Ulster Redress Letter received but not sure why


Registered User
Hi All,
I am completely new to all of this tracker mortgage stuff, I didn't pay much heed as I was sure it didn't affect me. However today I received a registered letter from UB to say that my "mortgage subaccount was impacted as you may have not received the benefit of the lowest tracker margin to which you may have been entitled"

I drew down my mortgage in March 2008. Fixed rate for 3 years the interest type states "FIXED and variable thereafter"
The subaccount I believe was set up when I took a repayment agreement with them for 5 years which lowered my interest rate as I could not pay the amount due. This ended in October 2018 and I reverted back to Standard Variable Rate, I decided to fix the rate for 7 years from November 2018. *edited* I’m incorrect here regarding the sub account it has actually been referred to as a sub account from the beginning I’ve just found more paperwork.

The letter today states they taken me from the fixed rate and put me on a tracker mortgage and they have reduced my monthly amount from 05/03/2019 by 375€.

I have been reading threads on here all afternoon trying to get my head around this. I note other people had some wording in their original offer that stated tracker in one part. I have not found this anywhere in mine. We were never offered a tracker mortgage, I was 20 and 8 months pregnant and genuinely had absolutely no idea what I was doing.

Has anyone been in this situation before where you didn't think you were affected by the tracker issue and then was told you were? Or any information for me on what happens now?
They state in the letter that they will conduct a review on my account which can take several months, that I will receive a letter regarding any redress or compensation and a professional advice fee.

Apologies for the jumbled up post, I guess I still have absolutely no idea what I am doing with this mortgage thing.
Appreciate anyones input or knowledge. Thank you.
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Frequent Poster
I would say that you're deemed as impacted as you should have been offered a tracker rate when your first fixed rate term expired. You probably had a contract which specified a tracker rate but you immediately opted to fix temporarily given your family situation.

This is fantastic news for you and a massive reduction in your mortgage amount. Congratulations. Bear in mind that if you were in an arrangement your repayment amount is likely to reduce even further. I was in an arrangement and as soon as my tracker rate was restored there was a large decrease in my mortgage repayments with a further reduction once they completed the redress portion of the account.

For now, you need to wait until you get the official review letter.


Frequent Poster
There may be something in the mortgage documentation or in some supporting document stating that the "variable rate" after the fixed rate would be xx% above the ecb refi rate

Banks didn't necessarily use the word "tracker" in the legal agreements.

If you have your original mortgage approval document (solicitor may have it), read through it word for word and look for the words Ecb / refi rate / base rate or similar and also a figure such as 1% or 1.25%.

Possibly looks like a good refund could be on the way to you.