# Ulster bank put me on to tracker rate 2.15%+ecb



## tomo69 (3 Sep 2018)

Hi all,
I have just recently been been notified that our mortgage has been impacted by the tracker scandal. Ulster bank have put us on to a tracker rate of 2.15%+Ecb does this seem high? Took out mortgage july2008 fixed for 5 years,broke out of that to go variable 3.75%in mid 2009.
Would anyone no what track rate would have been then ?


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## moneymakeover (3 Sep 2018)

Did Ulster ever sell trackers at ECB+2.15% ?

Or is this a fictional rate dreamed up for customers who were originally a fixed rate and rolled off after trackers were discontinued?

Bit like what aib and ptsb have done


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## Editiono (3 Sep 2018)

@tomo69 what does your mortgage offer say?


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## Brendan Burgess (3 Sep 2018)

Hi tomo 

That is very interesting. I had not heard of UB doing this before.

How did they explain the rate in the letter? 

And as Edition said - what did your contract say? That is where you have to start. 

Brendan


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## RedOnion (3 Sep 2018)

Tracker margin was increased to 2.15% for >90% LTV from 14/4/08. So looks like this was the valid rate at the date you drew down.


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## tomo69 (3 Sep 2018)

I have requested our original loan agreement from our solicitor so it will be interesting to see what d tracker rate was after fixed rate expired, is it best to get this from our solicitor or request it from Ulster bank.


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## Brendan Burgess (3 Sep 2018)

RedOnion said:


> Tracker margin was increased to 2.15% for >90% LTV from 14/4/08. So looks like this was the valid rate at the date you drew down.



Hi Red

That is very interesting.  Do you have a link to a schedule of these rates? 

Brendan


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## tomo69 (3 Sep 2018)

One other point I should make is the mortgage was taking out with first active, so what was there tracker rate at that time?


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## RedOnion (3 Sep 2018)

tomo69 said:


> One other point I should make is the mortgage was taking out with first active, so what was there tracker rate at that time?


Hi, I had assumed it was First Active since that's the thread you originally posted to. I forgot to say that, but had to flick between a few of your posts to get all your info.
It looks like the rate increased between your letter of offer, and date of drawdown, based on the info you posted elsewhere.


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## RedOnion (4 Sep 2018)

@tomo69 
Apologies, I looked at the wrong row on a table. The exact date you drew down the mortgage is important here.
From 14th April, the margin rate was 1.25%
From 21st July it increased to 2.25% for >80% LTV

Apologies again.

Red


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## tomo69 (4 Sep 2018)

Hi red ,that's very interesting. Is it best to get our mortgage loan agreement from our solicitor or Ulster bank ?We drew down the mortgage end june- start July .


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## RedOnion (4 Sep 2018)

Hi tomo,

I'm not sure that your solicitor would have received anything after your loan offer pack.
I'm not familiar with how First Active wrote these, but there's generally a condition that rate is not guaranteed to drawdown, so it would be the rate applicable on drawdown date that would apply.

If you get the exact date you drew down, I'll see if I can find the press release from when they changed rates.


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## tomo69 (15 Sep 2018)

Hi red,
I got a bit more info, we drew down the mortgage 16 July 2008  , would u have any idea what d tracker rate was at that time with first active. Would have been 90%ltv. I would really appreciate any info u could give me.


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## Brendan Burgess (16 Sep 2018)

tomo69 said:


> we drew down the mortgage 16 July 2008



It looks pretty clearcut from Red's previous post



RedOnion said:


> From 14th April, the margin rate was 1.25%
> From 21st July it increased to 2.25% for >80% LTV



You drew it down when the margin was 1.25%. 

I think you should ask Ulster Bank to look at this rate and they might fix it which would save you the hassle and delay of an appeal.  Their response to you if they say that the 2.25% rate is right, would help you to frame your appeal.

Brendan


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## RedOnion (16 Sep 2018)

Hi @tomo69

Sorry, I did a bit of digging around, and I might have missed a rate change.

They changed the rate effective 7th July, which I thought was just ECB rate change, but looks like I was wrong.

Archive of their website that shows APR, so you need to deduct the ECB rate.

https://web.archive.org/web/20080722025756/http://www.firstactive.ie:80/mortgages/index.aspx

APR:
14/4 5.4% >90% LTV
7/7 6.3% >80% LTV
21/7 6.6% >80% LTV


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## tomo69 (23 Oct 2018)

What is  regarded as drawdown ,? Is it when money is transferred to account which was 21/7/ 08 or is it payment requisition form which we signed on 04/07/18, sorry for my ignorance on this but I'm not familiar with the terms.


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## tomo69 (27 Nov 2018)

Hi guys we too got a registered letter in the post yesterday. We are absolutely over the moon with the  amount we got! We were informed we we're impacted in August, we are going to have a great Christmas this year. Thanks to everyone for your advice . I hope you all get sorted soon and get back what is rightfully yours!


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## Fouryears (27 Nov 2018)

Hurray tomo69.  Delighted for you. 
Thanks for guidance saysomething. 
I was actually waiting at the bank for it to open with our cheque yesterday morning! Fingers crossed any other people won't be waiting too much longer. Good luck.


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