Switching Mortgage out of UB as of Late September/October

O

Okokokoknic

Registered User
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Anyone else in the same boat?
Solicitor requested redemption fee over a week ago, nothing yet.
When they called to query it, solicitor's office hit a UB 'triage' service - they are screening all requests rather than getting through to normal mortgage support teams.
This triage service will arrange a callback within 72 hours, which is a very long time to wait purely to get an answer to a status update request.

As the solicitor already has the deeds, I am hoping the mortgage will not be transferred to PTSB (and thus adding another level of complication) - maybe I am being optimistic on this though.
 
Report them to the Central Bank or better still ask your solicitor to do so.


That is a barrier to switching mortgages which they should not tolerate.

Brendan
 
Mortgages are moving to PTSB this weekend. Even if you got a redemption figure, you won't have time to redeem and your mortgage will be moved if it is included in the transaction. Did they tell you it was being moved to PTSB? Even it is moved, it should be not be a big deal. If it is, I would certainly contact the Central Bank. They are all over this transaction and PTSB and Ulster Bank are well aware of the consequences of not doing right by customers.
 
Sunny said:
Mortgages are moving to PTSB this weekend. Even if you got a redemption figure, you won't have time to redeem and your mortgage will be moved if it is included in the transaction. Did they tell you it was being moved to PTSB? Even it is moved, it should be not be a big deal. If it is, I would certainly contact the Central Bank. They are all over this transaction and PTSB and Ulster Bank are well aware of the consequences of not doing right by customers.
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Where are you getting this information from? My mortgage is part of the PTSB cohort, and they state on their website

We will write to you again a minimum of 2 months in advance of any transfer of your mortgage to provide you with formal confirmation of the inclusion of your mortgage.
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I have not received any formal confirmation yet.
 
The last email I have from UB relating to my mortgage is from Dec 2021:

It is likely that your mortgage will transfer to Permanent TSB in the future and as part of the Consumer Protection Code obligations we will write to you a minimum of 60 days in advance of any transfer. Please be assured that this announcement does not affect your legal and regulatory protections.
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I am not 100% sure I received a letter giving any further update - away from the home at the moment, and have received many such letters in recent months - KBC CA,CC,Saver, UB Mortgage,CA,CC,Saver.

Given that they emailed the first notification (with my partial mortgage a/c number), I would have hoped they'd continue to use email for these notifications.
 
The transaction was due to complete on the weekend of the 7th October but looks like they have decided this morning to defer until next month. The mortgage pool has changed over time so your mortgage might not be included anymore or else Ulster Bank are failing on the communication front in which case, they are not adhering to the Consumer Protection Code. Another possibility is that the mortgages are not moving in one tranche but would be very surprised.
 
Sunny said:
The transaction was due to complete on the weekend of the 7th October but looks like they have decided this morning to defer until next month. The mortgage pool has changed over time so your mortgage might not be included anymore or else Ulster Bank are failing on the communication front in which case, they are not adhering to the Consumer Protection Code. Another possibility is that the mortgages are not moving in one tranche but would be very surprised.
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There was no indication of any of that on their website, or any comms related to it.
I have been advised previously that my mortgage is included, similar to Okokokoknic, via email in December.
I have not heard that it might no longer be, or heard about a move date.
Given I have been informed about anything else (branch closure, various accounts being closed) per several emails over the last few weeks/months, and what I have quoted from the website: I really would like to understand where you are getting your supposed completion date from.
There is no indication that the mortgages are not moving at this point.
There is no indication that they are failing on the communications front.
 
newirishman said:
There was no indication of any of that on their website, or any comms related to it.
I have been advised previously that my mortgage is included, similar to Okokokoknic, via email in December.
I have not heard that it might no longer be, or heard about a move date.
Given I have been informed about anything else (branch closure, various accounts being closed) per several emails over the last few weeks/months, and what I have quoted from the website: I really would like to understand where you are getting your supposed completion date from.
There is no indication that the mortgages are not moving at this point.
There is no indication that they are failing on the communications front.
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The indicitive date of the transfer of the mortgages was always publically stated as Q4 2022 and this weekend was penciled in on the EGM notices. My understanding is that this is now delayed but I don't know the details. But they are moving before the end of November in any case so I don't know why you haven't been told already if your mortgage is included.


