Striking a deal with the bank re mortgage?

groupthought

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I have about €85k left to pay on a house I bought with Ulster Bank 11 years ago. A 5 year fixed rate ends this November. Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?
 
I have about €85k left to pay on a house I bought with Ulster Bank 11 years ago. A 5 year fixed rate ends this November. Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?

Do you revert to a tracker when the fixed rate ends?
 
I have about €85k left to pay on a house I bought with Ulster Bank 11 years ago. A 5 year fixed rate ends this November. Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?

You can always make that offer, but I don't see a reason for the bank to accept this. I would consider 85K a small mortgage, you didn't indicate you have any problems repaying this. Also I assume you have the 50 or 60K in savings further fostering the impression that you are not in financial difficulties, hence the bank doesn't have a lot of risk with your repayments. Definitely not a risk worth a 30% write-off.
Can't see any reason why the bank should do this.
 
You can offer but your chances of success are nil. Unless your house is owrth less than the 85K and your financial circumstances are such that you are unable to meet some level of repayments on this loan the Bank will refuse such an offer.
 
You can always make that offer, but I don't see a reason for the bank to accept this. I would consider 85K a small mortgage, you didn't indicate you have any problems repaying this. Also I assume you have the 50 or 60K in savings further fostering the impression that you are not in financial difficulties, hence the bank doesn't have a lot of risk with your repayments. Definitely not a risk worth a 30% write-off.
Can't see any reason why the bank should do this.

Mortgage was originally about €178k. Thankfully I'm not in financial difficulty at this time. I just wondered if the bank would be interested in the money itself considering the mess they have made.
 
Mortgage was originally about €178k. Thankfully I'm not in financial difficulty at this time. I just wondered if the bank would be interested in the money itself considering the mess they have made.

:rolleyes:

So the tax payer should bail out you? And I appreciate the tax payer has already bailed out the banks, but here we have someone that admits they are not in financial difficulty but yet doesn't want to honour a contract that they signed.

I would expect the banks will focus their energies on 'striking a deal' with people who are genuinely suffering right now.
 
:rolleyes:

So the tax payer should bail out you? And I appreciate the tax payer has already bailed out the banks, but here we have someone that admits they are not in financial difficulty but yet doesn't want to honour a contract that they signed.

I would expect the banks will focus their energies on 'striking a deal' with people who are genuinely suffering right now.

I don't want a bail out thank you. I never said i would not honour the contract. For all you know i could be losing my job soon and want to pay off the mortgage before this happens.

Don't even attempt to gain my sympathy for banks and what they and certain politicians have done to this nation
 
To be fair OP is not suggesting that he will renege on the contract but that the lender may be prepared to do a deal. Realistically the lender will politely decline & no harm is done.
 
To be fair OP is not suggesting that he will renege on the contract but that the lender may be prepared to do a deal. Realistically the lender will politely decline & no harm is done.

Great to hear someone talk sense.

I thought house prices have been grossly inflated but obviously i have to do more research
 
Ulster Bank won't do anything for you. They are not doing deals from my experience and also, as already stated, the amount is too small and you are not in difficulty, so no motivation for them in doing a deal.
 
Give it a try. Why not? If they want to do a deal they will deal. If not they will tell you straight out. They may meet you half way. You wont know unless you ask.

If I was in a position to try it I would.
 
:rolleyes:

So the tax payer should bail out you? And I appreciate the tax payer has already bailed out the banks, but here we have someone that admits they are not in financial difficulty but yet doesn't want to honour a contract that they signed.

I would expect the banks will focus their energies on 'striking a deal' with people who are genuinely suffering right now.

Op has loan from UB

How much irish taxpayers money has been given to UB?
 
I have about €85k left to pay on a house I bought with Ulster Bank 11 years ago. A 5 year fixed rate ends this November. Would it be crazy to offer them a deal of say €50 or €60k and clear the debt?

No not crazy (can't think how you'd be worse off), but a complete waste of time if either you have the means to repay the full €85k or if the house is worth significantly more than the €85k (which it must be if the mortgage was €178k 11 years ago).

Out of interest, what has led you to believe that the bank might negotiate in such circumstances?
 
Do you revert to a tracker when the fixed rate ends?

I'm nearly certain I was on a Variable rate before fixing for 3 years back in 08.

Can anyone advise what my monthly repayments are likely to be with Ulster Bank when my fixed rate ends in November?

The original loan was €178k and I have about €85k left to pay.
 
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I heard of someone with BoS mortgage & contacted the company who handle their mortgages since they moved out of Ireland to look for info on increasing their monthly repayments or paying a lump sum off without affecting their tracker rate & were given the feeling that the bank would be open to offers about taking a final settlement sum in order to close off the mortgage, they had about 130k left over 12 yrs, person on other end of phone would nt say how much should be offered but gave the impression that around 115k wouldn t be laughed at by the mortgage company, how true is this??
 
It does appear that BOSI (now CERTUS) are doing some deals in order to liquidate their loan book quickly. I have seen no firm evidence of this but heard of loan refinance requests from BOSI clients who have agreed deals.
 
I'm on a 2.1% tracker with 5 years left on interest only on 100k with one of the irish banks, and then 20 years of interest and premium, would it not be in any banks interest to do a deal, as this is loss making
 
Yes it probably would. However you will find that the Banks do not take this type of pragmatic approach to such a request. Even if they did it would probably not be in your own best interest to break this deal unless the discount was a particularly attractive one.
 
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