My five year interest only period is ending on my Ulster bank buy to let mortgage!!

Angry Kid said:
I'm pleased to say that after outlining a very robust case to the FSO they found Ulster Bank guilty of mis-selling my mortgage and ordered them to repay the £5k in mortgage repayments that I had made since they initially switched my mortgage. .
Click to expand...

When did you submit your case, when you posted here in February were you already in the system?

Well done on winning back your IO mortgage. How did they give you back tre 5K? By cheque?
 

This is very very odd. Normally the 2 copies should be exactly the same, and one copy is for the bank and one copy for you/solicitor.
 
Hi Angry Kid, just wondering do you have a FSO case number or anything that I could refer to if needs be? Don't worry if not, it was a while ago.
 
Hi Bronte, sorry just seeing today's posts. Yes both copies are different. The solicitor has confirmed this. There was an error made (whether intentional or not) somewhere so I'm hoping that this strengthens our argument.
 
Angry Kid

That is really great news. It would be very helpful to many others and would motivate them to challenge Ulster Bank.

Would you start a separate thread setting out a chronological account of what happened and any advice for others. I will make it a Key Post.



In particular, if you could summarise the following

  • Your arguments
  • Ulster Bank's responses
  • The Ombudsman's findings
Brendan
 
Anni, at face value this "misselling" appears to be sharp practise by UB. Given the similar experience of Angry Kid it does not appear to be a one off instance. You are fortunate that your solicitor has a copy of both loan agreements and you should now instruct him to write to the Bank on your behalf and demand that they re-instate the terms of the IO agreement for the full term of the loan (do not accept compromise if you have been misled). He should send a copy of the letter to the CEO's office re-stating his and your deep concern at the apparent sharp practise sales tactics employed by the Bank. It may be beneficial to pm Angry Kid and find out wheter his and your experience are similar. if so then there are likely to be other clients who have identical issues.
I am all too well aware of the sharp prastice sales tactics employed by all banks during the property boom and the attempts to cover these up. It would be interesting to note how many other mortgages have been sold in this manner and whether people have caved in to the banks demand for P&I repayments, where a missale has occurred!
 
Thanks 44brendan. Have made an appointment to meet with solicitor. Will keep you posted of the outcome
 
Hi All, Just a quick update. I had submitted an online complaint earlier in the week to follow up on the letter I sent and received a call today. They said they hadn't received the letter but spoke to me about my complaint over the phone. The lady I spoke to seemed pretty pleasant and said she would discuss the case with her team. I have just received a call to say they are happy enough to keep the mortgage as interest only for the remainder of the term. I still can't believe it. She did point out that I had to confirm my understanding that I need to pay off the capital as a lump sum at the end and asked how I intended to do that so I was happy to confirm my plans to do this through a pension scheme and another property I have. In the end I didn't have to go the legal route or through the FSO which makes me wonder - they must realise their mistake! Hope this is of help anyway to someone or gives some hope to anyone in a similar situation.
 
Excellent Anni. They have obviously realised that they are in a no win situation on this. Are they sending you out a formal letter? If not you should send them a follow-up letter quoting the verbal response and the person you spoke with and ask for a written response.
 

+1

Follow it up to keep a written account on your file.
 
Yep, she said there would be a letter sent out and she had instructed her colleagues to update our account so we'd remain Int Only when the time comes. I took her name and number as we'll just in case. Thanks again everyone for your help and advice. This really take so much pressure off!
 
I'm noticing this thread now as an UB Interest Only Buy to Let Mortgage holder. The mortgage was taken out in 2007 for 35 years, I do not have the orginal mortgage documetns but I do have Letter from UB dated the month previous to drawing down the mortgage which clearly states that it is an 'Interest Only mortgage' I have now recieved an letters from UB saying that it was interest only for 2 years and should have changed back in 2009, hence I owe them €25k in arrears now, they have also switched my payments to C & I payments.
To cut a long story short, I am not in position to afford C&I payments let alone 25k in arrears. i have contacted UB & sent in my documents and when I spoke to them last week I was advised that they had made an error since 2009 & I had to pay. The man was v nice & send a letter was sent out to me(still not recieved it) but he advised to make a formal complaint to UB.

Has anyone else been in this situation & it so wha has been theoutcome.

Cheers!
 
Resurrecting the thread as it looks closest to my query. I took out a buy-to-let mortgage with Ulster Bank 10years ago. It was interest-only for the first five years but should have reverted to Capital+interest after year 5 but it never did. I kept my head down and continued to just pay interest since Ulster never contacted me.

I'm now in a situation to pay off this mortgage. The rate was Ecb+0.95%. The capital is €240k. Recently I had just being paying the interest of about €200 per month.

My question: before I unleash Ulster Bank on myself, to pay off this mortgage will cost me €240k? Could Ulster demand arrears or anything like that? Thanks.
 
Last edited:
Should just be a matter of paying off the outstanding balance. There are no arrears and if you had been making full payments the amount over the interest would have come off the capital anyway so same result result pretty much.
 
Hi Squonk.
This is the first time i have posted on a forum.
I am in somewhat a similiar situation I have a mortgage over 15 years, just after noticing that it is interest only for 10 years and C&I for the last 5 years. I had thought it was interest only for the 15 years. Can i ask you when you received your statement at the end of the five year period did it state "repaymrnt method, interest only and term remaining 5 years.
 
Hi Squonk,
Just wondering did you contact UB about your mortgage, I am pretty much in the same situation as yourself. I took my mortagage out in 2005 and should have reverted back to Cap + Interest at some stage. Can you please tell me how you got on? Or did you stay on Interest Only? I borrowed €175k, the house is now worth about €180k. I would sell the house now and pay UB off if it meant that there would be no penalty. (Patsy)
 
You must log in or register to reply here.
Menu
Log in
Register