Ulster Bank premier brands split return bond series 3

[charlie MacZ]

Hello,

I invested 15000 in this back in July and I think I made a mistake. I want get a mortgage now ASAP and use this as part of a deposit but I cannot get access to these funds until 2018. Any ideas on what to do ?

Thanks

 

[LDFerguson]

Are you getting the mortgage from Ulster Bank?

 

[charlie MacZ]

I have been with Ulsterbank all my life and I'm now 36. So I would like to get the mortgage with them.

 

[LDFerguson]

You could ask Ulster Bank if they will (a) allow you to cash in the tracker bond now without penalty as part of the house-buying transaction or (b) give you an interest-only loan of the €15,000 at mortgage interest rates using the tracker bond as security.

I've no idea if Ulster Bank will agree to either suggestion, but there's no harm in asking. Highlight your long relationship with them and the fact that you're staying with them for the mortgage.

 

[Brendan Burgess]

Hi Liam

Yet another update for your great thread?

Preparing for a mortgage application

"Don't tie up your money for the long-term - especially in a useless tracker bond"

Brendan

 

[charlie MacZ]

Thanks very much will do this first thing tomorrow

 

[charlie MacZ]

Hi,

Spoke with my ulster bank branch today. I was told there would be a severe penalty if i cash in now, he only knows of one customer that did this, the customer needed to cash in after 1 year on a 20000 investment and the penalty was 25% ! On option (b) he could not give me an answer so i need to fill out the mortgage application form, give details of the tracker bonds investment and then it will be up to mortgage approvals to determine if i can do anything with it towards a property