# Ulster bank put me on to tracker rate 2.4%+ecb



## DOM2000 (6 Sep 2018)

I'm in a similar position with Ulster Bank (formally First Active) with a slightly higher tracker rate of 2.40% + ecb. Is it wishful thinking that I might be on too high of a rate? How can I find out please. 

My situation is:

- Drew down mortgage in Oct 2008 on a 2 year fixed rate of 6% with First Active. 
- Oct 2010 I went on to a 2.40% + ecb tracker rate then taken over by Ulster Bank.

I don't have the original mortgage loan agreement, or rate changes but do have copies of all my mortgage statements dating back to the first payment. 

Thanks.


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## Brendan Burgess (16 Sep 2018)

DOM2000 said:


> I don't have the original mortgage loan agreement,



There really is no point in posting here without knowing what was in your mortgage agreement. Get a copy  from Ulster Bank if your solicitor doesn't have it. Then come back here if it's not clear.

Brendan


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## DOM2000 (3 Nov 2018)

It took a while but I received a copy of my original loan agreement. I'm not sure how to decipher if the rates are correct but any information gratefully appreciated. 

Notes on the document:

- I signed the loan agreement in July 2008
- Loan Type: New Fix 5.05% until 310510 - ECB+1.15%
- Interest Rate: 5.05% 
- Interest Type: Fixed

Any other information I need to provide? 
Thanks.


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## Brendan Burgess (3 Nov 2018)

You need to type the words verbatim. 

Or else scan in a copy of the bit about rates.

Brendan


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## DOM2000 (4 Nov 2018)

Lines 2-4 below are verbatim. I have attached a screenshot. 

- Loan Type: New Fix 5.05% until 310510 - ECB+1.15%
- Interest Rate: 5.05% 
- Interest Type: Fixed


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## Brendan Burgess (4 Nov 2018)

Wow!

That is a meaningless and contradictory phrasing. Unbelievably sloppy.


The ECB rate at the time of this letter of offer was 4% ( it rose to 4.25% on 9 July which was probably after your offer)

So it seems as if they are saying : "Your fixed rate is 5.05%. By the way we have calculated by adding 1.15% to the ECB rate i.e.  4% + 1.15% = 5.15%.

They probably have a clear wording elsewhere. " After any fixed rate period you will go onto our then prevailing tracker rate."

But given the contradictory nature of the wording, I think that you should claim  ECB +1.15% from  31/05/2010

So you must look at the overall wording of the contract. 
Brendan


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## tomo69 (4 Nov 2018)

I have a very similar loan offer agreement, but they have put me on tracker +2.15 ,notified in August we we're impacted.very similar dates to you to Dom2000 when we signed or loan agreement.


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## DOM2000 (4 Nov 2018)

Thanks Brendan,  

Just to add, the initial loan offer letter was issued on June 19th, 2008.  I signed it on July 29th, 2008 and then I drew down the loan circa October 2008. I will need to confirm the exact date for the drawdown.


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## Brendan Burgess (4 Nov 2018)

This is what an AIB letter of offer looks like 




Your letter doesn't seem to have any of this detail. 

If I were Ulster Bank, I might argue "Well isn't it obvious?  You fixed for three years and after that everyone knows that a mortgage is variable" 

But you can argue: "Well can you not see that it says ECB +1.15% which was a typical tracker margin at the time?"

What did the Compensation letter say?  I can't see where the 2.4% margin comes from? 

Brendan


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## DOM2000 (4 Nov 2018)

Thanks Brendan,

I am only at the investigation stages and haven't been told by Ulster Bank at any point that I have been impacted.  I was curious to see if I should fall under the list who have. My property is currently in negative equity and a redress, if applicable, would allow me to move finally back towards positive.

The ECB (which I think was 1% at the time) +2.4% was given when I moved off the two year fixed rate in Oct 2010.


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## Brendan Burgess (4 Nov 2018)

OK

So the margin of 2.4% was the prevailing margin in October 2010.   



tomo69 said:


> but they have put me on tracker +2.15 ,notified in August we we're impacted.



Tomo 

What were you on before the 2.15% rate? 

I suspect that is the tracker rate which prevailed on the date you came off the fixed rate. 

Brendan


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## tomo69 (4 Nov 2018)

We we're on 6.25 fixed till May 2009 when we bought out of fixed contract, variable/ fixed from then on . 
Signed loan agreement:4/07/08
Drew down 21/07/08
Rates did go up 09/07/08
I presume I would have lost my right to the 1.15 tracker , is this stated in there t&C's?


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## tomo69 (28 Nov 2018)

Hi Dom, I have received my redress and compensation and am overwhelmed with what we got back. The icing on the cake is they have put us on to the original loan offer tracker rate of 1:15%+Ecb. My story( as above) is very similar to yours. I think you should contact them and show them your original loan offer agreement and get them to review your account.


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## DOM2000 (1 Dec 2018)

Excellent news for you Tomo69 and thank you for the update. I'm delighted to hear your redress came through and this information of course makes it more interesting with my own case. 

I will get in touch with Ulster on Monday and request that a review takes place. Hopefully I too will have some news for the thread in the not too far distance.


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