We got our mortgage in June 2005 and were given a tracker mortgage. ECB plus 0.85%. We then fixed in October 2006 for five years at 4.99% fixed rate until 30/11/2011. I would like if people could help me to see if we could get our tracker mortgage back by the conditions stated underneath. Below is exact wording on fixed rate letter and general condition 2 of the offer of advance originally accepted by us word for word. I also included a paragraph which related to our tracker under the heading Special Conditions.
AT THE END OF THE FIXED PERIOD: Ulster Bank Ireland Limited may offer to continue the advance for such a period and at such a fixed rate as it may decide. It may also offer alternative available products. If such offer is made and you elect to accept then you must do so in writing, your acceptance to be signed by all parties to the mortgage and to be received by Ulster Bank Ireland Limited. If of no such offer is made or if an offer is made and no acceptance received as prescribed above, then, from the day following the expiry of any option selected above, the Ulster Bank Home Loan Rate shall apply in accordance with General condition 2 of the Offer of Advance originally accepted by you being the Bank's General Conditions Relating to Advances by Ulster Bank Ireland Limited House Mortgages Section, which varies the Interest Rate, and the said General Conditions relating to the Advances shall be construed accordingly.
General condition 2 of the Offer of Advance is as follows:
Interest is calculated on the balance outstanding on the home loan at the close of business each day from the date of release of the advance monies until the home load is repaid. Interest so calculated is charged on the last day of the calender month in which release of funds takes place and on the last day of each calender month thereafter until the home loan is repaid. Interest charged to the home loan is included in the outstanding balance on which interest is calculated. The outstanding balance on which interest is calculated will include any overdue repayments and other sums outstanding. Overdue repayments and other sums outstanding will be included in the outstanding balance from the date on which they are debited to the home loan account until the date on which they are discharged. If redemption of the home loan takes place mid month the amount required to redeem the loan will include interest from the first day of the month in which redemption takes place to the date of redemtion. The monthly repayments will vary if changes in the Home Loan Interest Rate occur. Variation in Ulster Bank Home Loan Rate may occur at any time and notice of each variation will be published at least once in a national daily newspaper. Interest is calculated on a compound basis.
Drawdown date of your mortgage will be the date on which the advance monies are issued. If drawdown date is before the date on which direct debits are raised in any given month the first repayment will be on the 1st of the month following the month in which drawdown takes place and will be interest only on the amount drawndown from the date of drawdown until month end. This repayment will be in addition to the number of repayment instalments shown on the schedule of inmportant information. If drawdown date is after the date on which direct debits are raised in any given month interest will be charged on the last day of the month on the amount drawn down from date of drawdown until month end. This interest will be added to your first normal repayment on the 1st of the month following the month which follows the month in which drawdown takes place. In this case the total number of repayments will be as shown under the number of repayment instalments in the schedule of important information.
APR calculation assumes that drawdown of the loan will take place on the 15th of the month following the month in which the Offer of Advance issues.
The Special Conditions Relating To Loan xxxxxxxx:
The rate of the Ulster Bank Flexible Mortgage Tracks the ECB rate with a margin which is fixed for the life of the home loan term. THE MARGIN OF THIS HOME LOAN IS ECB RATE PLUS O.85%. This margin is dependent on the amount borrowed and the value of the property to be mortgaged.
AT THE END OF THE FIXED PERIOD: Ulster Bank Ireland Limited may offer to continue the advance for such a period and at such a fixed rate as it may decide. It may also offer alternative available products. If such offer is made and you elect to accept then you must do so in writing, your acceptance to be signed by all parties to the mortgage and to be received by Ulster Bank Ireland Limited. If of no such offer is made or if an offer is made and no acceptance received as prescribed above, then, from the day following the expiry of any option selected above, the Ulster Bank Home Loan Rate shall apply in accordance with General condition 2 of the Offer of Advance originally accepted by you being the Bank's General Conditions Relating to Advances by Ulster Bank Ireland Limited House Mortgages Section, which varies the Interest Rate, and the said General Conditions relating to the Advances shall be construed accordingly.
General condition 2 of the Offer of Advance is as follows:
Interest is calculated on the balance outstanding on the home loan at the close of business each day from the date of release of the advance monies until the home load is repaid. Interest so calculated is charged on the last day of the calender month in which release of funds takes place and on the last day of each calender month thereafter until the home loan is repaid. Interest charged to the home loan is included in the outstanding balance on which interest is calculated. The outstanding balance on which interest is calculated will include any overdue repayments and other sums outstanding. Overdue repayments and other sums outstanding will be included in the outstanding balance from the date on which they are debited to the home loan account until the date on which they are discharged. If redemption of the home loan takes place mid month the amount required to redeem the loan will include interest from the first day of the month in which redemption takes place to the date of redemtion. The monthly repayments will vary if changes in the Home Loan Interest Rate occur. Variation in Ulster Bank Home Loan Rate may occur at any time and notice of each variation will be published at least once in a national daily newspaper. Interest is calculated on a compound basis.
Drawdown date of your mortgage will be the date on which the advance monies are issued. If drawdown date is before the date on which direct debits are raised in any given month the first repayment will be on the 1st of the month following the month in which drawdown takes place and will be interest only on the amount drawndown from the date of drawdown until month end. This repayment will be in addition to the number of repayment instalments shown on the schedule of inmportant information. If drawdown date is after the date on which direct debits are raised in any given month interest will be charged on the last day of the month on the amount drawn down from date of drawdown until month end. This interest will be added to your first normal repayment on the 1st of the month following the month which follows the month in which drawdown takes place. In this case the total number of repayments will be as shown under the number of repayment instalments in the schedule of important information.
APR calculation assumes that drawdown of the loan will take place on the 15th of the month following the month in which the Offer of Advance issues.
The Special Conditions Relating To Loan xxxxxxxx:
The rate of the Ulster Bank Flexible Mortgage Tracks the ECB rate with a margin which is fixed for the life of the home loan term. THE MARGIN OF THIS HOME LOAN IS ECB RATE PLUS O.85%. This margin is dependent on the amount borrowed and the value of the property to be mortgaged.