Making an offer to clear my UB mortgage?

L

Lostlady

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Hi

I haven’t posted for a long time but my question is about my Ulster Bank mortgage. I may be in a position to offer to pay off my outstanding amount. Given they are getting out of the market, how do I go about making an ‘offer’ to clear the mortgage. Do I call first, is it a letter or do they send forms for this? Is there any point in trying to ‘low ball’ and offering less than the outstanding sum and if so, any suggestions on what might be accepted. A little over 100k outstanding, I think roughly 8 years left on it and am on their fixed rate. Any advice really appreciated. Thanks in advance.
 
They will have no interest at all in giving you a discount.

In fact, as you are on a fixed rate, you may be charged a break fee for paying it off early.

Brendan
 
If you want a redemption quote then ring them on 01 7092500. I doubt very much that team will make you an offer so you may want to ask for it to be escalated and see what happens.

I wouldn't be optimistic but it costs nothing to ask
 
Brendan Burgess said:
They will have no interest at all in giving you a discount.

In fact, as you are on a fixed rate, you may be charged a break fee for paying it off early.

Brendan
Click to expand...
Thanks Brendan. Makes sense I guess. My thinking was just around the fact that they are getting out of the market here so that would be one less mortgage to sell on.
Any advice on how I actually approach them about this? Do I call or is there a specific email I need to use? Is this described as 'clearing the mortgage'? I just want to make sure I have the terminology correct. Thanks.
 
Peanuts20 said:
If you want a redemption quote then ring them on 01 7092500. I doubt very much that team will make you an offer so you may want to ask for it to be escalated and see what happens.

I wouldn't be optimistic but it costs nothing to ask
Click to expand...
Thank you. I that's the term I was trying to recall, 'redemption quote' ! I appreciate the help. I will call that number and ask and take from there, appreciate that they most likely won't do any sort of deal.
 
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