Did Ulster Bank give the two months' notice it promised of the transfer?

P

Paul F

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I was reading this post from @Okokokoknic from last month where they said:

And up to about two days ago, Ulster Bank's website said:

Screenshots:



Now that question and answer has gone from Ulster Bank's website, and some UB mortgage holders are saying that they did not get the two months' notice that they were promised. As a result, some of them have missed the chance to fix/re-fix on a good UB fixed rate and can now only fix on PTSB's higher rates.

For example:
  • 5-year fixed rate, loan-to-value (LTV) less than 80%:
    • Permanent TSB: 3.0%
    • Ulster Bank: 2.45% (or 2.2% of your mortgage balance is over €250k!)
  • 10-year fixed rate, loan-to-value (LTV) less than 60%:
    • Permanent TSB: not available
    • Ulster Bank: 2.8%
If I were an Ulster Bank customer I would feel very aggrieved if I wasn't given the notice I was promised. I wonder if some customers will make complaints that end up going to the Ombudsman.
 
Last edited:
Hi Paul

Interesting point.

But surely people knew that their mortgage was moving so why did they not fix when they could?

I don't have that much sympathy for anyone who did not fix their rate or switch to another lender.

They can switch now if they wish.

Brendan
 
But anyone who was thinking of fixing should fix now and demand the Ulster Bank rates which are still on their website.


If they are refused, they would then have grounds for complaint.

Brendan
 
The information we have from PTSB indicates that they will no longer be able to avail of these rates if they don't have an options letter already or it has expired. We have some customers in mid switch to PTSB from Ulster who it seems can't now get the new business PTSB rates or the Ulster fixed rates.

The lack of the two months notice has put both the customers and brokers on the back foot here, we are still in discussion with PTSB about these issues, but I'd be interested to hear from other customers in the process to understand what their situation is.
 
Ooh, that's nasty!

In this post, @newirishman says that his wife did in fact get a letter (dated 3rd August) from Ulster Bank saying: “the date of transfer will be a minimum of two months from the date of this letter”.

So it would be important to figure out if any affected customers got the letter or not. It's possible that they got it but they didn't read it, or they forgot about it.
 
Mark Coan said:
We have some customers in mid switch to PTSB
Click to expand...

What does "mid-switch" mean?

If they have approval from ptsb, surely they are entitled to ptsb's rates?

Not sure why someone who goes to the trouble of switching would switch to ptsb.

Brendan
 
Hi Brendan, PTSB have said they will only honour Ulster customers with Loan Offers already so those with AIP only will no longer be able to switch.

As for why you would switch to PTSB, some customers value the cashback, others the intro rate on the 4 year fixed product, if they intend to switch after the fixed or pay down the mortgage PTSB can still be an option, especially if they don’t qualify for other lenders.

They aren’t my favourite lender right now, but they can be a good fit for some cases.
 
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