Ulster Could I be entitled to tracker - Ulster Bank?

PaulaD

Registered User
Hi, it seems I'm pretty late to the tracker party having checked my terms and conditions umpteen times to see was there any mention of a tracker and saw nothing. We got a mortgage in 2007 and decided to fix for 3 years initially and in Sep 2010 reverted to SVR as only options given were that or various fixed terms. The loan offer just states a monthly amount for the 3 years and then what the new monthly amount for 2010 would be. It gave an APR in 2007 of 5.2%.
Last night I decided to check them again I came across the paragraph in the loan acceptance which states 'we understand that any outstanding debt owing to UB by us at any given time is secured on the property the subject of the tracker mortgage and must be repaid in full before the title deeds can be returned etc etc'

Fell into arrears from 2011 to 2014 and they were an impossible bunch to deal with. Harassment was no name for it. I have no faith in them but have I got an iota of a chance? And if so what do I do now. Appreciate any input.

Paula
 

justo

Frequent Poster
Have a look at the documentation that was provided when the original loan was drawn down. The word 'Tracker' may not appear but look for wording along the lines of ...'Ulsterbank variable rate... linked to the ECB... for the lifetime of the loan... at a specified rate, e.g. 1.05%.

Hope this helps
 

SaySomething

Frequent Poster
Paula if you have a tracker mortgage it won't be on the front page of the loan offer. The details will be at the top of page 2. Review your mortgage documentation again.
 

PaulaD

Registered User
Hi all. Thanks for your posts. I do not have a page 2. Just a one pager loan offer letter. It only says loan type fixed until 2010 then monthly loan repayment x from 2007 and then y from 2010 with no mention of new rate.
The only mention of tracker is the paragraph I quoted above at the end prior to signature
 

Tom111

Registered User
Hi Paula, my wife has a very similar loan offer from December 2006. She took out a mortgage with an interest only payment for the first 2 years which was to revert to interest and capital after this period.

Similarly to your case the loan offer does not state what rate will be when the fixed period ends. There is no mention anywhere in the document of a standard variable rate or indeed any rate. The specific loan conditions only state that it will revert to interest and capital payments after 24 months.

However the same paragraph that you quote is there as part of the loan acceptance. '...On the property the subject of the tracker mortgage...'

It would suggest to me that as there is no mention whatsoever of going to a standard variable rate and one clear mention of a tracker that it is at least worth a vigorous investigation.
 

PaulaD

Registered User
Thanks Tom, I'm gonna persue it. Letter going in the post today. I won't be any worse off anyway!!
 

peteb

Frequent Poster
Hi all. Thanks for your posts. I do not have a page 2. Just a one pager loan offer letter. It only says loan type fixed until 2010 then monthly loan repayment x from 2007 and then y from 2010 with no mention of new rate.
The only mention of tracker is the paragraph I quoted above at the end prior to signature
You'll need more than the first page of of the letter of offer. Its the terms of the contact that outline it.
 

PaulaD

Registered User
Hi Pete, I do have the whole contract and there is no mention of the actual rate or type of mortgage that follows the initial 3 year fixed rate - it only states the actual repayment amount following the 3 years. Very very strange, I'm not missing anything as it was all stapled together. Have written off to them, if I get any updates I'll let you all know.
 

Editiono

Frequent Poster
Hi Paula, my wife has a very similar loan offer from December 2006. She took out a mortgage with an interest only payment for the first 2 years which was to revert to interest and capital after this period.

Similarly to your case the loan offer does not state what rate will be when the fixed period ends. There is no mention anywhere in the document of a standard variable rate or indeed any rate. The specific loan conditions only state that it will revert to interest and capital payments after 24 months.

However the same paragraph that you quote is there as part of the loan acceptance. '...On the property the subject of the tracker mortgage...'

It would suggest to me that as there is no mention whatsoever of going to a standard variable rate and one clear mention of a tracker that it is at least worth a vigorous investigation.
@Tom111 @PaulaD exact same situation with same contract...how did you guys get on?
 

Tom111

Registered User
No progress to date. Ulster Bank won't even say if they consider my wife's case affected or not. Going back to the Financial Regulator to see can we get any info.
 

notabene

Frequent Poster
@Tom111 the financial regulator won't do anything at the moment - they've said they can't do anything with these cases until the review by the Central Bank is completed. Keep writing to Ulster Bank and also write to the Central Bank. They won't be able to help in individual cases but let them know that Ulster Bank are not being upfront with you.
 

Editiono

Frequent Poster
@Tom111 @PaulaD ok so I have received my copies of my original contract from my solicitor and also last week I received copies from Ulster bank minus the loan acceptance pages for both contracts where it states 'we understand that any outstanding debt owing to UB by us at any given time is secured on the property the subject of the tracker mortgage and must be repaid in full before the title deeds can be returned etc etc'
So then today I receive another letter from ulster bank with all the contract in it plus a new inserted page in a different type format called the European Standardised Information Sheet where they are called out Fixed and variable thereafter - This is a new page I had never ever received when signing and probably should have been on the original and it wasn't . Do they think we are stupid? I have written off a complaint and will be inputting one online too. Did they try this one with you?
 

Tom111

Registered User
Thanks for the update. No correspondence received of late. Another irate phone call overdue. Blank faces all round in Ulster Bank HQ.
 

Editiono

Frequent Poster
As per our PM, In response to my complaint I have received Notification in the post today that my mortgages are part of the wider Central Bank Review and the Tracker Examination Team will keep me up to date every 60 days. My suggestion is not to call the Bank but write in a complaint to the Complaint Department. The general Mortgages number got me nowhere. So guess, just need to await the outcome.

Also going to write to the FSO and to Central bank now
 

UB_TME

Registered User
Hi all, just wondering if anyone has gotten any further in relation to their queries? I have the same wording on my mortgage documentation 'we understand that any outstanding debt owing to UB by us at any given time is secured on the property the subject of the tracker mortgage'. We had a previous mortgage with UB (which was on a tracker) and traded-up and went on 3 years fixed from 2007 to 2010 but always assumed we would default to the tracker. We wrote to UB in 2010 after they only offered us variable rates and they fobbed us off with a generic 'your mortgage defaults to the standard variable rate' letter. We are going to go to the FSO but just wondering how you guys got on ?
 

Editiono

Frequent Poster
Hi all, just wondering if anyone has gotten any further in relation to their queries? I have the same wording on my mortgage documentation 'we understand that any outstanding debt owing to UB by us at any given time is secured on the property the subject of the tracker mortgage'. We had a previous mortgage with UB (which was on a tracker) and traded-up and went on 3 years fixed from 2007 to 2010 but always assumed we would default to the tracker. We wrote to UB in 2010 after they only offered us variable rates and they fobbed us off with a generic 'your mortgage defaults to the standard variable rate' letter. We are going to go to the FSO but just wondering how you guys got on ?
Still waiting to hear - I did get a letter on 2nd Feb to say my account will be reviewed within the next 4-6 weeks. We are in week 5 now so hoping I get something soon but not holding my breath.
 
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