K
KGLady
Guest
Firstly, I'm a newb to the forum so please forgive if I'm duplicating an existing thread, my searches so far haven't hit on precisely what I'm hoping to discuss.
I currently have a tracker Home Loan with ULB and with the high frequency of the ECB movements of late, I've become particularly aware of precisely when the reductions in the rate are being applied to my account. At the moment I'm right in the middle of query on the matter with ULB though its been tedious and stressful to say the least.
Our intial queries were taken by customer service officials who seemed to know even less than I did about mortgages and they kept referring me to the T&Cs of my mortgage - which I had, and was familiar with in detail. Eventually I ended up requesting a copy of what they claim were our T&Cs a process which took follow up phone calls and an escalation to a higher level, but it eventually rewarded me with a copy of our original signed Offer of Advance and a very polite, detailed and thorough explaination which hinges upon a condition of their tracker borrowings which allows ULB a 10 day time frame to adjust the rate.
This is precisely what I was hoping for - a definate answer and confirmation that the Offer of Advance which they supplied is identical to my original (particularly to note if there was any appendix or some such tagged on to theirs which was not included in my own.) I have read the Offer of Advance literally word for word, both copies just to be sure. I've gone over the Special Conditions which quote a rate of ECB + 1.15% and the General conditions which specifies the method for calculation and charging of interest on the Home Loan. Not in the entire document is there a mention of a ten day period - and the opening paragraph states the document is legally binding according to the special and general conditions which are contained in the document.... no appendix or referenced additional lending conditions quoted anywhere.
I've formulated my written responce to Ulster Bank and its a waiting game for me now - although given what I've been reading here I'm not feeling too confident!
My mortgage is hovering about the e200k mark so the effect of 0.5% ECB cut is e2.75 per day or 27 quid each time it moves by a half percent and they wait ten days. Since November when this kicked off, it has in real terms cost me e150. Obviously these are volatile times and the ECB decreases are exceptionally frequent, but all the same this mystical 10day rule could cost me signifigantly over the full term of the borrowing.
So, why the wall of text? I am just curious if anyone else has encountered similiar and if they have had any positive results with raising a query along these lines.
Thanks for your patient reading
I currently have a tracker Home Loan with ULB and with the high frequency of the ECB movements of late, I've become particularly aware of precisely when the reductions in the rate are being applied to my account. At the moment I'm right in the middle of query on the matter with ULB though its been tedious and stressful to say the least.
Our intial queries were taken by customer service officials who seemed to know even less than I did about mortgages and they kept referring me to the T&Cs of my mortgage - which I had, and was familiar with in detail. Eventually I ended up requesting a copy of what they claim were our T&Cs a process which took follow up phone calls and an escalation to a higher level, but it eventually rewarded me with a copy of our original signed Offer of Advance and a very polite, detailed and thorough explaination which hinges upon a condition of their tracker borrowings which allows ULB a 10 day time frame to adjust the rate.
This is precisely what I was hoping for - a definate answer and confirmation that the Offer of Advance which they supplied is identical to my original (particularly to note if there was any appendix or some such tagged on to theirs which was not included in my own.) I have read the Offer of Advance literally word for word, both copies just to be sure. I've gone over the Special Conditions which quote a rate of ECB + 1.15% and the General conditions which specifies the method for calculation and charging of interest on the Home Loan. Not in the entire document is there a mention of a ten day period - and the opening paragraph states the document is legally binding according to the special and general conditions which are contained in the document.... no appendix or referenced additional lending conditions quoted anywhere.
I've formulated my written responce to Ulster Bank and its a waiting game for me now - although given what I've been reading here I'm not feeling too confident!
My mortgage is hovering about the e200k mark so the effect of 0.5% ECB cut is e2.75 per day or 27 quid each time it moves by a half percent and they wait ten days. Since November when this kicked off, it has in real terms cost me e150. Obviously these are volatile times and the ECB decreases are exceptionally frequent, but all the same this mystical 10day rule could cost me signifigantly over the full term of the borrowing.
So, why the wall of text? I am just curious if anyone else has encountered similiar and if they have had any positive results with raising a query along these lines.
Thanks for your patient reading