Key Post UB left many borrowers on interest-only; now want full repayments ; 4 options letter

Mavis,
Interesting that your prudent? Bank gave you funds for max 5 years on interest only so you could then maybe dispose of property and make a few bob.
Impress that understanding on them and if you can meet them then do try to meet them half way eg interest + how much capital?

Without knowing your finances ,type of mortgage etc , its hard to give a sound opinion.
But what is sure is ,since you have now received the ltter you can at least approach them in the first instance to see what they want and what you can reasonably do.
Make sure you talk with staff member with sense!and do not get locked into phone calls.
 
Whyme, same here. As I said before we were dealing with RBS in Scotland till last August. All went quiet till we got a letter from UB IN leopards town which made out that they'd tried to contact us last January 2013 but hadn't got a reply (despite the 10s of hours on the phone and one meeting in branch, a completed SFS and discussions after)so they're switching us to C&I and the worst of the 4 options from the beginning of this month! Called UB who were closed at 4.45pm. Called RBS who were open and said that because they'd asked me to scan and email the initial contact letter sent in January 2013 but had not received that email we had received this automated letter. I said I had a copy of the email sent and could forward it to them. They said they don't receive incoming emails...wtf? Said they'd look into it and get back to me today. I called UB in Leopardstown earlier and spent 30 minutes on hold and had to hang up... I'm pulling my hair out! The original error is horrific enough without having to deal with 2 sections of the same bank in different countries who don't communicate and act independently if each other.
 
Update

Further to my last post. i contacted arrears section in dublin (leopardstown) and was advised to speak to the arrears people, as i sat and waited for a few minutes expecting to hear a Scottish accent i was surprised to be spoken to in an Irish accent, the person i spoke to was very helpful.

I really didn't want to go into all my life history and was surprised when i was asked how much extra over the interest i could afford to pay, i told them and low and behold it was agreed there and then and that it was a fixed amount for the next 3 years. Interest rate will not affect this payment i was told.

When the call was ending i was assured that if there were any problem within the next three years that i could be accommodated.

So be assured that if dealing with UB the best course of action is to be up front and straight to the point.
 
I took out an investment tracker mortgage with UB in Jan 2005. I've been paying interest-only since then and was under the impression that it was interest-only for the lifetime of the loan (25 years). That said, I noticed this thread and got worried, and checking my paperwork it tells me that I should have been interest-only for just the first five years! That means I should have been C+I since Jan 2010! 4 years ago (is that a new record in this thread?!).

My confusion stems in part because there was a lot of back-and-forth on the paperwork at the time between my broker and UB haggling on terms, and quite a few secretarial errors in the paperwork. And I was buying my PPR in parallel. So I'm not even sure I have the final version of the agreement with UB (there's no signatures on it).

Questions: Would UB have a copy of the agreement that they can send me? Or, do I need to go to my broker? I'm nervous about even contacting UB about this.

Thanks
 
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!
 
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