Ulster Redress from Ulster but I have switched lenders

Bazz71

Registered User
Messages
10
will make this short - got a call last month to say UB had sent by registered post a letter to my former address and that i needed to collect - it was to do with tracker. As i never had a tracker thought this must have been a mistake. it wasnt and a very nice cheque was in the post (as they didnt offer a tracker when i came off a fix in 2009). my first instinct was that if they have written a cheque like that they must be hiding more but i take it from here that they probably arent?
secondly i am now looking at the possibility of returning to a tracker (im now with BoI) with UB as per the explanatory booklet. it seems to be saying there is further redress available whihc will be based upon whether i meet the criteria or not. my questions are:
- has anyone else here looked at this "eligibility"?
- anyone know what the criteria is?
- what is the traker rate?
- any idea of the relative quantum of teh redress
 

smithers

Registered User
Messages
47
I got a similar letter over a month ago, put in the eligibiity pack in middle of november and waiting on it now so very interested if anyone else has gone through this? i think they have 4 weeks to respond so should hear soon
 

Bazz71

Registered User
Messages
10
can I ask what the eligibility pack consists of - is it basically a mortgage app form with a different name - they wont tell me over teh phone ...
 

smithers

Registered User
Messages
47
It is a form and you have to get a lot of statements from when you moved the mortgage, you send it off and they have 4 weeks to return it. I got letter yesterday that eligible to apply for a tracker mortage
 

Brendan Burgess

Founder
Messages
37,853
smithers and Bazz

They should be taking you back to Ulster on your trackers without making it difficult or specifying that you have to meet any criteria.

The only obstacle might be if you switched a €100k mortgage to BoI but borrowed an additional €50k top-up. Even still, they should take back €100k of it or what the €100k would be today.

Brendan
 

Bazz71

Registered User
Messages
10
thanks Brendan - the fact that i sold the property in 2014 (just enough to clear mortgage) and rented for a couple of years before buying again may complicate matters. Ironically one of the main reasons for not holding onto the property was the rates i was on at the time and the fact that i did not have a tracker...
 

Brendan Burgess

Founder
Messages
37,853
I think that anyone who was paying their mortgage in full who sold the property has a valid claim that they would not have sold it if they had been on a tracker.

So if you sold your house and repaid a tracker of €200k, then Ulster Bank should offer you a tracker of about €180k today.

Brendan
 

Bazz71

Registered User
Messages
10
Thanks Brendan - I am collating the information for UB for the eligibility process. As I have had two separate mortgages since my intention is to send on all info regarding both - made up of a redemption for the old pdh and a new mortgage for my current pdh. I did call UB re the 6 month cap and the person did not seem too concerned and simply asked me to note this on my application (I did not receive the original compensation letter until 3 months after initial posting - long story!)
 
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