know if I am impacted by this review? *
If your account has been impacted, we will write to you to confirm this. 

We have commenced writing to customers whose accounts are currently on an incorrect rate of interest. 

* If I receive a letter, what does this mean for me?*
If you receive a letter regarding the Tracker Mortgage Examination, this means that as part of our initial review, we have identified your account as impacted. The first step we will take to rectify this is to change the interest rate on your mortgage account to the correct interest rate.



The next step we will take will be to determine what further action we need to take and what level of redress and compensation will be required for your account. This step will include any impacted customers whose mortgage accounts have been redeemed or switched from Ulster Bank.

* What do you need to do now?*
If you have not received a letter from us, you do not need to take any action. We are at the initial stages of this ongoing review and will contact all customers identified as impacted over the coming months.



If you do receive a letter, this means that we have identified your account as impacted and have changed the interest rate on your mortgage to the correct interest rate. Please note if you pay your mortgage by any method other than Direct Debit (e.g. standing order) you should adjust your next payment to the new monthly repayment amount set out in our letter to you. Aside from this, you do not need to take any further action at this time as the amended rate will be applied to your account.
* Who is conducting the review? *
A dedicated team in Ulster Bank is conducting the review in line with specific Central Bank requirements. All aspects of this review are being assured by an external independent third party who will be reporting to the Central Bank.


----------



## SaySomething (14 Dec 2016)

* What should I do if I have a question?*

If you have any further queries you can write to us at Tracker Mortgage Examination Programme, Ulster Bank Ireland DAC, 4th Floor, 33 College Green, Dublin 2; or call our dedicated tracker mortgage enquiries team on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad. Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded.


----------



## MorgVar (15 Dec 2016)

SaySomething said:


> * What should I do if I have a question?*
> 
> If you have any further queries you can write to us at Tracker Mortgage Examination Programme, Ulster Bank Ireland DAC, 4th Floor, 33 College Green, Dublin 2; or call our dedicated tracker mortgage enquiries team on 1800 303 352 Freephone/Lo-Call from mobiles or +353 1 562 1269 if calling from abroad. Lines are open 9am to 5pm Monday to Friday excluding public holidays. Calls may be recorded.



Just called this number based  in Belfast.
 Waste of time calling as in past. No info

 on when letters will issue.

Usual apology .‼‼


----------



## LABILL (15 Dec 2016)

Yes called the number earlier too didn't even want my mortgage account number useless another media stunt if you ask me.. .


----------



## SaySomething (15 Dec 2016)

Worse than useless. As Notabene said following her meeting last week they've back-peddled on their statements to the Finance Committee. Most customers are unlikely to get a letter before Christmas.


----------



## SaySomething (16 Dec 2016)

Irish Independent report today highlights Ulster Bank's suggestion that the final figure is likely to be higher than 2,000 customers. Assuming that's in reference to the final paragraph in their public statement on the website.


----------



## MorgVar (19 Dec 2016)

A





Brendan Burgess said:


> I have spoken to Ulster Bank's press office and they will be starting to write to customers tomorrow. At this stage, all they will be saying is "We have been applying the wrong rate so from now on, we will charge you the right rate which is x%. We will be back in touch as soon as possible with details of how much we have overcharged you and how much compensation you will get".
> 
> 
> http://digital.ulsterbank.ie/person...lster_banks_tracker_mortgage_examination.html
> ...



Any update on when UB letters are being Issued


----------



## SaySomething (20 Dec 2016)

Letters have been sent. I don't know how many but I do know a friend got one yesterday.


----------



## MorgVar (20 Dec 2016)

SaySomething said:


> Letters have been sent. I don't know how many but I do know a friend got one yesterday.



Do you content etc of letters sent


----------



## SaySomething (20 Dec 2016)

Similar to what Brendan has said above. That their interest rate is being amended to the tracker rate, their new mortgage repayment is X, and the bank will be back in touch in the New Year.


----------



## UDurcan (20 Dec 2016)

Great news for that person....we now know they sent one letter at least!
SaySomething..what had been the circumstance in your friends case?


----------



## SaySomething (21 Dec 2016)

UDurcan said:


> Great news for that person....we now know they sent one letter at least!
> SaySomething..what had been the circumstance in your friends case?


They originally took out a tracker, fixed for a term, were placed on standard variable on exit. 
It wouldn't be fair for me to say more than that here. It's their story to tell. 
Still waiting on my own letter.


