Puddle duck
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I wonder will any of it still stand other than the tracker rate guarantee? These mortgages are gong to be slightly more complicated for UB to deal with than the standard stuff as they are linked to current/savings accounts. I have several booklets relating to the product but of course there is the caveat in them that they can change anything pretty much at will especially in relation to the current account part, sure they brought in charges on those even though originally we were assured that the c/a linked to offset would have no charges!could anyone send me on any t's and c's they have for offset product? ... with the likelihood of mortgage getting sold i want to make sure I have original doc in case I have issues later on with product features.
This will be a real problem for Ulster Bank.
You should consider offering to redeem the mortgage for a substantial discount.
Brendan
If not then you lose the tracker rate by refinancing elsewhere so depending on balance/term the discount might need to be substantial
No, because that was a merger rather than a portfolio sale.i was hoping that the fact that UB managed to take on these loans from first active and honoured the terms ...sets precedent?
not in a position to pay off..in fact i've just topped up via the drawdown the facility. I would like to 'port' in the future so if you could send me any porting t's and c's that cover the fact that they will remortgage the new house at a tracker rate i.e. not just port the balance of current mortgage.
i was hoping that the fact that UB managed to take on these loans from first active and honoured the terms ...sets precedent?
Also thanks for answering the current a/c charge - I had wondered about whether that was an error or not.
Desperately looking for first active terms and conditionscould anyone send me on any t's and c's they have for offset product? ... with the likelihood of mortgage getting sold i want to make sure I have original doc in case I have issues later on with product features.
Would you be able to email complete booklet and i would pay any costs involved thank youI wonder will any of it still stand other than the tracker rate guarantee? These mortgages are gong to be slightly more complicated for UB to deal with than the standard stuff as they are linked to current/savings accounts. I have several booklets relating to the product but of course there is the caveat in them that they can change anything pretty much at will especially in relation to the current account part, sure they brought in charges on those even though originally we were assured that the c/a linked to offset would have no charges!
If there is a particular part of the t&cs you want I can scan it and send but they are big booklets with lots of pages most of it just generic stuff.
If you're switching product not provider then it's not a full application just a change of rate. No need to wait for probation or anything like that.Hi
Just picking this back up again and wondering if I should be fixing or holding onto my First Active offset? I topped up my mortgage about 1 year ago using the pre-the approval feature (very handy) so current balance is approx E130k and my tracker rate is 1.15 above ECB. I have moved jobs so if wanted to fix do I have to wait until my probation is completed i.e. full mortgage application? Thanks
Resurrecting this post because there has been some developments with the Ulster Bank Offset Mortgage situation. Full disclosure - I have one of these mortgages. I got a letter this week from Ulster Bank providing an update on this matter. They have agreements with AIB and PSTB to transfer their performing Tracker and Non-tracker mortgages to them. They also said that they are not currently asking Offset Mortgage holders to close their Current or Savings accounts with them, as they are with normal account holders. As this would result in the loss of the Offset benefit. For Offset Mortgage customers it's basically "As you were", but they did say there would be another update on the situation later in 2022.This will be a real problem for Ulster Bank.
You should consider offering to redeem the mortgage for a substantial discount.
Brendan
Ah yeah, fair enough, I realise it’s highly unlikely for anything like that to happen. I just don’t see how they are making anything but a loss on this, in my case anyway. I’m not paying any interest or bank charges on this and don’t intend on doing so for the remaining term of 20 years. I guess we’ll see how this plays out over the next while. But if they are happy to continue doing this (or find another Financial Institution to take the mortgage on) then I’m also happy.Personally I think it would be a waste of time trying to make a deal, I doubt there is any decision maker in the country who can approve that within the bank, it would have to go to UK and that takes forever and probably nobody there going to make a decision either!
Anything outside the norm just gets kicked around from desk to desk and nobody is going to give the go ahead, much as it has been for a long time with UB/RBS.
In some ways unless they got rid of them all by making or accepting an offer then it's just as much hassle to try and manage 10 as 100 for them so what's the incentive for them.
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