# Be careful about closing your uFirst account with Ulster Bank if you have a tracker mortgage!



## justo (25 Jan 2017)

*Tracker mortgage issue:* A word of caution for Ulsterbank customers with UFirst, UFirstGold, UFirstPrivate accounts. I received a letter from UB yesterday detailing a range of benefits that are being removed from the UFirst account holders. Reductions in ticket purchases, travel insurance, etc are being removed. The letter goes on to detail the cost of holding such an account - €10 per month- some might be tempted to close the UFirst Account.  Cross reference this with my loan agreement from 2004, which states that the tracker rate will only last as long as I have my Ulsterbank UFirst Current account. Please be cautious not to tinker with your UL current account or remove the 'UFirst' contributions, without checking the implications for your tracker rate, should you have one.


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## SaySomething (25 Jan 2017)

For affected customers under tracker review I've been told that if you terminate/terminated a UFirst account during the time between taking out the contract and the conclusion of the review you'll be given the option to buy back into your tracker account.


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## PadKiss (25 Jan 2017)

Hi all I need to correct any concerns regarding the u first account and tracker mortgage rates 
Having a u first account entitled you to a 0.10% improvement in the tracker margin charged 
It was easy work out if it was beneficial as the  ufirst account cost €9 per month and if the margin improvement did not benefit u by more than that no reason to take it 
This only relates to the margin issue as there were other benefits to a U first account 
Hope that's clear padraic


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## Gen360 (25 Jan 2017)

I got that letter yesterday too. I thought the timing was a little suspicious. Also it wasn't the Ulster Bank letter I had been hoping for.


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## telco (27 Jan 2017)

we moved to KBC to get free banking ( painful but got there) then tried to close u first account ( never used the " benefits") sent in 3 letters and eventually got a phone call from the branch to say if they closed the account we would loose our tracker - I asked for a copy of the mortgage agreement ( before Christmas) and am still waiting- so to clarify then the U first entitles us to a reduced tracker by .1% and I should do the math ...but we are entitled to close the account and if they do our tracker will go up by .1% ?..we are being charged €10 per month for the U first account


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## Gen360 (27 Jan 2017)

When I didn't get my Tracker back I still held on to the Ufirst account just in case I ever got it back. From reading my contract it gives .1% improvement on the tracker rate. I was always been reluctant to stop the Ufirst acccount because apparently I interpret the contracts differently to the bank even though they are not ambiguous.


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## justo (31 Jan 2017)

telco said:


> we moved to KBC to get free banking ( painful but got there) then tried to close u first account ( never used the " benefits") sent in 3 letters and eventually got a phone call from the branch to say if they closed the account we would loose our tracker - I asked for a copy of the mortgage agreement ( before Christmas) and am still waiting- so to clarify then the U first entitles us to a reduced tracker by .1% and I should do the math ...but we are entitled to close the account and if they do our tracker will go up by .1% ?..we are being charged €10 per month for the U first account



I understand this differently. Yes, the uFirst account entitles you to a .1% reduction in the rate, and yes, you pay €10 a month for this. However, to avail of a tracker mortgage at all you must have/ keep open your uFirst account. The way my agreement is written it says that my tracker mortgage in contingent on having a uFirst current account.


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