It's not 4% of 360. But 4% interest over the term.Wonder if someone would be so kind to validate my formula for determining if our ex gratia payment of 28k is correct:
360k balance x 4% x 2 = 28k
We’ve had an inheritance of 200k sitting in a second UB current account since May 23. This account was closed at the end of Sept and the balance moved to our facility. We’ve been intending to reduce our loan balance by 150k and bringing in the term from 14 to 7 yrs paying same monthly mortgage but we were waiting till we knew more about what was happening with UB offset before requesting the restructure.
Wondering if this should be reflected in our ex gratia payment?
Thanks in advance
What was your remaining term? Also the 200K moved after the 31st of August so would not have been included in their calculation.
You without a doubt need to contact Ulster Bank, ask them what was included in the calculation and argue the case for that 200K to be included. Depending on your remaining term your payment could/should be way north of 28K. Way north!!