Got notification from Ulster Bank - planning to sell BTL mortgage PTSB

S

Sconeandjam

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Ulster Bank sent letter that a btl will be moving to ptsb. Assume other mortgage holders will receive their letters shortly.
 
No arrears. 45k owed and well below 50% LTV. Interest rate4.5% . Set up as a residential loan and not a btl but they know it is a BTL. Was a BTL loan but remortgaged in Celtic tiger years and bank offered a different variable rate.
 
Sorry wrong rate in previous post.
As we are on an Ulster Bank variable rate of 4.3% do we now move to PTSB rate or stay on the one we have now? Will PTSB change us over to BTL or leave as is? The mortgage contract says residential not BTL. No restrictions on letting the house out.
Planning this year to get out of rental market so only short term anyway.
 
Hi Scone

Have they said that your mortgage is being transferred on a specific date?

Or is this just part of the overall plan to sell to ptsb which will need to be approved by the Competition Authority?

Brendan
 
have you looked at a lower rate from UB.
can you use their manage my mortgage online system?

letter sounds like the important update letter lots of people got due to the announcement before christmas.
 
Hello,

I'd be very surprised if this is actually notifying you of anything more then their intention to sell your loan to PTSB, subject to first getting approval from the Competition Authority.
 
I did not get a chance to reply. Re read the letter and it is an intention to sell to PTSB subject to permission. No dates given.
 
Brendan Burgess said:
Hi Scone

Have they said that your mortgage is being transferred on a specific date?

Or is this just part of the overall plan to sell to ptsb which will need to be approved by the Competition Authority?

Brendan
Click to expand...
No just stating plan subject to Competition Authority.
 
Brendan Burgess said:
Why are you on such a high rate?

UB has much lower rates for anyone who asks for them.

ptsb's rates are much higher.

So you should fix with UB now at a lower rate.

Brendan
Click to expand...
I just contacted Ulster Bank and they said as it is registered as a BTL they can only offer 4.5% variable.
The lady checked the details and she said that on the account it states life time of variable 4.3%. The fixed rate is 4.5% for 2years so more that we are paying now.
I will have to check the contract to see what it says.
 
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