Ulster bank Tracker Mortgage still not moved to AIB - have Pyrite also

J

Jac1973

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I have 4 years tracker mortgage remaining just under €50,000 remaining to pay and Ulster bank said in letter first half 2024 will be transferred to AIB.

When I phoned yesterday they said highly unlikely this will happen. They are blaming AIB and when I phone AIB they are blaming Ulster bank.

My problem is I live in Mayo and my house has pyrite and I need to get mortgage transferred but they are not budging. Do I have any rights?

Nobody cares that house has pyrite and that we have to remortgage to make up Government shortfall.. it’s so stressful just wondering anyone any ideas as I just don’t know what to do.

I phoned Ombudsman and they said make complaint but I did that online but that’s just an online form. The banks don’t care about my situation and just ignoring me. I’m still paying my mortgage monthly to Ulster bank so I don’t know what to do…thx
 
As our house is crumbling with pyrite it is dangerous to live in and it is worthless in present condition ( UB are co owners of this worthless house)

We have to demolish our house completely move out find rental accommodation as well as remortgage to make up shortfall of money to rebuild same house that we are already paying mortgage on that UB are holding us to ransom.


The gov grant for pyrite falls short so we have to remortgage so we need our affairs in order but our mortgage is with UB and they don’t offer a remortgage service.

And now we can’t get UB to release it
 
If you have pyrite the chances of you getting a new mortgage is very limited. You might want to rethink clearing the mortgage. Also Ulster Bank have said they will still offer top ups as they have not fully left the market. Check their website.
Also have you been accepted the the pyrite scheme? I know of a few families where they have a one off house on a site where repaired. Bathroom and kitchens where reinstated. If they wanted a new kitchen bathroom etc they had to pay extra for this and paid someone else to install the kitchen. Foundations were repaired.
If pyrite has been noted in the area then maybe ask for a top up but do not mention pyrite in your conversations. Check what you need to complete your house and approach Ulster Bank.
 
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Sorry about the pyrite and I don't know anything about the schemes that are available but regards the mortgage why does it matter whether the existing one is transferred to AIB or not, is it AIB you wish to apply to for the new mortgage? Either way you can just apply to any lender that will give you the mortgage for the new one and a condition of it will be clearing the existing one with UB if it's still with them at that stage. Even if an AIB mortgage the existing one if transferred would be cleared by new one.

A top up from UB is probably not going to be of much use as limited to somewhere around 70kish assuming things haven't changed much. Not enough to build a house anyway.

Just proceed to apply for a mortgage wherever you can get approved for the amount you need plus the 50k o/s to UB, that will be cleared then on drawdown from the new funds.
 
Sconeandjam said:
If you have pyrite the chances of you getting a new mortgage is very limited. You might want to rethink clearing the mortgage. Also Ulster Bank have said they will still offer top ups as they have not fully left the market. Check their website.
Also have you been accepted the the pyrite scheme? I know of a few families where they have a one off house on a site where repaired. Bathroom and kitchens where reinstated. If they wanted a new kitchen bathroom etc they had to pay extra for this and paid someone else to install the kitchen. Foundations were repaired.
If pyrite has been noted in the area then maybe ask for a top up but do not mention pyrite in your conversations. Check what you need to complete your house and approach Ulster Bank.
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Thanks for update. Unfortunately with pyrite (it’s different to mica in Dublin that needed foundation remediated) our results confirm the whole house has to be demolished as the blocks are crumbling and will fall, there is no temporary fixing the issue. You might be right about clearing mortgage . Thanks
 
Jac1973 said:
Thanks for update. Unfortunately with pyrite (it’s different to mica in Dublin that needed foundation remediated) our results confirm the whole house has to be demolished as the blocks are crumbling and will fall, there is no temporary fixing the issue. You might be right about clearing mortgage . Thanks
Click to expand...
The families I have mentioned had pyrite in their foundations and not in their bricks. The one off houses were in North County Dublin. They had their houses remediated.
See what shortfall you have for remediation/rebuild works and ask UB and work from there. As soon as you mention pyrite then you may find you are offered very little. Ask your engineer what they suggest to say to the bank. Best of luck with your remediation.
 
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