Ulster Bank- Bank obligation to inform customers of new lower rates?

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Ndiddy

Registered User
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Hi,
Have an Ulster Bank mortgage now at 3.55% ( old ufirstgold discount). Do the banks have any obligation to tell you when you would qualify for a lower rate, for example because of now lower LTV or because of newly offered lower rates. This is the second time in 18months that I noticed that I qualify for a lower rate than they have me at currently. I have to fight each time to get the lower rate, but what happens to all the customers who aren't aware that they qualify for the lower rate?
 
How do you have to fight? I’m with Ulster as well and just check the rates regularly, and if it looks like I am eligible for a better one I give them a call to send me the paperwork to change the rate.
A simple and straightforward process.
True, they don’t do that for you but that’s not exactly their job I guess.
Also, the bank wouldn’t really know what the best option is for you.
 
I'd second that, just over3 years in with UB and have moved rates 4 times I think including a LTV change. Have to keep an eye but usually in the press. Also never hassle (bar a bit slow). People need to be more engaged in what is typically their biggest expense.
 
Ndiddy said:
Hi,
Do the banks have any obligation to tell you when you would qualify for a lower rate, for example because of now lower LTV or because of newly offered lower rates.
Click to expand...

They do tell you. They publish it on their website. That's probably as much of an obligation that they have.

But I don't know if there's any regulation or law requiring them to post you an update. Judging by the power that the Central Bank has been shown to have over the tracker scandal I'd say they don't require the banks to update you proactively when their rates change.

And I'd echo the previous two guys sentiments about the fighting. Ulster Bank are actually really good about changing rates. If you ring them they'll send you a form which you just tick and sign and if the rate is applicable to you, they'll switch you over. They're slow but they don't give any hassle about it. Are you finding them more awkward than that?

I was with KBC before I switched to UB. I used to just get "Computer says no" whenever I asked about changing rates with them. There was no fighting their either though. I just had no choice to accept "Computer says no"
 
With my yearly summary I was sent a rate sheet with about 10 other rates and all I had to do was sign and send back.

I didn't change but about 2 months after taking out the mortgage I gave them a call, they sent a rate sheet, I signed and job done. It was painless.

I view my duty as a mortgage holder to make sure I am getting the best possible deal and check regularly.
 
Thanks to all, i check about every 3 months to see if there is a rate change but I was just wondering if there was any bank requirement coming down the line
 
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