Interest only former First Active now Ulster Bank

G

greg85

Registered User
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6
Im just looking for advice i bought an investment property in 07 i checked my contract which expired after 60 months on interest only at the tracker rate and recieved a letter when it was due that my new repayments would be 1000 from 260 very little information on this letter i managed to extend the interest only for a further 2 years which was a option i had which i didnt know i checked my contract and basically it states

"loan type ltd ED L/T ECBR + 0.90% FOR term 100% LTV Interest only"

and another part

I/We fully understand that any outstanding debt owing (weather owing now or i the future) to First Active Plc. by me at any giving time is secured on the property the subject of the Tracker Mortgage and must be repaid in full before the relevant title deeds can be returned or the relevant mortgage deed released.

So maybe im clutching at straws here i just never got offered a option when they sent the letter out and rang and rang for days to get a option and eventually i was told i could extend for 2 years just looking to see is it a option i should be switched to a tracker or has to be variable.
 
The question is am i entitled to an option when the 2 years expire to be giving a tracker or is it variable
 
I was also with FA and now Ulster. After 5 years IO they also gave me an extra 2 years IO, my rate is ECB+.75%, after that 2 years they have given me another 2year which will expire in december 2013, I am unsure how they will proceed with me then. I have 6 properties and am paying cap+int on one of them, the rest are IO, 5 of them are with FA/Ulster and 1 with PTSB
 
Yeh its a head ache i want to pay what i borrowed i just want the best deal i know people are not been told there options due to the losses been incurred but i would sleep better knowing that when they switch to a mortgage from interest only i can pay.
 
my experience with Ulster is that if I pay my interest, which i have to date then my tracker is safe. Does this help?
 
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