# Ulster Bank tracker



## aaa1 (3 Feb 2010)

Hi, I'm just wondering if anybody knows what the situation is with UB when you are coming out of a fixed mortgage? My brother has a fixed rate mortgage with them and it's coming to near the end of the fixed term. Trying to get him to look at his different options is like drawing blood from a stone and I'm just wondering if anyone has a similar mortgage. He drew down €220,000 around the end of 2006/beginning of 2007. I'm trying to press him into checking his contract to see if he can revert to a tracker but he's completely oblivious to what it all means. He's not in financial difficultly, he just tends to sign whatever is put in front of him and doesn't seek out the best deal. I'm concerned the bank won't offer him a tracker even if it's in his contract, unless he pushes the matter. He's currently paying something like 4.8pc. 

Just wondering if anyone else drew down a UB mortgage around the same time? I've a feeling that at the time it was in the contracts that you could revert to a tracker but I'm unsure. I know it won't happen now unless it's in the original contract so I'm gonna push it if I can. 

Thanks for your help


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## pjmn (3 Feb 2010)

Never had dealings with UB - so can't comment there...

but irrespective of what bank it is - get your hands on the original letter of offer (or a copy thereof) - then you'll know exactly what the offer should be...


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## Maggs065 (3 Feb 2010)

I came off a 2 year fixed rate last summer and I had no option but go variable or fixed rate (even though previously I was on a tracker). It's a bummer as UB variable/fixed rates are much higher than the main banks. If he could switch to AIB/BOI I'd advise it. Would love to move from UB myself.


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## Mpsox (3 Feb 2010)

I don't think UB are offering trackers any more (I doubt any bank are), therefore unless the terms say he will move to a tracker after the fixed period is up, he will have the option of moving to a variable rate or potentially fixing again for another period

I've attached a link to the UB mortgage rates that they currently offer
[broken link removed]


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## Croft (3 Feb 2010)

Unlikely he can revert to Tracker...absolutely vital to get Letter of Offer and then bring to a friendly Mortgage Broker..definetly get independent advice from UB as they have gone very greedy. If he has lost Letter Of Offer UB will have to give him a copy.


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## aaa1 (4 Feb 2010)

Thanks, appreciate all the advise


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## estepona (10 Aug 2014)

For what it is worth, I have a UB tracker since 2004. I owe them about €100k.

My present rate is 1.25%.

I retired and got a lump sum payment from work. Rang them and wrote to them to see if they would take a reduced final payment of €90k to clear the mortgage.

They are losing money on my rate so I thought that they might be glad to get rid of me with a discount.

No dice.

They are no longer doing trackers, as trackers are big time loss makers for the Banks.


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## Gerry Canning (11 Aug 2014)

estepona; 
Question,
Are Uster losing money? Indeed is any Bank losing money on trackers?
Once a Mortage is set up Ulster have their margin over Cost of Funds.
Since Mortgage is set up ongoing costs are surely small.
So are Ulsters ongoing {losses} not minimal? 
If so there is no advantage in them settling.
I would like to get my head around this (tracker loss) so would appreciate some education!


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