----------



## SaySomething (21 Dec 2016)

In the absence of a letter, and if you're confident you've been included in the review and should be getting your tracker rate back, do the following:

Skip ringing the investigation unit; they can tell you nothing.
Ring the mortgage unit directly.
Ask them to confirm what the mortgage amount due on the 1st Jan is.
Ask them to confirm the rate of interest applied.
I've been able to get confirmation verbally this way that my account has been reinstated, no letter as of yet, but I have my revised monthly repayment figure starting on 1st Jan 2017.


----------



## notabene (21 Dec 2016)

SaySomething said:


> In the absence of a letter, and if you're confident you've been included in the review and should be getting your tracker rate back, do the following:
> 
> Skip ringing the investigation unit; they can tell you nothing.
> Ring the mortgage unit directly.
> ...



Congratulations! Great news for you


----------



## BlueSky (22 Dec 2016)

Great news SaySomething!  Delighted to see things are moving in the right direction for some customers, at least.

I've just spent half an hour trying to get an update on my own case.  UB confirmed for me 8 months ago that our case was one of those under review and we got a letter a couple of weeks ago saying that there was still no update. 

Having read here about UB customers being put back on a tracker rate effective 1st Jan, and hearing stuff on the radio, today I called the Tracker Mortgage Examination Team who told me they could tell me nothing, other than that letters will be being issued 'over the coming months' returning people to their tracker rate - when I pointed out that we were supposed to all be back on a tracker by the end of December, she said this won't be happening.  I also spoke to the Mortgage Operations team today (for anyone who wants to call them, it's 01 7092500) but all they could say was that they have not had notification to return our mortgage to a tracker, we're remaining on 4.1%, our repayment is the same for Jan 1st, and they've no idea when we'll get our tracker back.

Very frustrating - and UB actually did offer to return us to a tracker rate back in April 2015, but we refused their offer because it was at a higher tracker rate than the one we had left.  So, it's not like there's even any question as to whether we're entitled to a tracker or not, UB decided in 2015 that we were!

Feeling rather down in the dumps about this - had been getting my hopes up with all the talk in the media about it.  I thought we'd at least be put on a tracker rate by Christmas, whatever about sorting a rebate out...  But UB tell me that it'll hopefully be sorted 'over the coming months' :-(


----------



## Wardy7 (22 Dec 2016)

Try not to lose hope.  It's mega frustrating but do your best to let it go for the minute.  It's moving......


----------



## SaySomething (22 Dec 2016)

BlueSky said:


> Very frustrating - and UB actually did offer to return us to a tracker rate back in April 2015, but we refused their offer because it was at a higher tracker rate than the one we had left.  So, it's not like there's even any question as to whether we're entitled to a tracker or not, UB decided in 2015 that we were!
> 
> Feeling rather down in the dumps about this - had been getting my hopes up with all the talk in the media about it.  I thought we'd at least be put on a tracker rate by Christmas, whatever about sorting a rebate out...  But UB tell me that it'll hopefully be sorted 'over the coming months' :-(


That is very frustrating. You definitely won't get a letter before Christmas in that case. I think I'd write to them and ask why you haven't been considered amongst the first group. Especially given they already acknowledged you're on the wrong rate that's rotten treatment. 

For anybody wondering my letter today is pretty much a copy of the statement on the Ulster Bank website, apart from the section where it references my mortgage rate. However, it does include a paragraph where it refers to a complaint I've made on the file, and says that it will be considered as part of the overall review.

Basically now I wait until March '17, when I'll get a letter with a time-frame in which the redress/compensation etc will be sorted. It won't be done at that stage by my reading of the letter anyway, I'll just get another letter with more information then. Still the monthly difference in the mortgage repayments will help for now.


----------



## BlueSky (22 Dec 2016)

Thanks SaySomething and Wardy7 - here's hoping 2017 is the year!!


----------



## Milo4444 (24 Dec 2016)

Did any former First Active customers get a letter from UB yet?


----------



## LABILL (24 Dec 2016)

I'm a former FA customer and no letter yet.


----------



## Miakk (24 Dec 2016)

Also former FA and no letter


----------



## Gerard123 (24 Dec 2016)

Same here. Former FA and no letter.


----------



## Miakk (29 Dec 2016)

My monthly former-First Active-now-UB mortgage payment came out today, no change to usual amount so it's not as I hoped,  this month at least. The waiting continues.....but I can no longer blame the Christmas post for not receiving the letter!!


----------

