Hi
Has anyone experience or advice on the Ulster Bank Home mover mortgage
We have an existing tracker mortgage of €130,000 @ 1.05% above ECB with 12 years left
(We reluctantly are giving up our great Tracker mortgage as we need to move to larger home.)
We have Sale agreed on our home €303,000 & using equity towards purchase/renovations of our new home which we are sale agreed @ €222,000
We are looking for a home mover mortgage for the same amount we are currently paying over the same term (€130k over 12 years) 3 months ago we met with Branch manager to go though the process of moving our mortgage over to the new HOME MOVER 5 YR ECB +2%.
We finally got our offer on Friday with the following in the Loan offer conditions:
Notwithstanding the generality of our right to vary the agreement as contained in the General Conditions to this loan and in addition to such right as contained therein, the Bank may, at its sole discretion amend the terms of this agreement, including increasing the Tracker Rate Margin with immediate effect anytime within the aforementioned 5 year period where there is a material adverse change in:
The business, operations, property, condition (financial or otherwise)
It had been our understanding from the start that this 2% was fixed for the 5 years and after the 5 years we would move to whatever the best deal for us was, This was the incentive to get us off our 1.05 % tracker. But it seems if we sign up to this then Ulster Bank can at any time change their rates so what is the point?
We are so angry that at this late stage when we need to close the sale of the house, that this is the first we have heard about this , It was our understanding though the whole process that the offer was fixed for the 5 years (unless we defaulted)
Has anyone any experience of the Home mover mortgage, or have any advice to give?
thanks
hogg
Has anyone experience or advice on the Ulster Bank Home mover mortgage
We have an existing tracker mortgage of €130,000 @ 1.05% above ECB with 12 years left
(We reluctantly are giving up our great Tracker mortgage as we need to move to larger home.)
We have Sale agreed on our home €303,000 & using equity towards purchase/renovations of our new home which we are sale agreed @ €222,000
We are looking for a home mover mortgage for the same amount we are currently paying over the same term (€130k over 12 years) 3 months ago we met with Branch manager to go though the process of moving our mortgage over to the new HOME MOVER 5 YR ECB +2%.
We finally got our offer on Friday with the following in the Loan offer conditions:
Notwithstanding the generality of our right to vary the agreement as contained in the General Conditions to this loan and in addition to such right as contained therein, the Bank may, at its sole discretion amend the terms of this agreement, including increasing the Tracker Rate Margin with immediate effect anytime within the aforementioned 5 year period where there is a material adverse change in:
The business, operations, property, condition (financial or otherwise)
It had been our understanding from the start that this 2% was fixed for the 5 years and after the 5 years we would move to whatever the best deal for us was, This was the incentive to get us off our 1.05 % tracker. But it seems if we sign up to this then Ulster Bank can at any time change their rates so what is the point?
We are so angry that at this late stage when we need to close the sale of the house, that this is the first we have heard about this , It was our understanding though the whole process that the offer was fixed for the 5 years (unless we defaulted)
Has anyone any experience of the Home mover mortgage, or have any advice to give?
thanks
hogg