Regular monthly pre-payments with UB?

B

ButtermilkJa

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I'm just wondering how easy it is to set-up regular pre-payments on a mortgage with Ulster Bank. I've been reading a few threads and it seems that the banks require specific instructions as to what to do with and extra payments, i.e. you need to tell them to take the money off the capital.

So, with this in mind, is it easy to just set-up a regular standing order for say, €200 and be able to cancel this at any time?
 
You would be better off checking what their policy is on such prepayments and arranging for excess to be paid off the capital to be agreed in writing.
 
I'll be giving them a ring next week alright to get some info on their policies etc. I just wasn't sure whether this type of arrangement could be set-up on a monthly basis, or whether these payments are normally made once-off. I suppose it's down to the individual bank at the end of the day.
 
Is this for a mortgage account?

If so Ulster Bank won't allow monthly prepayment. They suggest that you put your monthly extra amount into a savings account and make an annual payment instead.

Helpful eh?
 
Yeah, it's for a mortgage account. That's a bit frustrating alright. I just wanted something simple I could set-up and cancel just as easy if I needed to.
 
I did this with EBS a few years back with no hassle but I don't know how relevant that is. I made periodic lump sum capital repayments and made it clear to them that these were to be paid off the capital. Then I told them to put the regular repayment at a specific amount (above what the normal repayment would have been originally or after the capital repayments) and there was no hassle. I assumed that all lenders facilitated this sort of repayment approach but maybe not?
 
Unfortunately & I think it has been covered here before, Ulster Bank don't allow extra regular repayments against a mortgage account. It's one of the cons of having a UB mortage.
 
I've been making monthly 'overpayments' off the capital amount on my UB mortgage for the last 18 months with no problems. Talk to someone competent at your local branch.
 
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I think you have to put it in writing. I've been told it's possible to do so from a broker as I plan to the same.
I'm going to contact the mortgages section directly.

Took out a 40 yr mortgage 18 months ago and want to reduce to 30 or 25 yr term now as am in a better financial position now.
 
I started making extra monthly payments off my mortgage with Ulster Bank two months ago and it was fine. Not the easiest people to deal with though
 
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