ElaineMac13
Registered User
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Thank you. Yes offset mortgage which was originally issued by First Active Bank. Inherited by UB. Definitely out of their depth with complexities of this type of mortgage. Just trying to gauge if anyone else experiencing the same from UB with this productIs this the onset mortgage that was originally issued by First Active. UB have never understood them.
In my opinion changing to a fixed rate now would be unwise. Interest rates have increased significantly recently, locking in a fixed rate now when markets expect rates to peak soon could leave you fixed at a high rate just as rates fall.
Thanks for reply. That helps to clarify issue around fixed rate. Can I ask if you can explain the offsetting function of these mortgages. We were so young when we took the original mortgage out with First Active. Our balance is not reducing to what we feel it should be and our MABs advisor assumes there may be money in another account i.e the offsetting?? Thank youDon't know what is happening with them and haven't noticed a problem with the calculations but then again I pay no interest due to offsetting.
You definitely though cannot avail of a fixed rate on an offset mortgage, there was never an option to do so and it was part of the original product from day one, no fixed rate option, it's not so much a clause in it as part of the design, the offsetting continuous calculations are geared towards a variable rate product. If you want to fix you would have to switch from the Offset mortgage to a standard mortgage type and then fix but no offsetting then obviously.
Thanks for reply. That helps to clarify issue around fixed rate. Can I ask if you can explain the offsetting function of these mortgages. We were so young when we took the original mortgage out with First Active. Our balance is not reducing to what we feel it should be and our MABs advisor assumes there may be money in another account i.e the offsetting?? Thank you
The Facility account IS a current account, it's not an overdraft and in fact has no overdraft function at all. You use it as you would an ordinary current account, direct debits, standing orders, cards, etc etc, I never had another current account while using the facility account, they just called it that at the time!I have an offset mortgage too from First Active days. I just have the mortgage account and a facility account. I've only found out during the last year (curtsey of askaboutmoney.com) that you could have savings accounts and current accounts too.
I guess the facility account is like an overdraft but I have never used it as an overdraft.
I think Ulster bank are very accommodating about the Internet rate hikes. They don't rise the rate for about 3 weeks to a month after the ECB announcement. And they send you loads of letters telling you exactly what day they are rising the interest rate.
Don't know the answer to that one, are you sure there is not a facility/current account sitting there already attached to it or did you close it at some stage? It would have had one originally. Don't know if you can reopen a new one now, unlikely I'd imagine but you never know, if they have to stick to originally T&Cs then maybe you can, a question for UB wherever they are now I'd say.Hi @Monbretia,
Do you know if it is possible to open a current account as part of this FA offset mortgage with UB at this stage. Over the last decade interest rates were low and I had no money, but now that rates are higher it would be worth my while using the offset facility and I have some spare cash I could put in an offset account. Thanks for any info.
As above you cant get a fixed rate.Anyone experiencing problems with repayment calculations for Offset Tracker Mortgage. We have one with UB and conflicting information received from them regarding repayment amount following interest rate hikes. There are indications from UB that these mortgages are a complex product for their staff and they are having difficulty getting a buyer to take them on when UB leave the market. Advised a small specialist team from UB may be retained to deal with these mortgages only. Anyone else experiencing any problems or have received any update as to whether mortgage will he sold in. We have also been advised that we cannot avail of a fixed rate as it is a clause in offset mortgage agreement to prevent us from availing of this? Any advice appreciated
Yes offset mortgage which was originally issued by First Active Bank. Inherited by UB. Definitely out of their depth with complexities of this type of mortgage.
Offset mortgages are complex yes, but I believe they have staff from First Active that still work on this Mortgage.
Hi Elaine. Was curious when you said this bit;Anyone experiencing problems with repayment calculations for Offset Tracker Mortgage. We have one with UB and conflicting information received from them regarding repayment amount following interest rate hikes. There are indications from UB that these mortgages are a complex product for their staff and they are having difficulty getting a buyer to take them on when UB leave the market. Advised a small specialist team from UB may be retained to deal with these mortgages only. Anyone else experiencing any problems or have received any update as to whether mortgage will he sold in. We have also been advised that we cannot avail of a fixed rate as it is a clause in offset mortgage agreement to prevent us from availing of this? Any advice appreciated
There are indications from UB that these mortgages are a complex product for their staff and they are having difficulty getting a buyer to take them on when UB leave the market. Advised a small specialist team from UB may be retained to deal with these mortgages only.
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