# Switched from Ulster Bank, received €600 for pro advice



## Leesider32 (3 Feb 2018)

Hi all,

I have read a bit on this but I am still confused. I received a cheque from Ulster Bank for €600 yesterday to use for legal advice if I want to but they have said they do not believe I was impacted financially. Main points:

- Took out mortgage with UB on a tracker rate in 2004
- Moved to a fixed rate in February 2006
- Switched mortgage to BoS in September 2007

They are saying the document that I received when I went to fixed wasn't clear as to what rate I would be on once the fixed term was over. However I am not due anything because I changed mortgages before the fixed term was up and therefore it did not impact me financially.

I have read that some people have received compensation even though they switched. Firstly I was wondering is this the case and secondly if it is should I consider seeking legal advice based on my timelines above?

Thanks for any advice you can provide.


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## Brendan Burgess (3 Feb 2018)

Very odd that they gave you anything.

You fixed in Feb 2006.
You switched to BoSI before your fix was up.

They never denied you a tracker, so I can't see how you have lost out?
You presumably got a cheap tracker with BoSI anyway.

Do you think you have lost out in some way?

Brendan


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## Mauritius (3 Feb 2018)

@Leesider32 did you get a tracker mortgage when you moved to BoI and are you still on it?


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## Leesider32 (10 Feb 2018)

Mauritius said:


> @Leesider32 did you get a tracker mortgage when you moved to BoI and are you still on it?




Thanks for your replies

When I moved to the Bank of Scotland the terms were a fixed rate interest only mortgage up to 30th June 2010 and then after that it changed to a 'Home Loan Variable Rate' which I have been on since then.


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## SaySomething (10 Feb 2018)

The fixed rate instruction documentation at the time you fixed was (according to Ulster Bank) ambiguous in its terms. Which meant that it wasn't clear what you would revert to at the end of the fixed rate. I would say this is why you received the payment. 

Use the payment to get financial advice. Would you have remained with Ulster Bank if you had been able to break the fixed rate to the tracker rate? Would the availability of the tracker rate have helped a decision to stay?


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## Leesider32 (11 Feb 2018)

Thanks again for the responses, think I will take legal advice and see what they say.


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