Moved mortgage from Ulster Bank to AIB in 2009 when tracker was refused to be given back at the end of the fixed period.
Ulster Bank indicated in December that they were willing to take my mortgage back but had yet to confirm the details.
I met with them today and then will take my current balance back in full, including the small top up which was necessary to move the mortgage to AIB in order to clear all debts. However, it is on a shorter term than I would have had originally. When I took out the topup I reduced the term in order to balance out the top up. I could have argued this point but to be honest, I wouldn't have intened to keep the mortgage for that length of time in the fullness of time and there was no argument from them regarding the topup.
So basically, they will take my current mortgage back, exactly as it currently is, but on the original tracker rate of ECB +0.85%
The terms and conditions have changed slightly, no gaurantee that the tracker is for the life of the mortgage in current documents - perhaps something for appeal process
Any activity on mortgage other than an overpayment ie increase the term, fix the rate, move house, will cease this particular tracker rate.
Bank were happy to begin proceedings to transfer the mortgage today - and documents will say they will pay 1500 towards the cost of doing so as a flat rate. This will be paid after the mortgage has been transfered.
The will also return any overcharge due in the intervening period ie payment in December was calculated up to 31st December and it is reasonable to assume this will take a few weeks to process in terms so any short fall in that time will also be returned.
Also probably important to note that in the documents provided, they do say you must apply for your tracker back within 6 months of the date of redress. I imagine anyone in that position would want it sorted as soon as possible but just something to be aware of
Ulster Bank indicated in December that they were willing to take my mortgage back but had yet to confirm the details.
I met with them today and then will take my current balance back in full, including the small top up which was necessary to move the mortgage to AIB in order to clear all debts. However, it is on a shorter term than I would have had originally. When I took out the topup I reduced the term in order to balance out the top up. I could have argued this point but to be honest, I wouldn't have intened to keep the mortgage for that length of time in the fullness of time and there was no argument from them regarding the topup.
So basically, they will take my current mortgage back, exactly as it currently is, but on the original tracker rate of ECB +0.85%
The terms and conditions have changed slightly, no gaurantee that the tracker is for the life of the mortgage in current documents - perhaps something for appeal process
Any activity on mortgage other than an overpayment ie increase the term, fix the rate, move house, will cease this particular tracker rate.
Bank were happy to begin proceedings to transfer the mortgage today - and documents will say they will pay 1500 towards the cost of doing so as a flat rate. This will be paid after the mortgage has been transfered.
The will also return any overcharge due in the intervening period ie payment in December was calculated up to 31st December and it is reasonable to assume this will take a few weeks to process in terms so any short fall in that time will also be returned.
Also probably important to note that in the documents provided, they do say you must apply for your tracker back within 6 months of the date of redress. I imagine anyone in that position would want it sorted as soon as possible but just something to be aware of