Further Update for Ulster Swtichers on Return of Tracker Mortgage to Ulster Bank

[notabene]

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

 

[Pat123]

Hi notabene, well done on achieving that.
One question. Are you being compensated for the period 2009-2017 when your monthly repayments were much higher than they should have been ?

 

[notabene]

Hi @Pat123

yes from August 2008 to present - I was with ulster from August 08 to May09 and they were able to do those calculations themselves. I brought them in my current bank's statements from May09 to present and the proper sum was then worked out.

Their current offer is to return the mortgage to the origianl rate (good) with the topup(good) at my current number of years(could argue that perhaps, as i reduced the term on moving to cover the interest accrued on the topup, but a win for the bank as is 7 years less on tracker) and not the original terms and conditions ie tracker not for the life of the mortgage etc (not at all happy with that) so we are currently arguing about getting the original contract returned.

 

[notabene]

@Madra I didn’t have to - their head of redress contacted me looking for the mortgage statements from my current provider in order to calculate it initially. That I had been in constant contact and a high profile case probably did me no harm in this regard.

Perhaps write to them first with the mortgage statements asking them to calculate redress for the full period and failing that then I would appeal, unless you are intending to appeal regardless and then I would submit as part of the appeal

Cash the Cheque - there is no fallout from doing that - you maybe still entitled to further payment