Was your current account linked to your Offset Mortgage for the purposes of offsetting?Hi
I have the offset mortgage, what's the latest form you all ?, I'm still paying DD, and they closed my Current account, so they are breaching terms ? Right?
why did you close your current account?Hi
I have the offset mortgage, what's the latest form you all ?, I'm still paying DD, and they closed my Current account, so they are breaching terms ? Right?
I wonder what he meant by that. We have an Offset too taken out at approximately same time as u with First Active and now UB. Not sure what is happening with them?My current account was closed on the 16th of May. I had asked about getting a debit card for my facility account just before they closed College Green. I got it the next day, branch code is Clonmel.
I took out a year First Active offset mortgage in 2005, which was taken over by Ulster. Twelve and a half years to go.
I was at a school reunion last month and ran into a guy who had been BOI but went to UB 12 years ago. I asked him about the offset mortgages and he said "you could do very well out of that", but I didn't have a chance to meet him later.
Same as that. Have heard nothing since that last correspondence. I had to ring the UB mortgage department regarding an unrelated query about a month ago and I asked the lady if there was any update regarding the offset mortgages. She said there was no update, it was business as usual for the offset mortgages for the foreseeable future as far as she knew.Has anybody with one of these mortgages received any letters or updates recently on whats happening with them? The last I heard was around March when I received a letter to say it wasn't being transferred to PTSB or AIB and next steps would be advised around the middle of 2023.
Dear
We wrote to you in 2021 to tell you that Ulster Bank Ireland DAC is withdrawing from the Irish market. Since then, we’ve signed legally binding agreements to transfer some of our performing tracker mortgages to AIB Group (AIB) and our performing non-tracker mortgages to Permanent TSB (PTSB), subject to receiving regulatory approvals. As an Offset Mortgage customer, we want to update you on the Bank’s current position regarding your Offset Mortgage.
Why are we writing to you?
We want to confirm to you that your Offset Mortgage is not part of the legally binding agreements announced with AIB and PTSB.
You may also have heard about the Bank writing to customers to advise them to choose a new provider and open a new current account with them over the coming months. Please be advised that currently, this does not apply to Offset Mortgage customers with current and/or savings accounts linked to an Offset Mortgage.
As these accounts are linked to your Offset Mortgage, closure of these accounts would result in the loss of the Offset benefit. If the Offset Mortgage continues to meet your needs, you should ensure that any current and/or savings accounts linked to it remain open for now.
As an Offset mortgage customer what do you need to do?
Nothing. You do not need to take any action. Please be assured that your legal and regulatory protections have not changed. We will write to you again, later in 2022, with a further update on your Offset Mortgage and explain what that means for you.
Encounter a similar problem went trying to get SEAI grant refund. The wouldn’t pay into an my Ulster bank account even though I confirmed it was open for the foreseeable future, as Ulster bank confirmed due to it being linked to offset mortgage.We encountered an unexpected issue this week when setting up a new direct debit with Aviva. They refused to set up a direct debit mandate for an UB account. Without getting into a convoluted explanation of offset mortgages, we explained that our mortgage and current account are still with UB with no plans to move them as yet, but they wouldn't budge on it, and we had to set it up on a Revolut account instead, which is not convenient for us. Ironically our other Aviva direct debits are all for our UB account - but that didn't seem to matter either. Has anyone encountered issues with other companies instigating similar policies?
I don't think though that is UBs fault, it's the providers who have blocked or whatever the inputting of UB details and probably for very good reason as no doubt some people were giving old account details and causing problems.This latest issue with direct debits & money transfers is in conflict with UB correspondence to offset mortgage holders. We were told to continue using linked accounts as normal and nothing has changed except for updated terms and conditions which really related to branch closures.
andHowever, Ulster Bank has still to find a future home for its so-called offset mortgages, where money in customers’ savings accounts is used to lower the balance – and interest due – on home loan accounts. The spokesman declined to comment on the size of the offset mortgages portfolio.
I wonder if Ulster Bank have worked through the rest of their loan book and might be in a position now to deal with the OffsetsJane Howard, Ulster Bank chief executive, told the Oireachtas finance committee in February that it would be next year at the earliest before the company hands its banking licence back to the Central Bank.