AllAboutNumbers
Registered User
- Messages
- 11
Hi All
Long time reader of the forum and find the debates and discussions really informative.
I'm sure there are plenty UB Fixed Customers on the forum and just wondering if anyone has any experience around the length of UB Fixed Mortgages?
We commenced a switching process from BOI to UB in January 2018 and we successfully completed and drew down in April 2018 @ 4 Yr Fixed @ 2.6% which at the time was a very competitive rate.
Reading the advice here about switching, I contacted UB about the breakage cost which is in excess of €3k. The breakage cost is what it is but I thought it would be less. I noted in the letter from UB it said my fixed rate would expire in September 2022. I contacted them and said their records need to be updated as I fixed for 4 Yrs in April 2018 so my rate would expire in April 2022 not 30th September as they have outlined in their letter. They confirmed all was in order and while you sign up to "4 Yr Fix" it lasts longer than 4 Yrs. They have now directed me to the Ombudsman as from their side I signed the loan offer (which I did and I'm not contesting) and the matter is closed. I haven't gotten a formal response from the Ombudsman.
Surely offering a 4 Yr Fix and contractually tying a customer to a deal that leaves them worse off beyond that is not permitted? By that logic they could tie me to a "4 Yr Fixed" and keep me on it for 10 Years (or at the very least 4 yrs and 364 days) if they wanted to! 4 years to me is 48 months in financial terms. In reality it's 54 months in Ulster Bank's world.
Again 100% accept I signed it, but feel i was absolutely misled and duped. Is this practice normal across financial institutions or purely a UB tactic? Moving to UB was my 2nd switch since my original drawdown of my mortgage and had never seen anything similar to this approach when getting loans of any type.
Anyone have any experience of it or indeed successfully challenging it? For switching it will have material impact on the breakage charge applied as they are working off a date of 30th September 2022 in their calculations as opposed to somewhere in April.
Thanks to all in advance!
Long time reader of the forum and find the debates and discussions really informative.
I'm sure there are plenty UB Fixed Customers on the forum and just wondering if anyone has any experience around the length of UB Fixed Mortgages?
We commenced a switching process from BOI to UB in January 2018 and we successfully completed and drew down in April 2018 @ 4 Yr Fixed @ 2.6% which at the time was a very competitive rate.
Reading the advice here about switching, I contacted UB about the breakage cost which is in excess of €3k. The breakage cost is what it is but I thought it would be less. I noted in the letter from UB it said my fixed rate would expire in September 2022. I contacted them and said their records need to be updated as I fixed for 4 Yrs in April 2018 so my rate would expire in April 2022 not 30th September as they have outlined in their letter. They confirmed all was in order and while you sign up to "4 Yr Fix" it lasts longer than 4 Yrs. They have now directed me to the Ombudsman as from their side I signed the loan offer (which I did and I'm not contesting) and the matter is closed. I haven't gotten a formal response from the Ombudsman.
Surely offering a 4 Yr Fix and contractually tying a customer to a deal that leaves them worse off beyond that is not permitted? By that logic they could tie me to a "4 Yr Fixed" and keep me on it for 10 Years (or at the very least 4 yrs and 364 days) if they wanted to! 4 years to me is 48 months in financial terms. In reality it's 54 months in Ulster Bank's world.
Again 100% accept I signed it, but feel i was absolutely misled and duped. Is this practice normal across financial institutions or purely a UB tactic? Moving to UB was my 2nd switch since my original drawdown of my mortgage and had never seen anything similar to this approach when getting loans of any type.
Anyone have any experience of it or indeed successfully challenging it? For switching it will have material impact on the breakage charge applied as they are working off a date of 30th September 2022 in their calculations as opposed to somewhere in April.
Thanks to all in advance!