Could I be entitled to tracker - Ulster Bank?

Discussion in 'Issues with tracker mortgages' started by PaulaD, Mar 7, 2017.

  1. PaulaD

    PaulaD New Member

    Posts:
    4
    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
     
  2. justo

    justo Registered User

    Posts:
    48
    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
     
  3. cremeegg

    cremeegg Frequent Poster

    Posts:
    1,616
  4. SaySomething

    SaySomething Frequent Poster

    Posts:
    159
    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.
     
  5. PaulaD

    PaulaD New Member

    Posts:
    4
    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
     
  6. Tom111

    Tom111 New Member

    Posts:
    1
    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.
     
  7. PaulaD

    PaulaD New Member

    Posts:
    4
    Thanks Tom, I'm gonna persue it. Letter going in the post today. I won't be any worse off anyway!!
     
  8. peteb

    peteb Frequent Poster

    Posts:
    1,521
    You'll need more than the first page of of the letter of offer. Its the terms of the contact that outline it.
     
  9. PaulaD

    PaulaD New Member

    Posts:
    4
    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.
     
  10. peteb

    peteb Frequent Poster

    Posts:
    1,521
    you are looking for what is in general condition 2 of the contract.