Ulster Bank's proposal to deal with offset mortgages

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Just checked now and my money is in! Will be firing off redemption quote request asap and just getting rid, I only held on to see what they would do with the offsets, good decision!
 
Delighted for everyone thats getting something out of Ulster Bank, and those getting a decent lump sum and in a position to pay off their mortgages. It's nice to see people doing well out of it, however large or small it is.
 
fliball123 said:
Ring and ask for a redemption figure also ask for the discount that they would of applied for selling the mortgage no harm in asking
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You can ring if you want but there is a redemption request form on the website, looked it up the other day. I couldn't be bothered asking about further discount as I figure the chances are zero or you're looking at the request going around the houses back and forth to UK as no one to make a decision!
 
Monbretia said:
You can ring if you want but there is a redemption request form on the website, looked it up the other day. I couldn't be bothered asking about further discount as I figure the chances are zero or you're looking at the request going around the houses back and forth to UK as no one to make a decision!
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Theres no point in asking for a discount on the redemption, they just don't do that on an individual basis
 
Monbretia said:
You can ring if you want but there is a redemption request form on the website, looked it up the other day. I couldn't be bothered asking about further discount as I figure the chances are zero or you're looking at the request going around the houses back and forth to UK as no one to make a decision!
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Does the redemption request work for the offset mortgages, I know I could use other online features with it. Would just revert to telling me to ring them
 
Target106 said:
Theres no point in asking for a discount on the redemption, they just don't do that on an individual basis
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There is ever reason to ask for a discount not only are they pulling out of Ireland and looking to sell "your mortgage" at a discount anyway but they have also broken a key condition to the mortgage with relation to the offset part. This is a unique circumstance and not the bog standard selling of the mortgage so if you dont ask you wont gat IMO no harm in asking the worst they can say is no
 
fliball123 said:
There is ever reason to ask for a discount not only are they pulling out of Ireland and looking to sell "your mortgage" at a discount anyway but they have also broken a key condition to the mortgage with relation to the offset part. This is a unique circumstance and not the bog standard selling of the mortgage so if you dont ask you wont gat IMO no harm in asking the worst they can say is no
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True. I might give them a ring and ask myself. But from what I hear, it's an administrative nightmare to do deals on an individual basis and it just makes it unfeasible. It also creates an unwelcome precedent within the industry and they are only closing in Ireland, not closing completely.

Worth a shot though I suppose
 
Target106 said:
True. I might give them a ring and ask myself. But from what I hear, it's an administrative nightmare to do deals on an individual basis and it just makes it unfeasible. It also creates an unwelcome precedent within the industry and they are only closing in Ireland, not closing completely.

Worth a shot though I suppose
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Well the fact that they are only pulling out of Ireland is another reason as iit will continue to cost them money as long as this loan book is hanging over them I know a lot of people are very unhappy with the offer they got so IMO they would be better to get as many of these loans gone as possible and as soon as possible
 
This is in their FAQs in regard to asking for a discount on redemption:

Ulster Bank will not be offering any discount on the balance outstanding if your mortgage is redeemed. If you need support, are in financial difficulty or in a vulnerable situation, we are here to help you with your banking needs and queries. Please call us on xxx
 
Whatami said:
This is in their FAQs in regard to asking for a discount on redemption:

Ulster Bank will not be offering any discount on the balance outstanding if your mortgage is redeemed. If you need support, are in financial difficulty or in a vulnerable situation, we are here to help you with your banking needs and queries. Please call us on xxx
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There goes that dream :-|
 
Whatami said:
This is in their FAQs in regard to asking for a discount on redemption:

Ulster Bank will not be offering any discount on the balance outstanding if your mortgage is redeemed. If you need support, are in financial difficulty or in a vulnerable situation, we are here to help you with your banking needs and queries. Please call us on xxx
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Yet they are offering one to a different bank as I say no harm in asking
 
Whatami said:
This is in their FAQs in regard to asking for a discount on redemption:

Ulster Bank will not be offering any discount on the balance outstanding if your mortgage is redeemed. If you need support, are in financial difficulty or in a vulnerable situation, we are here to help you with your banking needs and queries. Please call us on xxx
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That looks like it only appears under the header for mortgages due to transfer to Pepper, so there may still be a glimmer of hope for us
 
Target106 said:
For what it's worth, had a call from FA from Ulster Bank to clarify a few things. So the pay and redraw facility remains, as we know, and while it's not as simple to use as the offset facility, it's still possible to offset your balance with any available funds and redrawing the funds is not subject to credit eligibility. So it's not like you have to apply to draw down your funds again like a top up loan.

You would have to wonder why they are making (in some cases) substantial payouts for the removal of the offset? or am I missing something?

Also, re: the advice in the letter to contact them if you are in receipt of a lump sum which you had planned to use for future offsetting; it appears they have strict criteria for the source of any lump sum you are planning to use i.e inheritance, redundancy, insurance payout or medical reasons (didn't quite catch that part).
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Wonder why is that restriction in place and how can they tell the source of your lump sum. And is the lump sum calculated like the original amounts for the ez gratia?
 
Indebadbooks said:
Wonder why is that restriction in place and how can they tell the source of your lump sum. And is the lump sum calculated like the original amounts for the ez gratia?
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Presume they would look for proof of where it came from which would be easy enough if genuine otherwise I could give my brother 20k for example for him to say he had as a lump sum he intended lodging to the offset, then he gets an elevated payout and we split the profit! :)
 
Monbretia said:
Presume they would look for proof of where it came from which would be easy enough if genuine otherwise I could give my brother 20k for example for him to say he had as a lump sum he intended lodging to the offset, then he gets an elevated payout and we split the profit! :)
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Yip that's correct but I doubt there would be too many at that craic. Wonder how they would calculate it. Would it go onto the 24 month pot and averaged out like the ex gratia. If so then it wouldn't equate to much really.
 
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