Former First Active now Ulster Bank Customer

Discussion in 'Issues with tracker mortgages' started by Milo4444, Feb 3, 2017.

  1. Laurloll20

    Laurloll20 New Member

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    Last edited: Apr 18, 2017
    Hi thanks for the reply ... it's says it was a discounted variable rate of 3.13% saving of 0.4% for the first 24 months. Then the contract outlines I will pay 50 more on the repayment for the remainder of the mortgage of 336 months.
    After the first 24 months I received a letter only outlining fixed rates of 2 . 3. 5. And 10 years that I must choose from no other options. I fixed at 2 years then received the same letter at the end of that term no option only fixed rates again.
    I also only received their "standard mortgage. General terms and conditions . Effective 18 Feb 2004" it with the original mortgage loan agreement. The loan agreement itself was typed and specific to me not a general agreement. No mention of tracker anywhere.
    I must point out I was clueless when I took out the mortgage as I was 21 and no help or guidance from anyone
     
    Last edited: Apr 18, 2017
  2. Monbretia

    Monbretia Frequent Poster

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    Then you started with a variable rate mortgage that had a discount applicable to that rate for the first two years. You never had a tracker so were not deprived of your tracker mortgage. I don't know when tracker mortgages actually started in FA but can't have been too popular initially as no one saw the ultimate value at that stage. At the time the mortgage rate you took may have appeared the best option for your situation at that time, now if we all had crystal balls there would be a lot of things done differently :)

    Actually just found this and it looks like they started in Jan 2004 and were initially limited to loans over 250k

    http://www.independent.ie/business/...nches-ecb-rate-tracker-mortgage-26019913.html
     
  3. Laurloll20

    Laurloll20 New Member

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    Thank for the explanation it's so confusing. Just seems strange UB would automatically give me a tracker plus a small fixed in 2011. Thanks again
     
  4. Monbretia

    Monbretia Frequent Poster

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    Did your 2011 letter say that you were being offered a chance to go back onto your tracker? How could that be if you never had one, or was it just some special offer at the time. That's not a particularly small fixed amount over ECB though, most original trackers were well below that margin. What rate are you on now?

    Unless there was some almighty mess up when they were reviewing old loans and somehow thought you had been on something else, it makes no sense otherwise. Maybe that's a good deal now as if you go back to the beginning of your loan then there clearly wasn't a tracker option for loans under 250k, I'm assuming your loan was under that.
     
  5. Laurloll20

    Laurloll20 New Member

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    Sounds like a mistake on their behalf. I'm on the same rate since 2011 my monthly payment only goes up if the ecb rate goes up.
    I have never received a rate letter since then.
     
  6. Monbretia

    Monbretia Frequent Poster

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    It does sound like a mistake but sure if it's to your benefit then all is good! When the total amalgamation of FA/UB took place in 2010 I think some stuff was muddled. I have seen customers offered compensation for mis-selling of repayment protector where there was no error in the selling, there was a clear lack of knowledge by whoever was reviewing the case, so mistakes do happen!
     
  7. Milo4444

    Milo4444 Registered User

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    Just got another holding letter. Does anyone know if Padraig Kissane has managed to get any former FA customer their tracker back?
     
  8. corktim

    corktim Frequent Poster

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    Got one too, lack of info is a disgrace
     
  9. Milo4444

    Milo4444 Registered User

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    Has any former FA customer who fixed with the option of tracker at prevailing rate at end of fixed period who was not offered this received their tracker back yet in 2017?
     
  10. corktim

    corktim Frequent Poster

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    Hi Milo

    Was in the same situation and got mine back about 5 weeks ago.
     
  11. Milo4444

    Milo4444 Registered User

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    Hi thanks Corktim we fixed in 2006 for 2 years and it said that it would revert to Variable unless we requested tracker, but we were not offered this at the end of the fixed period. Our top up was fixed and fixed for 2 years and both came up for renewal at the same tone. Got tracker on top up but not on original much larger mortgage, feel at this stage that it's not going to happen.
     
  12. corktim

    corktim Frequent Poster

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    I wouldn't give up yet, when exactly did your fixed expire on the top up? Did the main mortgage say you had the option of tracker also?
     
  13. Milo4444

    Milo4444 Registered User

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    We took out tracker mortgage in 2005 and top up in 2007 (just checked dates). Top up fixed from start for 2 years and took their advice and fixed tracker at same time for 2 years, both were up in Mar 09 and got tracker on top up of 1.15 over Ecb but went to variable on original much larger loan, no chance of getting .9 over Ecb back, when we fixed the large mortgage we were told roll to variable unless you choose another fixed or tracker at prevailing rate. We never got any letter with top up mentioning tracker option but got offered one on expiry. In 09 the original mortgage reverted to variable and we fixed again in 2010 for a couple of years and are fixed again at the moment until 2018 as we just keeping taking the best rate they offered. Top up still on tracker.
     
  14. ragdal

    ragdal New Member

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    Another holding letter!
     
  15. Milo4444

    Milo4444 Registered User

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    Are you in the same boat as me as above? I don't think it's looking very good for us to be re-instated all seems to be coming to a close!
     
  16. LABILL

    LABILL Registered User

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    @Milo4444 - starting to get a bit worried myself now too.. not looking too hopeful for us at all.
     
  17. ragdal

    ragdal New Member

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