Ulster asking me to waive my right to transfer my tracker mortgage to AIB

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phester

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Got a letter (have a tracker with Ulster bank)
A letter sets out. (ill shorten it)

Your original mortgage documentation indicates that there is an objection to the banks right to transfer the mortgage into the future,

This objection means that this mortgage prohibits our right to transfer to AIB

They have included a letter for me to sign to wave the objection
but what is potentially worrying is the wording

"please sign to consent to inclusion in the planned load sale.

I/we hereby confirm that I/we understand and consent to the fact that the mortgage and all associated rights and interests will be freely transferable by Ulster Bank to Allied Irish Bank on such terms as Ulster Bank may think fit, as part of a loan transfer scheme.

WARNING TRACKER INTEREST RATES: If you switch to an alternative interest rate, you will not be contractually entitled to go back onto a tracker interest rate in the future"

Hopefully its just to early in the morning and I am concerned about nothing. I assume that the original contract even if this is signed still stands and the terms that Ulster bank can set is just a deal "package" for the group of sale of the tracker portfolio

I can leave the mortgage with ulster but then you will loose access to the ulster bank services / branch network. not sure what this means exactly as other than contacting them to up the repayment schedule I dont usually need them for anything
 
That is very interesting.

You have nothing to lose by signing it. You are better off having your mortgage with a live bank such as AIB than being stuck with a zombie bank such as Ulster.

You will be able to trade up.
You will have options to fix your mortgage rate if that is what you want to do.
You will have options to take out an additional mortgage if you need to extend your home.

Brendan
 
phester said:
I/we hereby confirm that I/we understand and consent to the fact that the mortgage and all associated rights and interests will be freely transferable by Ulster Bank to Allied Irish Bank on such terms as Ulster Bank may think fit, as part of a loan transfer scheme.
Click to expand...

This refers to the conditions of the sale by Ulster to AIB and does not affect you.

Brendan
 
If you do not accept the move to AIB then they have to continue managing the mortgage. Is that correct?
 
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llgon said:
I am fairly certain this was not the case.
Click to expand...
That was my impression too.

Danske still have an office in the IFSC and have a business lending portfolio I think.

I corresponded with this Irish entity last year concerning my wife's previous Danske mortgage.
 
phester said:
Got a letter (have a tracker with Ulster bank)
A letter sets out. (ill shorten it)

Your original mortgage documentation indicates that there is an objection to the banks right to transfer the mortgage into the future,

This objection means that this mortgage prohibits our right to transfer to AIB

They have included a letter for me to sign to wave the objection
but what is potentially worrying is the wording

"please sign to consent to inclusion in the planned load sale.

I/we hereby confirm that I/we understand and consent to the fact that the mortgage and all associated rights and interests will be freely transferable by Ulster Bank to Allied Irish Bank on such terms as Ulster Bank may think fit, as part of a loan transfer scheme.

WARNING TRACKER INTEREST RATES: If you switch to an alternative interest rate, you will not be contractually entitled to go back onto a tracker interest rate in the future"

Hopefully its just to early in the morning and I am concerned about nothing. I assume that the original contract even if this is signed still stands and the terms that Ulster bank can set is just a deal "package" for the group of sale of the tracker portfolio

I can leave the mortgage with ulster but then you will loose access to the ulster bank services / branch network. not sure what this means exactly as other than contacting them to up the repayment schedule I dont usually need them for anything
Click to expand...

phester, can you tell me in what year did you first drawdown your mortgage loan from Ulster bank
 
Sconeandjam said:
If you do not accept the move to AIB then they have to continue managing the mortgage. Is that correct?
Click to expand...
No. It can be managed by anyone. Just Ulsterbank can't sell their beneficial ownership (until they find another way around it).

The references to Danske are largely irrelevant in this thread, as the issues are different.

There is no benefit to a borrower being stuck with a 'zombie' Bank.
 
RedOnion said:
No. It can be managed by anyone. Just Ulsterbank can't sell their beneficial ownership (until they find another way around it).

The references to Danske are largely irrelevant in this thread, as the issues are different.

There is no benefit to a borrower being stuck with a 'zombie' Bank.
Click to expand...
Ok thought Danske was relevant but will remove. I thought it was relevant.
 
Ulster Bank mortgages are managed out of RBS Mortgages in Edinburgh. There is no risk or issue with you remaining with a zombie bank providing you never plan on getting a top-up or making changes to your current loan agreement, and even then, RBS and UIster will have to have a plan for supporting loans that don't transfer.

So to me, I'd go back and ask them, what's in it for me to waive the right?

For clarity, Danske did retain a team in the IFSC (still there) but Pepper were managing most of their mortgages and had staff in the IFSC also
 
Peanuts20 said:
There is no risk or issue with you remaining with a zombie bank providing you never plan on getting a top-up or making changes to your current loan agreement, and even then, RBS and UIster will have to have a plan for supporting loans that don't transfer.
Click to expand...

Right. So RBS will provide customers who refuse to waive their rights, top-ups on demand? :rolleyes:

Brendan
 
Brendan Burgess said:
Right. So RBS will provide customers who refuse to waive their rights, top-ups on demand? :rolleyes:

Brendan
Click to expand...
No, that's not said. I said, there is no issue staying with a zombie bank providing you never plan to get a top up or change you current loan agreement. If you want a top up, then you potentially enter into a new or different commercial arrangement. I've got a Ulster Tracker, I will never have a need to top it up. It's managed perfectly well out of Edinburgh, why would I waive any right for nothing?
 
Is every UB customer with a tracker being asked to sign one of these waivers? Or does it only apply to customers that indicated an objection (when they originally signed up for the mortgage) to Ulster Bank being able to transfer their mortgage to another bank?
 
Peanuts20 said:
even then, RBS and UIster will have to have a plan for supporting loans that don't transfer.
Click to expand...

That is what you actually said. Your words.

Ulster Bank will not have any plan for someone who wants a top-up.

You are in every case better off with a real live bank than with a zombie bank.

Brendan
 
Brendan Burgess said:
That is what you actually said. Your words.

Ulster Bank will not have any plan for someone who wants a top-up.

You are in every case better off with a real live bank than with a zombie bank.

Brendan
Click to expand...
I never said they'd have a plan for someone who wants a top up, I actually said the exact opposite. Regardless, the core point I was trying to make is that you shouldn't simply give up your rights without getting something in return.
 
Peanuts20 said:
There is no risk or issue with you remaining with a zombie bank providing you never plan on getting a top-up or making changes to your current loan agreement, and even then, RBS and UIster will have to have a plan for supporting loans that don't transfer.
Click to expand...

This seems very clear to me.
Providing you never plan on getting a top up
even then
Ulster will have a plan for supporting loans that don't transfer.

Maybe you worded it badly, but I read that as "Even ... if you never plan on getting a top up... Ulster will have a plan "

It is now clear you meant

1) You can stick with a zombie bank and you never encounter an issue such as 1) getting a top up 2) Getting your deeds when your mortgage is paid off 3) encountering arrears 4) having a problem with one of your payments going missing

But actually, there is no advantage ever of sticking with a zombie bank when you can go to a live bank, just in case your plans change:
1) You might need a top up
2) You might prefer to fix your rate and you will have to go to the hassle and cost of switching banks.
3)You might want your deeds when your mortgage ends
4) you might get into arrears
5) You might need a mortgage statement
6) Any other issue which arises from time to time with mortgages

Brendan
 
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