UB does not pass on rate cuts automatically - you have to request them

qwerty5

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I saw my interest on my mortgage account during the weekend. There was no indication that it had gone down to 3.1 in line with their recent advertised reduction, so I rang them.

You have to ring them and ask them for a rate sheet to say you want the new rate. I didn't know that.

Does anybody know if there's a valid reason (except for the cynical one I can think of, in that many people won't ask for the rate sheet so will stay on the higher rate) for banks to do this?
The guy said I'd signed a document saying I was to be charged 3.2%. I did. So does that mean they can never charge me more unless I sign a new document. I suspect not.
 
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Hi qwerty

I don't understand your question.

If Ulster Bank reduces rates, they pass them on to all customers automatically.

However, if they introduce a new rate band e.g. 3.1% for mortgages over €200k who have a current account with them, it is usual practice that existing customers who qualify for that new rate band, would have to apply for it.

What happened in your case?

What rate were you on? What changed?

Brendan
 
OK, from the Press Release, it was not a new rate band, therefore they should have cut the rates automatically:

upload_2016-9-12_10-17-47.png
 
OK, from the Press Release, it was not a new rate band, therefore they should have cut the rates automatically:

View attachment 1573

Yep. Not a new rate band. The rate for the product I'm on was 3.2% when I signed up and went to 3.1% recently.
It's not automatically reduced and I've to request a letter, which they're sending out to me which I'll sign to say it's OK to put me on the new rate. Then they'll start calculating at 3.1%
 
I too have had to call UB and return a signed form before I was moved to a lower rate. It was not automatically applied.
 
I too have had to call UB and return a signed form before I was moved to a lower rate. It was not automatically applied.
I also had to call and request a sheet to be moved from 3.2% to 3.1%. Also I needed to have my salary mandated by direct debit into my UB current a/c. If you don't you wont be eligble for the rate cut.
 
I also had to call and request a sheet to be moved from 3.2% to 3.1%. Also I needed to have my salary mandated by direct debit into my UB current a/c. If you don't you wont be eligble for the rate cut.

You had (or at least I did in my offer doc) to have your salary managed to get the original 3.2%.
In my offer doc it says
"Drawdown of this loan is subject to you having and maintaining an Ulster Bank Current Account and having your monthly salary or main source of income mandated into this new account".
 
You had (or at least I did in my offer doc) to have your salary managed to get the original 3.2%.
In my offer doc it says
"Drawdown of this loan is subject to you having and maintaining an Ulster Bank Current Account and having your monthly salary or main source of income mandated into this new account".

They never checked before, they did this time. I got a letter telling me that they wont let me move to it unless I open an account
 
Does your mortgage have to be above 200000
to get 3.1%
I have ltv of 60% and I owe 150000
My current rate is 3.5%
 
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