Ceist Beag
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Has anyone had any joy getting this reimbursed and if so how did ye go about it?
My tracker mortgage payment from UB comes out of my account on the 1st of each month. Same as folk here, I didn't see last month's rate cut passed on.
Looks like it'll be passed on on my next payment 1st December.
If[please God] the ECB cut the rate again today, does this mean I won't see this rate cut until 1st January?
All banks seem to have washed their hands of offering tracker mortgages to new customers, but, do any banks offer tracker mortgages to existing tracker mortgage holders with other banks? Eg: is a tracker mortgage available, at lets say AIB, if I wanted to switch my current one from UB?
Looks like it'll be passed on on my next payment 1st December.
If[please God] the ECB cut the rate again today, does this mean I won't see this rate cut until 1st January?
All banks seem to have washed their hands of offering tracker mortgages to new customers, but, do any banks offer tracker mortgages to existing tracker mortgage holders with other banks? Eg: is a tracker mortgage available, at lets say AIB, if I wanted to switch my current one from UB?
I phoned Ulster bank this morning, and got the story about 30 days termsw and conditions etc as to why rate decrease has not been passed down.
This is very annoying, they are basically taking 100 euro out of my pocket, and the incrases take affect like clockwork. Announcement made, letter in post within a week, increase next repayment.
I am going to send them a letter, and start looking into changing bank.
This is very annoying, they are basically taking 100 euro out of my pocket, and the incrases take affect like clockwork. Announcement made, letter in post within a week, increase next repayment.
I am going to send them a letter, and start looking into changing bank.
Probably not. Our rate is 1.15% + ECB.
On the subject of a letter, we haven't received one about the cut last month. And yes, once any increase was announced, we got the customary letter and bang there was the direct debit staring you in the face laughing at you.
I'm with you, Barty, and the others who have spoken to the written response - it's the only real way to make a complaint.
I've attached a link to the FS Ombudsman complaint form ([broken link removed])
Am going to complete that and attach it to a formal letter of complaint to the Bank centre (for me its UB as well ... grrrr) and cc the whole thing to the financial services ombudsman to make doubly sure i get a response on this.
Don't know if there is any point in contacting the Financial Regulator directly - they dont' deal with individual complaints.
It is so predictably underhanded - I don't agree with the 30 day rule, I especially do not agree when the bank tries to take up to 50 days to pass it on and I really object that they can always manage to pass on the increase in the next month and yet stall on the first decrease
Planet24, let us know if the rate actually does change for you on 28/11 - that would be plain wrong if it does not - a full 50 days after the announcement of the cut ....
Another 0.5 cut announced today. UB stated rate will come into affect on Dec 1.
see here
"Three banks operating in the Irish market have said they will pass on the half a percentage ECB rate cut in full to their tracker and variable interest rate mortgage customers.
Ulster Bank and Bank of Scotland Ireland said the new rates will come into effect from December 1, while earlier AIB said it would pass on the rate cut in full."
see here
"Three banks operating in the Irish market have said they will pass on the half a percentage ECB rate cut in full to their tracker and variable interest rate mortgage customers.
Ulster Bank and Bank of Scotland Ireland said the new rates will come into effect from December 1, while earlier AIB said it would pass on the rate cut in full."
Cheers for posting that.
So, my next payment on Dec 1st should include the 0.5 % interest cut from October plus todays 0.5% cut?
No you will have to wait till your January 1st payment for the second 50bp drop.
There is no point contacting regulators and ombundsman etc about passing on the rate cut. Ulster Bank are doing nothing wrong. It is in terms and conditions of the mortgage (I am with them as well and not happy about it). By all means name and shame them on sites like this but there are no grounds for formal complaints.
Bastids!!!!
I would encourage everyone who is affected by UB not passing on the decreases promptly, to call the number helpfully supplied by irishpancake above. While on the phone to them, I could hear other operators in the background giving the same excuses etc. to other callers. It sounds like they are being inundated with complaints which may well prompt them to rethink their policy. I have to say the girl I spoke to seemed to be actually embarassed trying to defend UB's position, and finally protested that she was just relaying what she was told to. She assured me someone from complaints would phone me, and I intend to complain in writing also.
I will get mine on December 28th.
I really doubt they will rethink their policy. They are not breaking any of their terms and conditions and I doubt many people will jump ship, give the current state of the mortgage market. I know that my rate (ECB + 0.75%) cannot be bettered at the moment.
The only hope is the ombudsman, but if they are not breaking their terms and conditions, I really don't see what the ombudsman could possibly do.
As predicted here by someone on this thread, Ulster Bank failed to get back to me within 48 hours regarding my complaint in delay on their part to pass on the Oct rate cut.
I have now posted off the following letter below to this address
Ulster Bank
FREEPOST
Customer Relations
Retail Markets
PO BOX 145
Dublin 2.
Will give them two weeks to reply and then its off to the Financial Ombudsman.
Text of letter below
Dear Sir / Madam,
I am writing to you in relation to a complaint I have with the recent interest rate reduction on my Tracker Mortgage Account# ?????????
