Ulster Could I be entitled to tracker - Ulster Bank?

emorr1975

Registered User
Messages
10
Hi Everyone, I too had the wording about " subject of the tracker mortgage " and no mention on the documents that I have that after my fixed rate elapsed it would default to a variable rate. I received a letter this morning saying I'm not impacted and the wording on the document is a typo !!!! and its clear that i would default to a variable rate even though it does not say that in the document. I've just fired of a complaint to the FPSO as per the next stage but wondered there is a few people in the same boat with the wording so has anyone received the same or different response. @Editiono @PaulaD @Tom111 @Alpinemom @UB_TME
 

UB_TME

Registered User
Messages
6
Hi emorr1975. Yes, I got the same response from Ulsterbank through my financial adviser. Basically, the wording "subject of the tracker mortgage" on the page we signed was a "typographical error" !!!! That would possibly be an argument from their side if it said somewhere else on the paperwork that the mortgage would default to a standard variable rate but it doesn't; nowhere on the paperwork does it state that the mortgage was going to default to a standard variable rate (or what it was going to default to when the fixed rate expired). We were trading up from a mortgage we also had with Ulsterbank and were on a tracker rate of +1.05% on that mortgage so had assumed we were keeping that rate with the new mortgage (as the page we signed referenced the tracker mortgage). We wrote to them back in 2010 (we're not just jumping on the 'tracker bandwagon' here!) and got fobbed off back then too so won't be letting it drop this time. We are now going to the FSPO with our complaint. Going by the FSPO website, all tracker mortgage complaints are on hold until the TME is fully complete, so I think we're in for a long wait !! Funny thing is, UB are currently giving people 3 year fixed rates instead of 2 year fixed rates because of a 'typo' !!! "https://www.askaboutmoney.com/threads/ulster-bank-typo-gives-me-2-3-for-three-years-instead-of-two.210067/"
 

Tom111

Registered User
Messages
8
Hi all, received the same letter and have written to FSPO with the same points. There was no section 14 (c) (ii) in the paperwork so the rate was not clear in any place. And the supposed typo is the only reference to whether the mortgage after the fixed period would be fixed, variable or a tracker. We'll see...
 

Editiono

Frequent Poster
Messages
86
Got the same last year but have not had the energy to fight anymore. FSPO Is the financial services ombudsman
 

Alpinemom

Registered User
Messages
14
Hi All. I had not chased this. But got call this morning to say as part of a review am due refund based on rate I was put on when mortgage drew down. Letter and cheque on way. She said unrelated to tracker....but curious if any others querying trackers get refund.. the conspiracy theorist in me . Thanks
 

Homesweethome:)

Registered User
Messages
21
Hi Al
Hi All. I had not chased this. But got call this morning to say as part of a review am due refund based on rate I was put on when mortgage drew down. Letter and cheque on way. She said unrelated to tracker....but curious if any others querying trackers get refund.. the conspiracy theorist in me . Thanks
That is great news to get! Agree it’s strange that it’s unrelated to tracker issue. Are they amending your rate now?
 

JMexubbanker

Registered User
Messages
51
Hi All. I had not chased this. But got call this morning to say as part of a review am due refund based on rate I was put on when mortgage drew down. Letter and cheque on way. She said unrelated to tracker....but curious if any others querying trackers get refund.. the conspiracy theorist in me . Thanks
That is great news for you, really pleased for you .....sounds very interesting....wonder is there some back pedalling now happening!
 

October2019

Registered User
Messages
49
Hi all,
Can someone tell me is the offer of advance mortgage doc the same as the Mortgage contract?
thanks
 

October2019

Registered User
Messages
49
Thanks SS, I put in a SAR with Ulster bank and don’t see the contract in it, just the offer of advance doc? Shouldn’t the bank have the contract?
 

Hairymilo

Registered User
Messages
13
Hi all,
Can someone tell me is the offer of advance mortgage doc the same as the Mortgage contract?
thanks
Your 'Offer of Advance' documentation is indeed your 'mortgage contract'. As you accepted UB's 'Offer' (of advance), this document constitutes your contract.

Page 1 & 2 are the go too' pages. Pg 1 - Offer of Advance, Pg 2 - Special Conditions relating to loan (1st paragraph of this page refer's to your tracker margin)
 

UB_TME

Registered User
Messages
6
Well my thinking is that it will depend on what paperwork people actually received and when they received it, along with how the mortgage was taken out, i.e. was it people trading up, switching providers etc. It says in the finding:

"Two sets of Terms and Conditions have been furnished in evidence by the Provider. The first set of Terms and Conditions are titled “Standard Mortgage General Terms and Conditions” and stated to be effective from “01/06/2008”. The Standard Mortgage General Terms and Conditions detail as follows "

So did anyone before 01/06/2008 not receive this paperwork ? We certainly didn't. That completely changes how the paperwork can be read as there is no Condition 14 (c)(ii) that clearly states what the fixed rate would default to at the end of the fixed rate.

As the FSPO has said "he would like to see his decisions in individual cases applied by banks and insurance companies to groups of customers with similar complaints ", then the bank should be compensating everyone with this wording on their paperwork. Will that happen though ? :rolleyes:

It also leaves the door open to people who have this wording on their paperwork but did not receive the "Standard Mortgage General Terms and Conditions” and stated to be effective from “01/06/2008”, as the Ombudsman said in the finding "Further, whilst I accept that “typographical” errors can occur and in this circumstance that error did not affect the Complainants’ underlying contractual entitlements"

The important bit in that, I think, is he says "in this circumstance". The circumstances will be different if you never received the "Standard Mortgage General Terms and Conditions” and stated to be effective from “01/06/2008”

It's a real pity we will have to wait so long to have our cases adjudicated on due to some of the ridiculous cases some people brought to the FSPO looking to get a tracker mortgage. Oh well, such is life. Anyone with this type of paperwork who genuinely believes they should have had or had the option of a tracker mortgage just needs to keep going. :)
 
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