Does Ulster Bank claw back legal fees if I switch again?

A

abbey

Registered User
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55
Hi,

I am about to switch my mortgage from KBC. I orignially applied to AIB through their emortgage portal. After uploading tons of paperwork (and what felt like lots of stalling on their side) they eventually told me that they couldn't accept apps for switchers through the eportal.


Having got fed up of the way they go about their business (I originally went to them when I was 1st was looking for a mortage and had a similar experience).

Last week I went into an Ulster Bank branch and the process seems straight forward (hopefully they will be more efficient than AIB).

That's the background, my question is: They offer an amount towards legal fees. Is there a time limit on this offer i.e. if you were to switch the mortgage at a later date will they look to re-claim the legal fees contribution? I can't see anything in the small print of the documentation that I have received.

Any ideas?
Thanks,
A
 
I'm not sure if they're more efficient. I'm in month 4 of my process with Ulster Bank and our finances are great and there is no reason at all why there should be any complication. Stuff like it took 3 weeks from the time the mortgage was approved until we and the solicitor received the documentation to sign. There's lots more.

I had a look at my loan offer letter. I can't attach the bit here with the conditions as it's a scanned pdf.
However the only conditions they mention are

You must maintain an Ulster Bank Current Account.
You must have your salary mandated into this account.

There's no mention of any time limit.
 
Yes, there will be a time limit. It costs banks time and money to process a mortgage and a number of years for them to start making a profit on your mortgage.

I'm not sure what Ulster Banks limit is but I would expect it to be 3-4 years.


Steven
www.bluewaterfp.ie
 
abbey said:
Hi,

I am about to switch my mortgage from KBC. I orignially applied to AIB through their emortgage portal. After uploading tons of paperwork (and what felt like lots of stalling on their side) they eventually told me that they couldn't accept apps for switchers through the eportal.


Having got fed up of the way they go about their business (I originally went to them when I was 1st was looking for a mortage and had a similar experience).

Last week I went into an Ulster Bank branch and the process seems straight forward (hopefully they will be more efficient than AIB).

That's the background, my question is: They offer an amount towards legal fees. Is there a time limit on this offer i.e. if you were to switch the mortgage at a later date will they look to re-claim the legal fees contribution? I can't see anything in the small print of the documentation that I have received.

Any ideas?
Thanks,
A
Click to expand...

No, there is no limit, you can switch when you want without claw-back... at least that's what I was told in January.
 
irishguy said:
Thats what they told me too last November
Click to expand...
Good to know. Thanks.

Have now got a Letter of Offer from AIB, I went into the branch and it was sent out to me really quickly. Amazing how fast they can move when they want to!
 
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