Latest Ulster bank error July 24

[cremeegg]

I just received a letter from UB saying 'you did not receive correct information in your recent ECB rate change letter'. Ok so not for the first time UB have made a mistake in my mortgage.

Their letter goes on to say 'you can find a copy of the correct correspondence you should have received enclosed' Fair enough.

That letter says that my tracker rate has decreased from 5.65% to 5.40%. Good news.

It goes on to give my current monthly repayment and my new monthly repayment. The new monthly payment shown is HIGHER than the current monthly payment. Don't you just love Ulster Bank

 

[so-crates]

I never got any notice from them about the recent ECB rate change but the rate clearly changed (thankfully in the correct direction).

 

[Brendan Burgess]

It goes on to give my current monthly repayment and my new monthly repayment. The new monthly payment shown is HIGHER than the current monthly payment. Don't you just love Ulster Bank

Most likely an error on their part.

But it can happen that interest rates come down and repayments go up.

The repayment is only recalculated when some change is made, an interest rate change or a rescheduling or arrears capitalised.

So if you have arrears or if you changed the term, then it could be correct.

But as you probably know this, I would think it's a mistake on their part. Either the last repayment was wrong or this one.

Brendan