Ulster Bank Mortgage Withdrawal 2024-2025

[codrumgus]

I was wondering if anyone can advise on the following:

Ulster Bank appear to be open to negotiation to finalise/close outstanding mortgages on their loan books in the Republic of Ireland.

Can anyone advise on the following 2 questions?

Q 1:
Does anyone know if Ulster Bank are permitted to sell on outstanding "First Active" Mortgage? I previously opted to stay with Ulster Bank and I thought there may be some impediment stopping Ulster Bank from selling these mortgages on but I'm not sure.

Q 2:
If such an outstanding mortgage is in the region of €50,000 what would be a realistic offer to make to Ulster Bank to clear it?

Thanks

 

[aoraki]

Hi, was your mortgage one of the mortgages where the Part B section was not signed on the original loan documentation? And as such Ulster Bank do not have permission to sell them on?

These are the only mortgages still on UB’s books that I am aware of. I was told there was a very small amount of these

I haven’t heard any update regarding this situation in a while and whether Ulster Bank had found a solution to this or if they were going to maintain a small residual presence to manage this remaining loan book. The folks I talked to in UB at the time didn’t know. I hadn’t heard anything about UB being willing to do deals on remaining mortgages.

 

[rameire]

There are under 150 mortgages still with the bank i believe.
Ulster Bank Ireland DAC will be renamed this year also to Ulydien Trust.
They currently intend to work these mortgages down as they still are required to service previous and historical queries and issues.

 

[aoraki]

@rameire Any idea how long they plan to stick around to work through these legacy issues? Or could it be like a Danske Bank situation and they’ll still have some presence here 10-15 years from now?