Hi
I am in the process of trying to move house and hold onto my Ulster Bank tracker in the process. I am not in NE and would be borrowing an addititonal 200K. We have been given an indication from the bank that they will approve the application on the basis of salarys etc. I am finding it impossible though to get specific information as to how all of this is handled in terms of the practical aspects. Initially I was told you would have a window of 6 months in which to rent and find a new home, then 3 months and more recently that you would have to close both sale and purchase on the same date. these are all obviously totally different scenarios. I seem to get different answers from different staff in UB and there are no written terms/conditions available. I am not at all sure there is much information available in branch either.
They will not process a formal written application until I have an address for the new property so I can't actually see how a letter of loan offer in this scenario would be worded. I had thought that someone here had managed to close on a new purchase and bring the tracker with them but I cannot find the thread now. If someone has been able to finalise on such a move I would appreciate greatly some info as to the "real" terms and operation of the scheme
Thanks
I am in the process of trying to move house and hold onto my Ulster Bank tracker in the process. I am not in NE and would be borrowing an addititonal 200K. We have been given an indication from the bank that they will approve the application on the basis of salarys etc. I am finding it impossible though to get specific information as to how all of this is handled in terms of the practical aspects. Initially I was told you would have a window of 6 months in which to rent and find a new home, then 3 months and more recently that you would have to close both sale and purchase on the same date. these are all obviously totally different scenarios. I seem to get different answers from different staff in UB and there are no written terms/conditions available. I am not at all sure there is much information available in branch either.
They will not process a formal written application until I have an address for the new property so I can't actually see how a letter of loan offer in this scenario would be worded. I had thought that someone here had managed to close on a new purchase and bring the tracker with them but I cannot find the thread now. If someone has been able to finalise on such a move I would appreciate greatly some info as to the "real" terms and operation of the scheme
Thanks