EVENT TIME AND DATE
Announcement of the Transaction 17 December 2021
Publication of this Circular and Notice of Extraordinary
General Meeting
24 May 2022
Posting of this Circular and the Form of Proxy On or before 1 June 2022
Latest time and date for receipt of Form of Proxy 11:30am (Irish Time) on 22 June
2022
Voting record date for Extraordinary General Meeting 7pm (Irish Time) on 20 June
2022
Extraordinary General Meeting 11:30am (Irish time) on 24 June
2022
Target completion date for Principal Completion /
Subscription Shares issued
On or around 7 October 2022
Admission of Subscription Shares On or around 7 October 2022
Target completion date for acquisition of the Asset Finance
Business
By no later than the end of Q1
2023
Indicative Long-Stop Date for Principal Completion / Receipt
of Regulatory Approvals / Required Approval Date
30 November 2022
Target completion date for migration of the Branch Properties By no later than the end of Q1
2023
Target completion date for the Business Direct Loans By no later than the end of Q1
2023
Indicative Long-Stop Date for Final Completion 30 June 2023
 
Sunny said:
It's on the PTSB website and meeting was held on the 24th June. Announcement above came out in May.

The 7th October was just an indicitive date but the project was working towards that date. I have some knowledge of it. Something has happened to delay for a few weeks but I don't know what or what the new date is.

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Thanks. The circular is pretty clear the PTSB wants to finalize the transaction before end of Q1 2023.

There doesn't seem to be a confirmed date as to the actual transfer. Which is not a surprise given the date of the circular, and complexity of the process.

Plenty of time.
 
newirishman said:
Thanks. The circular is pretty clear the PTSB wants to finalize the transaction before end of Q1 2023.

There doesn't seem to be a confirmed date as to the actual transfer. Which is not a surprise given the date of the circular, and complexity of the process.

Plenty of time.
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I work on the project. Q1 2023 is for the Asset Finance piece as stated in the circular. Mortgages have to be completed in 2022 Q4 and really by the end of November because it is not happening in December

The mortgages were due to moved this weekend but they are not now. The transaction is delayed for a few weeks but I have no idea why. You are saying you are waiting on two months notice. I am simply saying you should have got that by now if your mortgage was being moved.
 
Paul F said:
Will they be moved in batches or all at once?
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I am only aware of one batch but my role is very small so not seeing the overall picture. All I can tell you is that billions worth of mortgages were due to move this weekend so all customers should have been notified before now....
 
Okokokoknic said:
Anyone else in the same boat?
Solicitor requested redemption fee over a week ago, nothing yet.
When they called to query it, solicitor's office hit a UB 'triage' service - they are screening all requests rather than getting through to normal mortgage support teams.
This triage service will arrange a callback within 72 hours, which is a very long time to wait purely to get an answer to a status update request.

As the solicitor already has the deeds, I am hoping the mortgage will not be transferred to PTSB (and thus adding another level of complication) - maybe I am being optimistic on this though.
Click to expand...
If you are looking for a redemption, have you tried the the Ulster Bank Anytime?
there is an option now to request a redemption figure to be sent out to you.

Log in to UB anytime, you will see your mortgage,
click on view account details
then click "we can help you with this form" its at the bottom.
This will open a form with four options, select the Redemption one and input your details and submit the form
 
Just as an update, I was fortunate enough to be able to make contact with a very kind & helpful staff member in UB.
They arranged for another copy of the redemption figure letter to be issued.
They checked in regularly through the end of last week, updating me on the status on the UB side, and keeping in contact until I confirmed my solicitor had the redemption figure letter in hand.

It now looks like I will be able to switch the mortgage before the move to PTSB.

Many thanks to all who contributed on this thread.
 
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