I tried to get this resolved on the phone when I was talking to Joanne, one of your Customer Service Agents on Monday Nov03rd at approx 13:45. As she could not resolve it for me, she told me that one of her supervisors would call me back within 48 hours and gave me a case# ?????? as reference for my complaint, as of now, I have heard nothing back from them.
My complaint is in relation to the procedure you use to implement changes to the interest rate on my ECB Tracker Mortgage which seems to be inconsistent in the timelines used between increases and reductions, which leaves me at a disadvantage regarding my repayments. Outlined below is the background behind my complaint.
On July09th 2008, the ECB increased its rate. I received a letter from Ulster Bank, 5 days later informing me of the change and my increased repayment, which came into force on August01st 2008 which was 23 days after the rate increase.
On October08th 2008, the ECB reduced its rate. After 29 days, I have yet to receive a letter informing me of this reduction. On Nov03rd, 26 days after the rate cut, my mortgage repayment was still at the higher old rate.
When I phoned up Ulster Bank Customer Service on this matter, they informed me that the October rate reduction does not come into effect until my next repayment date on December01st 2008 which is 54 days after the original ECB rate cut.
So for a rate increase, its implemented within 23 days, however for a rate reduction, it takes 54 days to implement, a large discrepancy I think you will agree, and one which puts me at a disadvantage.
I would be grateful if you could explain why I should have to pay an extra months repayment at the old higher rate for the month of October ?
Yours truly,
I have now posted off the following letter below to this address
Ulster Bank
FREEPOST
Customer Relations
Retail Markets
PO BOX 145
Dublin 2.
Will give them two weeks to reply and then its off to the Financial Ombudsman.
Text of letter below
Dear Sir / Madam,
I am writing to you in relation to a complaint I have with the recent interest rate reduction on my Tracker Mortgage Account# ?????????
I tried to get this resolved on the phone when I was talking to Joanne, one of your Customer Service Agents on Monday Nov03rd at approx 13:45. As she could not resolve it for me, she told me that one of her supervisors would call me back within 48 hours and gave me a case# ?????? as reference for my complaint, as of now, I have heard nothing back from them.
My complaint is in relation to the procedure you use to implement changes to the interest rate on my ECB Tracker Mortgage which seems to be inconsistent in the timelines used between increases and reductions, which leaves me at a disadvantage regarding my repayments. Outlined below is the background behind my complaint.
On July09th 2008, the ECB increased its rate. I received a letter from Ulster Bank, 5 days later informing me of the change and my increased repayment, which came into force on August01st 2008 which was 23 days after the rate increase.
On October08th 2008, the ECB reduced its rate. After 29 days, I have yet to receive a letter informing me of this reduction. On Nov03rd, 26 days after the rate cut, my mortgage repayment was still at the higher old rate.
When I phoned up Ulster Bank Customer Service on this matter, they informed me that the October rate reduction does not come into effect until my next repayment date on December01st 2008 which is 54 days after the original ECB rate cut.
So for a rate increase, its implemented within 23 days, however for a rate reduction, it takes 54 days to implement, a large discrepancy I think you will agree, and one which puts me at a disadvantage.
I would be grateful if you could explain why I should have to pay an extra months repayment at the old higher rate for the month of October ?
Yours truly,
If what you say is true, UB continue to be VERY misleading about how they treat these cuts. My interpretation is that if the 2nd 50bps cut is effective from 1 December, then my next payment on 1 December should include the cut? But I know in practice I'll have to wait till 1 Jan for this cut.
I had the forms completed o move to AIB only about 6months ago with a more favourable rate, boy am I regretting not submitting them now.
The latest cut becomes effective from the 1st of December i.e. starts on that date so why should your payment on the 1st include the cut? If your mortgage payment is on the 2nd, you would have one day at the cheaper rate. I don't like the way they do it but I don't see how they are misleading anyone.
http://www.rte.ie/business/2008/1106/mortgage.html
From what we know about how each bank has treated the October rate cut, which bank stands out as using the same language as the other banks knowing full well that it will be a month later until they pass the cut on?
Im in a similar situation.Immediate application of increased rate but still no notification from UB re decrease.I spoke to them this morning and got the usual rubbish.I spoke to IFSRA and they advise to put in writing to UBCustomer Care Manager-Ceri Smith(01-7028324).They have to reply within 5 days to acknowledge receipt of complaint and must resolve issue within 40 days.If not contact Financial Ombudsman at 1890 882090.They advise checking your contract to see what time period they stipulated for application of increases/decreases.Hope that is helpful
http://www.rte.ie/business/2008/1106/mortgage.html
From what we know about how each bank has treated the October rate cut, which bank stands out as using the same language as the other banks knowing full well that it will be a month later until they pass the cut on?
Eh, don't they and Bank of Scotland clearly say it is effective from the 1st of December unlike the other banks so its not the same language? I know you are not happy and you should complain but there is nothing underhand about it and they are not hiding it.
They are the worst bank I have ever dealt with. Had major delays getting a credit card, a loan and an overdraft on my account. All seperate headaches.
The only reason I stay with them is that I have a good tracker rate!
Have since gotten rid of everything else besides the mortgage.